Every decision you make can either “make or break” your MSP business. Growth and success in any venture depend on quick, consistent, and good decision making, followed by effective implementation by everyone on the team. Good decision-making affects your finances, employees, and client relations positively.
Work with Facts
Study all the facts and information on everything that affects your business. Collect all the information yourself to avoid biases or external influences from people who do not understand your business. Working with facts will help you understand even the critical parts of the process; this can make a huge difference in your approach. You need to understand your customers, your competition, growing trends, and disruptive technology to help you strategize for the future.
Focus on the Goal
Define the outcomes you want for your business— make a list of short and long-term goals and make sure you refer to them when strategizing. Once you define your goals, share them with your team or display them at a central point where everyone can see them. This way, you all have a reference point when making small and big decisions.
Once you have the big goal, break it down into smaller, department specific goals; for example, employee motivation for the HR department or improved product awareness by 30% for the marketing department.
Improve the quality of decisions in your MSP business by consulting others. Listen to the advice and opinions of your employees, mentors, friends, industry professionals, and business peers while making decisions. For example, consult all high, mid, and entry-level managers within your business before changing your managerial structure. They spend their time and energy improving the management system and are more likely to give you insight that will improve the overall managerial structure. They will also support any changes you introduce to the company, since it is borrowed from their ideas and suggestions.
During the consultation process, focus on listening and only speak to ask questions or seek clarification. The consultation is part of the fact-gathering stage; you will have time to evaluate and select what to implement in your business at a later stage.
Look at every decision as an important make or break point; relax, evaluate the consequences and refer to your goals. In rushed situations, take a deep breath, give it a couple of minutes or even walk out of the room before making the decision. You will gain a fresh perspective and a clarity of thought, which will improve the quality of the decision. Use this strategy in all decisions; for example, spend time testing out different gadgets before making a purchase. Look at the test process as an opportunity for you to ‘play’ with your employees. A playful attitude where you can choose what instinctively feels right can improve your decision-making.
Own Your Mistake
Admittedly, you will often make the wrong decisions, which cost you money or time. Own up to your mistakes, accept the consequences and start working on rectifying the situation immediately.
The art of quality decision-making in an MSP business takes time to master. Trust the process, learn from others, build on your success, and own your mistakes. Look at every decision, good or bad, as a learning opportunity.