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Have you ever wrestled with a big decision at work? Important decisions can have real consequences – for the company, for its people, and for the people who make them. Brilliant decisions have the potential to put the company on a new, perhaps previously unimagined trajectory. Poor decisions, on the other hand, can prove ruinous for the firm, its people, and the careers of those in charge.
As just a few examples, consider these brilliant decisions:
1. Apple’s introduction of the iPhone. Apple revolutionized the smartphone industry in 2007 and propelled itself to unprecedented levels of success. The iPhone combined multiple functions into a single device, offering a seamless user experience and setting new standards for innovation in technology. Imagine that the conventional wisdom was once that no one would want a camera in their phone!
2. Amazon’s investment in Amazon Web Services (AWS). Amazon’s decision to invest in its cloud computing platform has been instrumental in sending its revenue and profit soaring. It was a radical shift for an online seller of books (and lot of other stuff), and AWS is now a market leader with $80 billion(!!) in cloud services revenue, providing scalable infrastructure and computing resources to businesses around the world.
3. Netflix’s shift to streaming. Netflix recognized the growing trend toward streaming media and made the decision to shift its focus from DVD rentals. The decision led to an exponential growth in subscribers, established Netflix as a dominant player in the entertainment industry, and ushered in the era of “peak TV.” Binging has never felt so good.
And perhaps a few bad ones:
1. Blockbuster’s rejection of streaming. Contrary to Netflix, Blockbuster famously declined opportunities to invest in streaming technology, thinking it a passing fad. Been to a Blockbuster recently? Probably not, unless you live in Bend, Oregon – the site of the “last” Blockbuster. The company itself filed for bankruptcy years ago.
2. Nokia’s delay in embracing smartphones. Nokia was once the dominant player in cell phones. However, their failure to recognize smartphones as the future led to a significant loss of market share and ultimate sale of their mobile phone division to Microsoft. And the company hasn’t been the same since.
And for nostalgia’s sake…
3. Coca Cola’s introduction of New Coke. Yes, this one goes back to 1985, but if you’re old enough, you remember it, and you’ve probably otherwise at least heard about it. Coke’s new formula – meant to enable them to better compete with a surging Pepsi – was met with widespread backlash, the re-introduction of Coca-Cola Classic, and the quiet killing off of New Coke.
While few of us will likely be faced with making decisions quite as big as these, it’s helpful to have a set of questions against which to evaluate the business decisions we do make, so that we’re not just “winging it”, “going on gut,” or (worst of all) making no decision entirely. To help you, we’ve created a list of 20 questions that you can ask to guide yourself when contemplating a big decision. Check them out on the PathWise Member Site under Career Content, From PathWise, Tools and Templates.
If you’re not a member, basic membership is FREE, so why not sign up today? Our Member Site has a ton of great content to help you in your day-to-day work and in your career management.
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