Axiom CPA, P.A. - Axiom CPA Blog

My mom came down to visit for the holidays and her car started acting up. We took it to a local shop and after an afternoon of diagnostic tests the mechanic told us he was "100% sure" what was wrong. Two days later we got it back and guess what? It still has the same problem.

This got me to thinking. Business owners are faced with a hundred and one diagnostic challenges every week. Sales are off the mark, productivity is down, web traffic isn't up to expectations...every day there is something that isn't quite right and it requires business owners to diagnose what is causing the problem and what needs to be done to fix it. Too often we get tunnel vision that keeps us from seeing the real problem. In business the cost of a missed diagnosis can be substantial, and the missed opportunity even more costly. Here are three rules for staying out of trouble.

Never commit yourself to a course of action without discussion. Take the time to say "I think this is what's wrong. What do you think?" Nine times out of ten there is either something obvious that another person can see or they can contribute something meaningful to your hypothesis. If you say "This is what's wrong!" you lock yourself into a course of action and often others won't try to change your mind even if they know you're wrong.

Sleep on it. My dad gave me this advice when I was a teenager and it has saved me from many an embarrassment. There are studies that show high achievers make quick decisions. I believe these folks are vastly outnumbered by successful manipulators who have learned to get people to make quick decisions. If it can't wait until tomorrow it may need to wait forever.

Get the goods on paper. Find data to prove or disprove your hunch. In subjective situations use the "pros and cons" method to weigh different options. Whatever you do get it on paper. Exhaust your options. Think outside the box. Brainstorm. This takes discipline and that's why most people don't do it. Anyone can make a snap judgment with no data, no support for conclusions and little thought for alternatives. Don't get lazy.