Decision making is very crucial for any startup. The decisions won’t only impact you but also the company’s direction. In the early years of your startup- decision making could be very daunting and even scary. You will have to be very patient throughout and make your decisions very calmly. Here are few tricks to help in your decision making.
Startups have so many works and there’s hardly any routine. You need to jump between works and decision making in the early days. It’s important to practice speeding up with any decision making. A startup has so many risks attached to it, but you have signed up for it. Unless you take a speedy decision, you will find yourself lagging a lot behind. But do not make a hasty decision! Make sure you have thought about it and the impact of your decision in the long run.
For the irreversible decision, like launching date of your product or firing an employee- make sure to collect enough information prior and take advice from others.
Focus on both short and long term
Take decisions thinking both about your short and long term goals. The decisions need to benefit you in the short term and also add value in the long term. Focusing only on near-term benefits may eventually push you towards the pit.
Empower the team.
How you sort out your decision adds great value to its magnitude. Empowering individuals in the team who are closest to the problems will help decision making to a great extent. As the team grows- the members will add values to the company. The CEO of the startup needs to allow members to add values and be a part of the startup. Making decision alone will not only put pressure on the CEO but will demotivate the employees in the long term.
Figure out your go-to framework
As a startup, you need to clearly know yourself, your company, your team’s priorities and the values that are true to your company. You will have to make a countless decision on a daily basis. You should have a go-to framework in making decisions. Figure out which framework works best for you and stick with it. Needless to say, it will require certain trial and error, but eventually, you will find the best one for you.