One of the great things about being an independent tire dealer is the fact that you can respond to changes in the marketplace faster – but only if you’re able to make decisions quickly. To become a master at business planning, it’s important to strike a balance between thought and action without overanalyzing things. In addition to simply setting a deadline for your decision, these four tips can help you make smarter decisions faster.
ο Does the decision align with your priorities, mission and values?
Having a solid strategic plan and knowing your customers, as well as the marketplace, can help you move forward faster. The more structure you provide for your business and its direction, the easier those decisions are to make.
ο What do your advisors think?
Be it your attorney and accountant, a 20 Group, or the leadership within your organization, bouncing ideas and weighing your options can help identify and minimize potential risks.
ο Do the numbers make sense?
Use your data to help support any major decisions you have to make. And if you don’t have the data to back up your hunch, it’s often a good idea to hold off until the information is confirmed.
ο Will the decision fundamentally change things?
Can it be reversed? Consider what’s at stake. Be realistic. Putting the choice into perspective can minimize analysis paralysis and the feeling of being overwhelmed.