by Amity Mercado, nFusion, Chief Financial Officer and Chief Operating Officer
“Good decisions come from experience. Experience comes from making bad decisions.” – Mark Twain
Like many of us, you first learned the importance of making good decisions back on the playground – whether to join that contest to see who could swing the highest or whether to jump off the top of the monkey bars. The stakes were high, and the consequences could be painful.
Now, you’ve made another hard decision – to be an entrepreneur. You have a great idea, and you’re setting the world on fire. But the stakes are higher than breaking a leg – they impact your company’s financial future and that of your employees. Decision-making is a critical part of a leader’s world every single day. At nFusion, we must make smart lending decisions, and we strive to say “yes” as much as possible. Sometimes that means rethinking our definition of a successful outcome.
I recently read an article that outlined the decision-making process, breaking it down into 3 key elements: Clarity, Consideration, and Commitment. These 3 C’s are in line with our approach at nFusion.
Clarity involves gathering all the known, relevant data and identifying objectives. Gather information and input from key stakeholders and analyze it to crystalize your objectives. The more clarity you have around the decision, the easier it becomes to assess the available alternatives. At nFusion, we’re experts at doing copious research to make informed decisions.
Consideration involves analyzing the potential outcomes and understanding the risks associated with those outcomes. Think about each possible choice and the consequences, both positive and negative. If you find you need additional information, take the time to gather it. At nFusion, we analyze deeply and listen to stakeholders, and consider all points of view.
Commitment comes once a decision is made. You have to give your decision your whole heart and mind, commit to it, and perform the tasks necessary to make it happen. At nFusion, we’re all in on this aspect. Business leaders must communicate to staff that accountability and commitment are important, clear obstacles, provide resources to staff to achieve their goals, and identify ways to recognize employees. For instance, once we decide to work with a company, we do everything possible to make them successful. Our portfolio team routinely discusses ways to help customers beyond the funding we provide.
Decision-making skills can be the difference in winning a new customer relationship or selecting the right path to improve a company’s future. It is incumbent upon all business leaders to continue to hone this valuable skillset and brand differentiator.