Creating a Decision-Making Framework for Your Business

Any organization can improve the speed and quality of its decisions by paying more attention to what it’s deciding and how. A framework establishes what is important to a company, how to move through the different stages, and a timeline for doing so. The important aspect is to go through all the stages in turn, even if only to decide that they are not relevant for the current situation, be sure to stick with it each time. By tweaking and adjusting your base framework, you will realize amazing results while barely noticing the work you put in.

Here are some questions to ask yourself and leaders in the company:

How long does it take your organization to make decisions? Do you feel rushed or like you never have the needed information to make a timely decision? What are the basic risk factors your company needs to asses? Who is ultimately responsible for decision making at different levels of the process? Let’s discuss a basic outline to get the thought process rolling.

  1. List possible solutions and options.
    1. Recommended to use a group brainstorming session or idea-generating process.
  2. Set a time scale and who is to make final decisions at different milestones.
    1. Decide how much time out of your cycles can be spent to consider the options.
      1. It helps to start thinking of your time as a commodity and resource to be measured, even on internal tasks.
    2. Is there a deadline and what are the consequences of missing the deadline?
      1. Don’t be tempted to say, “there is no real deadline” as this will land you right back where you started with no accountability.
    3. Make business decisions on who needs to give final approval before next steps can take place at every level of your organization and document.
      1. Are these decision makers willing to take responsibility for mistakes and challenges? Will they follow up and drive the tasks to completion?
    4. Gather Information.
      1. Take time to make sure all info and resources are up to date, if not refresh the data.
      2. Consolidate all necessary information and assure those involved and accountable have access.
      3. Amount of time spent on information-gathering must be weighed against how much you are willing to risk making the wrong decision.
    5. Determine the risks involved.
      1. What are the consequences of making the wrong decision?
      2. What are benefits of making an appropriate decision?
      3. Worst case scenario and probability of it occurring.
    6. Deciding based off company values.
      1. Each organization has its own set of values and image to be portrayed.
      2. The decisions that you make will, ultimately, be based on your values.
    7. Compare pros and cons of your top decisions.
      1. This could kick off additional decision-making frameworks related to financial assessments, business roadmaps, staffing, and others.
    8. Make the decision.
      1. Take time to reflect on the decision before pulling the trigger.
      2. Do not be afraid to revisit the decision framework in areas that may not be clear or where you are uneasy but remember your time-scale. Once the announcement is made, it will be difficult to rescind.
      3. Document and securely store the process that concluded with this decision.
        1. Helps during future reviews or staff turnover to know how and why a decision was reached.
        2. Excellent for tweaking for the next round of decisions.

There are many resources to assist with your decision-making foundation. It is more important to establish these processes than the exact model you follow. For support in getting your business framework in place contact Cannakins Consulting and put us in your corner.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.