Every business leader is faced with decisions on a daily basis, and on some of these, the future of the company rests. In our projects, we almost always find instances where the tough decisions were put off, sometimes for years, and the company is in a mess because of this lack of decisiveness. The fallout of these situations includes high costs and missed market opportunities, sometimes putting the business in a circumstance that is very costly, both in time and cash, to correct.

What often keeps so many business leaders from making decisions is the cost, whether in time, focus or dollar investment. What they fail to understand is that the delay in making that decision also has a cost. If a new product introduction is delayed, there are lost sales and margins. If cost cutting is delayed, these costs keep reoccurring daily, draining the cash out of a business. Finally, if the tough personnel decisions are delayed, the entire organization performs at a lower level, missing many of the important opportunities that a better staff would have capitalized on.

Therefore, whenever you are faced with a decision, in addition to evaluating the risks and costs of implementing the decision, also evaluate the costs associated with not making the decision. This new clarity will change the way you run your business.