Business people who run manufacturing companies make many decisions every day. Unfortunately, we don’t always make the best decisions. There are a number of reasons for this, and we’ve listed the top ones here along with some tips to help you improve your decision-making batting average.
- The information conundrum. We all make decisions based on the information at hand. Too little or inaccurate information can lead to disaster. Conversely, sorting through too much information can waste precious time. The trick is to take the time to determine precisely the data you need to make an informed decision, and to limit your consideration to just that.
- Lack of prioritizing. Some decisions require careful thought and adequate research. Many decisions, however, can be made quickly without fear of long term consequences. Just be sure you recognize the difference. Whether the the washroom deodorizer smells of lavender or evergreen is not a make-or-break issue. If you should invest in a 5-axis machining center, on the other hand, is a bit more serious.
- Not recognizing the real issue. Sometimes we think we understand a situation but there is an underlying issue that needs to be addressed. For example, is a machine tool breaking down because it isn’t robust enough? Or is it failing because it hasn’t had the required maintenance? Whenever your people bring you a problem, drill deeper by asking clarifying questions before rushing to judgment.
- Too many cooks. Getting input from others is a smart move. After all, none of us has all the answers. However, bringing too many people into the discussion can be overwhelming. Everyone has an opinion, but not every opinion is worth considering. Think about which people are most qualified to weigh in on the issue, seek their advice and then take your best shot.
- Letting emotions rule. Although we may pride ourselves on making reasoned, logical decisions, emotions almost always play a major role. The classic example is selling a property. Intellectually, you know that the market sets the price, but you have an emotional investment in the property that makes you see it as more valuable than the facts support. That’s why it’s best to consider both the intellectual and emotional sides of the issue and keep each in perspective so you can make the best decision.
With 90+ years of experience serving the manufacturing community, Gosiger can help you make the best production equipment decisions. Call your local Gosiger location to learn more.