Every food truck own will at some point in their career will have to make high stake business decisions. It doesn’t matter if you are the most decisive food truck owner you can become anxious when having to make a high risk call relating to you mobile food business.
Here are seven basic steps in effective decision making:
- Identify the decision to be made
- Gather relevant information
- Identify alternatives
- Weigh evidence
- Choose among alternatives
- Take action
- Review decision and consequences
Every vendor has to make business decisions daily. The key to becoming a success, is how you make decisions when the stakes are high.
3 Tips For Making High Stake Business Decisions
Making high stake business decisions are never easy. It can make or break your career as a food truck vendor. The next time you’re up against one of these tough decisions, trying following through with these 3 tips.
- Trust, and challenge, your gut. In some cases, your first instinct may be right, but it’s probably not based on rational thought. It’s important to question your initial reaction and test it once you’ve gathered more data.
- Check your bias. Self-interest can be subconscious. Recognize when you may be partial and ask a trusted peer to double-check your decision for any prejudice.
- Involve others. Big decisions shouldn’t happen in a vacuum. Consult with others (family, friends and/or food truck employees) to gather differing opinions. This will help you make a more informed choice and give you a better shot at winning buy-in from everyone involved.
Decision making mistakes
There are a few common mistakes people make during the decision making process that could result in a poor choice. Vendors often either rush decisions or procrastinate on making them. As well as being uncomfortable or time-consuming, avoiding decisions can also hurt your reputation. Your staff may perceive it as a lack of care for their well-being, which can lead to a lack of respect.
The Bottom Line
Decisiveness is often cited as a needed trait in successful food truck owners. While every food truck vendor must make decisions, but the effectiveness of making high-stake business decisions depends on when and how the decision is made, not just that it was made.
Have you made high-stake business decisions for your food truck? How did you approach them and how did those decisions work out? Share your thoughts in the comment section or on social media. Facebook | Twitter