The only thing you need to do to successfully grow your business

Sep 13, 2010

Achieving effective business growth comes down to one thing: consistently making and implementing high quality decisions.I know it sounds simplistic, but the reality is, that’s ‘all’ there is to it. Pricing, hiring, channel management, inventory turnover, firing, branding…whatever your responsibilities are, your goal is straightforward: consistently make and implement high quality decisions.

There are three parts to consistently making and implementing high quality decisions:

1. Investigation: Gathering the required amount of needed information – enough to make a reasoned decision, not so much that you’re seized with ‘paralysis by analysis’.

2. Interpretation: Objectively appraising the information you have acquired and making a reasoned, knowledgeable decision that carefully balances what the data is telling you with your own experience and judgment.

3. Implementation: Communicating with, motivating and involving others to execute the decision both effectively and efficiently, in a timely manner and using an appropriate degree of initiative.

In my experience, the management teams of high-growth companies are great at all three of these. Most management teams (and individual leaders and managers) are weak on one, strong on two, and laggards are weak on two (if you’re weak on all three, you don’t get to play for very long).

What about you? Are you strong on all three, or is there one or two you could do with some work on?