Business decisions that are made pro-actively are essential to helping a business solve problems and stay ahead of their competition. While different processes have been created to solve business problems in a proactive and informed manner, a general outline of an effective process employed by Vested follows:
Define Goal: While this may seem self-evident, a clearly defined goal is essential for any business decision. The goal may be in terms of dealing with a changing business or legal environment, developing or protecting a technology, reaching a defined level of revenue or profit in a given time frame, or any other business context.
Gather Information: Information may be gathered from internal and external resources. Business advisors and allies including legal counsel may be useful sources for gathering sufficient information to proceed with the decision making process.
Identify Risks: No business decision is without risks. An informed business decision should be made with a good understanding of the risks of making that decision. Again, business advisors and allies including legal counsel may help a business identify the risks involved in a business decision based on the gathered information.
Make Decision: Once the goals, information, and risks have been defined, an informed decision can be made.
Define Metrics: Metrics for measuring the results of the decisions should be defined. For example, milestones for partially or fully achieving the defined goal are set.
Revise Decision: Even a well thought-out decision making process does not guarantee that the proper decisions will be made. Essential information may have been missed and unforeseen risks may have arisen. If the results of the decision did not meet the defined metrics, then the decision making process should be repeated. In addition, technology businesses exist in an ever-changing environment. These changes may require revision of a previously made decision. Consideration of the factors necessitating a revised decision should enable a business to make a better decision.
Vested is a valuable asset for our clients when they gather information and define risks in their business decision-making process.
Solving problems. Managing risks. Creating wealth. Simply Vested.