Making Focused Leadership Decisions
Driving Action To Achieve Your Vision
How did that innovator go from one product in a garage to multiple devices that now make the business one of the biggest in the world? A similar question can be asked of the founder of an exotic tea store that has grown into a chain of stores across the country. The following describes how such leaders succeed.
In making decisions leaders have to balance the different components of a business from product development to operations, finance, and marketing. The decision has to galvanize the team into productive action to achieve the business vision. There is also the need to balance financial allocations for acquiring internal and external resources.
Business is about dealing with what the real world makes available to the organization. Seldom do leaders have the luxury of total information and unlimited resources. Yet business success is very much about responding to facts on the ground and not mere subjective opinion.
Evidence Based Decision Making
Are your business views supported by evidence within your business, the industry and the market?
Objectively consider all available options, then make the decision and take action. To make objective decisions it is necessary to have a detached unemotional analysis of all available data and information.
Leaders of large corporations can make objective evidence based decisions by seeking out feedback on management proposals from independent directors. These are directors who are not involved in the day to day operations of the business. But they have experience and knowledge that they can contribute. .
Leaders of small and medium sized businesses can achieve this advantage of objective evidence based decision making by getting advice from independent business consultants.
Staying Focused Under Pressure
We may adapt our tactics to changes in the market but, we should remain focused on achieving our business vision.
A Vancouver, BC couple who run a design consultancy in a trendy part of the city responded to the high property prices by living in a rental home. They are focused on investing their money into their business and retirement portfolio. Their plan is to grow their business and retirement fund while fulfilling their business vision of serving clients who want out-of-the-box thinking in design.
The exotic tea store focused on carving out a niche market that attracted professional advisers and financial investors who planned a high growth strategy that enabled listing on the stock exchange. The result was a chain of stores that target a defined segment of the population.
Team Diversity And Unity of Action
Leaders often have to make decisions under the pressure of limited information and economic uncertainty. In such situations it is a good idea to get the diverse views of the different specialist in your team.
We all have a point of view based on our specialist viewing point. But at the end of the day, the vision of the business should encourage the team to remain focused on planning a course of action that everyone can work on to achieve attainable goals.
Unity of action is critical for businesses that want to continue succeeding. This unity has to be based on a collective wisdom of the majority based on facts.
As a leader you should work towards establishing the facts so you can inspire your team to act in unity to achieve the business vision.
Siddha Param
International Business Consultant
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