Investment Decisions

The reason that awareness of what you do and do not know is so important is that as a business leader you only have a few ways of making an impact and adding (or destroying) value: you can get the strategy right; make sure that everyone understands what it is and coach them on their performance and how they can help the business achieve its goals; you can inject enthusiasm and encouragement; and you can set the rules by which decisions are made, or you make them all yourself, at least the most important ones.

The latter is of particular importance because although some of the others are mainly driven by personality and character, the last is driven by method and experience and you need both to really make consistently good investment decisions.

Whilst this may sound obvious it is far from how many business leaders make decisions, particularly their most important decisions. In fact, as I have mentioned in a previous entry, the method used most frequently is little short of guess work.

If they knew they were doing this most rational people would stop and try a more thorough approach, with more chance of success, but unfortunately most don’t because they do not appreciate that there is much of relevance to a particular decision that they are unaware of, they Don’t Know What They Don’t Know.

The problem with this, the first Secret of Business Success, is that you will probably find your own reasons why this observation doesn’t apply to you, but beware, it probably does. The sooner you recognise it and do something about it the better and more consistent your decision making will become and the more successful your business will become as well.

Next time, we’ll get to what you can do about it. I’ll introduce you to the Circle Rule™. Isn’t it about time you gave yourself a better chance of taking your business where you want it to go?

Bye for now,

Mark Ballett

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