3 Tips to Cut Stress While Making That Epic Business Decision
It’s lonely at the top. If you’ve been a leader for any length of time, you know that the need to make epic, businesses-changing decisions can happen when you least expect it. To keep yourself sane and your business on track, you need to establish a decision-making process as outlined recently by Clark Valbert, founder of CEO and InVision for Mashable.
If you’re leading your business properly, many of your key decisions already follow a process. You likely set an agenda for when you’ll launch new products or services every year. You might also have an agenda for when you plan to approach businesses about partnerships.
But, you’ll always encounter the unexpected. Maybe an industry expert you’ve long admired is suddenly available as a possible employee. What if bringing him on board will require a huge change in your management structure? Perhaps a competitor approaches you about a merger but you only have a couple of days to make a decision before they sign with someone else. Even more nerve-wracking is the situation that involves a merger with a huge upside but would require you to abandon the product you’ve been developing this year. Making the best decision in these situations should involve a process.
The person on the other end of the proposed deal will often establish a false deadline designed to get you to act quickly. Try to determine how firm the deadline is. If at all possible, negotiate a few more hours or days. This breathing room gives you a chance to step back, consider the alternatives and get some advice.
You already have a team in place to help you run your business. These same folks can also serve as your sounding board. Valbert advises talking with trusted resources as you gather information about a possible opportunity or business-changing decision.
Trusting Your Gut
After you’ve taken whatever time you’ve been able to negotiate for thinking and after you’ve talked with the support team, the decision rests with you. As the leader you must be the one who makes the decision and takes responsibility for the positive and negative outcomes.
Nothing is truly going to take away the sleepless nights you have while you struggle with making a big business decision. But putting a process in place and following that process can help reduce that sick-to-your-stomach feeling before you sign on the dotted line.