The decisions you make in clinical practice are always evidence-based right? Wouldn't you love to have the same level of confidence in your business decisions?
You can, when you have the evidence to back your own decisions. Here are a few tips to help you do just that.
These essential decision-making components apply whether you’re picking out the clothes you’re going to wear for the day, whether to undertake a multi-million-dollar acquisition and to everything in between.
Focus on results
Without knowing the desired outcome, how can you make decisions with confidence? How do you know which option will steer your business where you want it to go? This is where a strategic plan comes in.
The strategic plan for your practice or clinic shouldn’t be something you look at once a year then put in a drawer. Ideally every decision in the business, big or small, should be aligned towards achievement of those carefully considered strategic goals. Your operations or business plan will break the steps needed to achieve these goals down into smaller and smaller targets or actions, which combined will achieve the desired results. So, ask yourself, where does the current decision to be made fit with the overall results you’re seeking?
Do your due diligence - gather the data
Of course, when it comes to picking your outfit it’s relatively simple, and much of it you probably just know; the expected dress code, what the weather will be like, which jacket goes with which pants etc. When it comes to any business decision the theory is the same, it’s just the inputs that change. Gather together the standard information, such as your income and expenses, debt to assets ratio and other key financial metrics. Then actively consider the other core background factors such as potential employee response, client patterns etc. All this information and evidence provides a well-rounded foundation from which to start making your decision.
The next step is to gather the data specifically relating to this decision – which areas and elements of your business will be affected by the decision and how? A systematic approach, considering the perspective of each area/department of the practice (or if it’s easier, of each role or function) helps to make sure you capture everything.
Be objective - but it’s not only about the black & white data
Being objective in business and in life is important and removing personal biases from a decision is really important when it comes to achieving the optimal outcome. Being objective means to look specifically at the facts. But in decision making, if you consider only the objective inputs it’s not necessarily going to get you the optimal result. You also need to consider what drives, enthuses and engages you.
Say you feel like wearing certain clothes even though they’re not the most appropriate based on the facts. If they’ll improve your mood, confidence, comfort etc., then these factors should come into your decision making. Being objective and giving credit to your feelings is a balancing act, and the tipping point needs to change based on the circumstance, for example, going to work without clothes just because you feel like it is probably not the wisest decision…
Don’t linger - plus accept that it’s ok to change
Don’t put off making a decision. We often come up with lots of reasons why it might be better to wait and not make the decision today. Our advice - with the information gathering and consideration of the factors done, just make the decision.
If you put it off until next week for example, it’s just another task that you have to come back to later and that means needing to relook at all of those factors. And that’s a drain on your time and energy. To help nudge yourself along, make up your mind that it’s ok to change your decisions. If more information comes to hand or circumstances change, the decision can too.
In summary:
Your strategic goals and those big-picture results you’re striving toward are what underpin and guide solid business decision making for your practice or clinic. Consider what you’re trying to achieve overall.
Collecting the background business information and considering the options from all perspectives will build a clearer evidence-based picture of the options before you.
Be objective, but what drives, enthuses and engages you is also relevant. You have to live and breathe it and it has to be right for you.
Have confidence in yourself. If you’ve made your decision based on the above, then it was the best decision at the time. But it’s also ok to change direction if needed down the track.
Happy and effective decision making!
We also have our Pulse Reporting product. It’s a subscription-based service providing you with regular reports and actions tailored to your business. You’ll have your finger on the pulse, know where to take action and what to do, and can achieve the results and goals you’re striving for.
If you’d like help setting up the relevant business reports to provide the background information needed for your decision making, please get in touch. The Augmentum team has the Medical & Allied Health business experience and expertise needed, see more at www.augmentum.com.au.
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