One of the many qualities possessed by owners and managers of business is their ability to make decisions. Some decisions are good, some are better than others and some are just plain bad.
As a decisions maker you not only need confidence, but enough knowledge and experience to make a good decision. Many times the decision maker is under a time crunch, plus has many distractions which makes the process a challenge to properly focus on the subject.
Carl Schuster, co-founder and CEO of Wolfgang Puck Catering, is a successful business leader and very knowledgeable about his business, but in his story about negotiating a lease he learned both a valuable and expensive lesson.
As Carl shares his experience in this recent Crain’s Newsletter, he believed he had the knowledge and capabilities to negotiate the terms and conditions for a very high-profile location. He later found he had missed provisions that became very costly to his business.
The message to all of us who are in decision making roles, be open to rely upon those who know more than we do about certain complex aspects of business. Have them help to decipher the details that may become critical at some point so at least you know what the down side may be.
This applies to all types of areas in a business: for example, the traditional flawed process many employers use to select their risk management services and insurance programs. The traditional basis of a decision is purely upon the rates charged. Not only does this create higher operating costs it also puts their employees at risk.
When it comes to complex issues, it is best to seek the assistance of specialists so that you have a better opportunity to make a more informed decision, to create better outcomes and prevent costly surprises in the future.
Contact me with your comments about Carl’s experience or other RisksNThreats issues for a no obligation conversation. Here’s how to do so: email email@example.com; phone 916-960-8758.