Making Tough Decision in Tough Times
Good decisions don’t just happen they result from a process and smart leaders of organizations know that this is the case. If you are faced with tough decisions that can make or break your business during a recession it is wise to invest the time to go through a formal decision analysis process rather than risk the consequences of making a wrong decision. You can either do this yourself or hire someone to do this for you.
One of the frequent issues during a recession is whether to make staff redundant as your business contracts or to reduce their hours or rate of pay so that you can retain good loyal staff for when the recovery occurs.
This is one of the toughest decisions that many business owners and directors will be facing over the coming months and years.
Choose a decision analysis process that has stood the test of time
In July 2008 Kepner-Tregoe celebrated 50 years of corporate problem solving innovation. This is the decision analysis process that I am familiar with as I have completed their training course and successfully used the decision analysis process on an operational basis. Over the past 50 years Kepner-Tregoe have worked with most of the Fortune 1000 companies and have offices around the world. However, there are other companies and other decision analysis methods, but this one has stood the test of time because it works.
Over the coming months I will look more closely at the decision analysis process and how it can help managers with tough decisions in a recession.