“sleep on it”
Discovering the Two Key Skills for Effective Decision Making in Business
Almost ten months have passed since I founded BKRx Inc., and during this time, I've come to realize two crucial skills that enable a leader to make sound business decisions: focus and reflection.
Focus plays a pivotal role in the success of any corporation. As I look back on my experiences with past bosses and business owners/CEOs I've worked with, I can categorize them into two distinct types. The first type comprises leaders who are hyper-focused on their "north star," prioritizing the optimization of decision-making processes. On the other hand, the second type includes leaders who are engrossed in day-to-day operations, constantly chasing after new opportunities without a clear vision of the ultimate business goal.
During my time at the business incubator, when our team met with various business owners, we often asked them about their exit strategy. Surprisingly, many of them, even those with businesses running for over a decade, seemed puzzled by the question, responding that their business would perish with them.
Conversely, I observed that those who struggled in their leadership roles lacked the ability to maintain a strong focus on their "north star." Some might label this as "ADHD," but regardless of the name, it's crucial to acknowledge this challenge and take charge of steering the business in the right direction. Ignoring this aspect will eventually lead to stagnant or declining growth, which may result in a poorly paid and stressful job, taking a toll on personal life and offering no return on investment.
The group of leaders who emphasize day-to-day activities, focusing solely on making money or comparing themselves to more successful peers within their network, are likely to fall into this trap. They find it difficult to ignore distractions and time-wasting activities, hindering their focus on growing the company and nurturing its people.
As a leader of a consulting company, I face decisions, both big and small, on a daily basis. To protect my time for essential expansion-focused tasks, I delegate non-essential decisions, when I can. However, this doesn't mean taking off to the mountains for strategy sessions without any tangible outcomes.
Reflection is the second vital skill for effective leadership. While I believe in the importance of swift decision-making, especially for smaller day-to-day matters, I also stand by the practice of "sleeping on it" when it comes to more significant choices. Rash decisions can lead to setbacks that can take longer to recover from, wasting valuable time and capital along the way.
In conclusion, being an effective leader in the business world requires mastering the skills of focus and reflection. By staying true to our "north star" and strategically evaluating our decisions, we can steer our companies towards sustainable growth and success.
Remember, it's not just about making money today; it's about building a foundation for a prosperous future.
