Making decisions is a part of life. I have found that good decision making boils down to two things:
The only effective way to solve a problem is to have clarity on what exactly you’re trying to solve. If you want to drive from NYC to LA, how do you choose your route? Start by defining the problem. Do you want to get to LA in the fastest time possible? The most scenic drive? The drive with the least tolls? The answer to those questions will help guide your decision making.
That’s a rather simplistic example so let’s try another…
You own a business and are in need of a new provider for a critical path function. Critical path functions are those things that if fail, can bring a business to its knees. For most companies, who they buy their office supplies from is not a critical path function. However, providers that offer secure data storage may be a critical path item if your business deals with gathering and storing large amounts of customer data.
Attached is a recent blog I published for i2c, where I am the EVP of Global Sales and Marketing. While specific to the payments space, the decision criteria can be applied under any circumstances if thought about more broadly.
As always, I look forward to your thoughts and reactions.
- Clearly identifying the problem you are trying to solve
- Listing and understanding as many possible outcomes as possible given different decision paths