Problems are unfortunately, a part of business and the sooner we resolve problems, the sooner we can get back to doing real business.

In my previous blog for Debtor Control, I discussed the importance of learning how to make a decision on any given situation as soon as possible. However in making any decision, making the right decision as often as possible is also important.

On occasions, it is perfectly okay to take a few moments to reflect on the problem in a holistic manner. You may need to undertake a bit of research or work out different scenarios, or just get away from the problem for an answer to appear. However the key in these situations is to not let the problem remain unresolved for too long and end up becoming a mountainous problem.

By delaying the resolution of problems without a good reason, problems may multiple unnecessarily and create problems with your customer or supplier which then causes preventable losses.

Furthermore, making a wrong decision to finalise a problem, may also be a learning situation, which long-term, adds value to your business. What I mean by that is you can revisit and identify why the wrong decision was made. Hopefully this knowledge will assist you to avoid similar problems in the future.

The fact is, you think making a wrong decision may be a costly mistake, and so it may be. However by creating more problems rather than make any decision at all, will always be more costly.

If you would like help in understanding the costs of creating mountainous problems out a small molehill of a problem, contact Kim Radok at kim@creditmatters.com.au