Sign up for our

Tip of the Week

Intuition or Analysis?

June 19/18

How do you make your business decisions? Do you do research, run the numbers, talk to advisors? Or do you “go with your gut,” which is a more down to earth way to say intuition.

A decision, by its nature presumes that there are choices. You can expand your business or not, sell your business or not, you get the idea. One of the characteristics that makes someone a business owner is the ability to make decisions. What I have been wondering is - if you keep track of your decisions and if you are more successful if you do a bunch of research? Does it matter if you contact advisors?  Maybe we could keep a little scorecard and decide which approach works best for us. If we have good results when we use instinct perhaps we don’t need to do research for every decision. If our instinctive decisions are not working out as well, perhaps we can add more research. Something to think about - because we all want to make good decisions.