It’s Impossible to Scale Up Your Business if You’re Information Paralyzed
Is Indecision Keeping You from Scaling Up?
When you’re scaling up your business you have to take a lot of information into account before making big decisions. What happens when you have so much information that it feels impossible to sort it all out? You may have fallen into the “Analysis Paralysis” trap. Is indecision keeping you from scaling up?
Scaling Up Requires Data
No company can scale up without collecting vital information. Evaluating your vision, creating a solid strategy, hiring the right people, and calculating your cash flow all depend on having good data. Business plans built on whims or vague assumptions are destined to fail.
Business is About More Than Planning
There comes a time, however, when you have to act on the information you have. The best information and the best plans are of no use unless you put them into action. As an executive business coach and advisor, I’ve seen plenty of examples of companies that spent far too much time “fine-tuning” their vision, their mission statement, or their strategic plans. But they never got around to doing anything. And as important as those things are, those things (by themselves) don’t generate income. You have to execute your plans.
Is it Time to Transform Your Decision-making Process?
I understand why businesses sometimes freeze when it’s time to “pull the trigger” on plans they’ve made. Decisions have consequences. Bad decisions can ruin your company, and nobody takes that kind of decision lightly. Going over the data endlessly, however, doesn’t solve the problem. It may be time to change the way you approach important decisions.
Are You Nimble?
You probably remember the old children’s rhyme: “Jack be nimble, Jack be quick, Jack jump over the candlestick.” If Jack wasn’t nimble and quick, he’d burn his britches! That’s true for businesses today. They have to be nimble and quick. They have to make business decisions—and then stay on top of the information so that they can make necessary adjustments quickly.
You may sometimes need to make decisions more quickly than feels comfortable. That may mean that you get some of them wrong. We’ve all heard that “perfection is the enemy of good.” But that’s why you need to have processes in place so that you can react quickly if you need to. That’s why the rhythm of your meetings is so important. “Big Picture” meetings are important but spending too much time on the big picture can lead to paralysis. You also need to focus on execution. You need to have more regular meetings that will give you up-to-date feedback regarding how your plans are working (or not working).
“Analysis Paralysis” is just one of the traps you’ll face as you scale up your business. I invite you to download our free How to Avoid the Growth Traps eBook for a look at 10 common traps scaling companies can fall into. Knowing what to look for can help you avoid the traps that can hinder your company from scaling up—and even save your company from collapse.
Image by Gerd Altmann from Pixabay
Need help growing your business? With over 35 years of experience and thousands of companies assisted, Chuck Kocher and The Transformation Company can help you scale your business into a truly exceptional business capable of high growth strategies. Businesses are always changing, don’t let yours be left behind. Stand out with our business and executive leadership programs – designed to challenge and improve your business. Your business will thank you for it. Contact me today for a free consultation! 719-339-9505