Why You Have to Make Business Decisions TODAY!
Indecision is the inability to make a decision quickly. As business leaders we are often in situations which require us to act immediately and make important and far reaching decisions. Sometimes these decisions involve staffing or finances. They impact us as individuals and they impact the people who make up our teams. They can also affect the success of our business going forward.
The pandemic has created a divide in the business world. Companies now fit neatly into two categories: Those who stalled and stopped making important decisions as they sat and waited to see what was going to happen and those who read the room and changed with the tumultuous and uncertain times we found ourselves in. Now we are learning to live with the virus, those businesses who made tough decisions during that period, are in a stronger position than those who did not.
When lockdown hit us for the first time in March 2020, no one, not even the government had a plan. A situation of this magnitude had never happened in our lifetime. The world shut down overnight and suddenly fear and uncertainty took over our lives. People’s needs changed quickly. They did not need to consume the same things in such quantities. Cars were left on drives, petrol station forecourts were empty. Restaurants closed their doors. Business and the economy took a severe hit. Those companies who made decisions quickly to change with the changing world had a much better chance of survival. For example, restaurants who diversified to offering a take – away service managed to ride the storm. Shops went online and asked their workforce to adapt. Adversely, some companies closed their doors, took the furlough and waited to see what would happen. By the time we came out of lockdown they had missed the time to affect change.
As businesses, uncertain times need a plan with key decisions mapped out and moveable time frames initiated. The businesses who took advantage of the situation, for example, the upholstery companies who started making PPE, continued to trade and move forward. The people at the top made timely and key decisions. I came across many businesses who were of the mindset that they would wait until things were clearer and then make decisions. However, the pandemic had other ideas. Lockdown 1.0 started out as 3 weeks and quickly became a 3 month period. After the lockdown eased, within 4 months we found ourselves back in an even longer period of lockdown, known as 2.0, during the winter months. It meant that those who had put off making decisions were once again hamstrung and unable to move forward.
My question to you is this: What decisions would you have made if you knew that in March 2020 this pandemic would have lasted for 18 to 24 months? Would you have still made the same decisions back then that you’re making today? Probably not. And that’s the whole point. When a life changing/world changing event takes place we need to get used to a new normal. As businesses we must change the way that we do business so that we can operate and succeed in today’s reality.
Don’t get stuck in the waiting place. Be hungry for a new journey. Don’t be scared to make decisions.
Educate yourself. Restructure your business. Change your business model and never rely on government handouts. Have a plan.
If you are looking at your business and are stuck on how to move forward, get in touch with me. You are not powerless. You can do something about it. Let’s get together and look at the strategies you can employ in your business to succeed today.
Remember, failing to learn is learning to fail.