Making decisions is about setting priorities. And it is tough! In most business situations, any decision is a bet you place with incomplete information.
I used to struggle with it too whenever our teams had to decide which features to build in a new product or which market segment we should go after.
It turned out to be a considerable time and energy sink. And the more stakeholders, the more complex the exercise became.
It shouldn’t be so hard!
No matter how complex a situation seems, you have ways to build a simplified model that will help you make the best possible choices.
Let me show you how with these four principles:
1 – Know what matters to your business
I already wrote quite a bit about the importance of a solid vision for your business. Without it, you are subject to the law of the louder voice in the room. So make sure you’re clear on that vision first and your time horizon for it. Knowing your desired outcome (it can be a particular customer experience, a business goal).
2 – Apply that magic filter to all upcoming ideas
Once clear on your vision, apply it as a filter to every idea. There is always some interpretation at play, but in the spirit of the 80/20 rule, the goal is to have most ideas sorted out. Keep pursuing the ones that help your vision in an obvious way. Put the other ones aside and keep revisiting the dilemmas if they exist as things evolve.
3 – Keep stakeholders under control
Inevitably, you will have some tension or conflict of interest between different groups. The short-term imperatives driving most sales teams often clash with some longer-term views of the product teams. You can live with it as long as you unequivocally communicate what you’re working on and what you’re not working on.
4 – Constantly monitor how your bets are doing
When prioritizing, you’re placing bets. Some will succeed, and some won’t. Active monitoring and course correction are vital to keeping your sanity and credibility over time.
These principles seem straightforward, but each of them requires excellent cross teamwork, stellar communication, and a learning mind.
It is real work, but it’s worth it and will help you make better decisions.