Over the years, we’ve spent a fair amount of time discussing how companies experience “growing pains.” A natural part of any company’s growth, leaders and employees are often required to do more with the same resources they had earlier. Sometimes this is addressed by hiring staff, other times this is tackled through new technology designed to automate laborious tasks and give end users more information.
However, recent research featured on Forbes pointed to another challenge that comes when companies grow—indecisiveness. Leveraging data from Cloverpop, the article found that even though all companies rate their decision-making skills at an average of 7 out of 10, this rating drops as a company adds new people.
More People, More Input
One of the first reasons that growing companies face a challenge in making decisions is that with each new hire comes new input. While it’s often beneficial to hear new opinions, the additional input often results in email chains becoming more convoluted as more people toss their recommendations out.
One place that this challenge arises is in the budgeting and planning process. Plagued with manual processes, this process often relies on email and spreadsheets. Often, a decision maker will miss an email or work on an earlier version of the planning spreadsheet, creating a scenario in which everyone needs to backtrack to get on the same page.
By automating some of the most strenuous processes and facilitating collaboration, growing businesses get the best of both worlds—faster, more detailed communication that isn’t derailed by email chains. One example of this is Host Analytics MyPlan, a solution designed to provide accountability for budget owners by cutting down the learning curve and keeping everyone on the same page.
Process and Analysis Lead the Way
The larger a business becomes, the more likely it embraces workflows and processes to standardize the way decisions are made and data is processed. With more people, more customers, and more systems in place, these larger companies generate more data (that needs to be analyzed by more people).
While having more information to work with is often a great way to make well-informed decisions, it often results in paralysis by analysis, a common occurrence that ruins any of the advantages of scale.
One of the most effective ways to address this challenge is through automation and business intelligence. In order to turn the ever-expanding pools of data into insights, growing organizations have found that the ability to reduce processing time and eliminate the human element is pivotal. Growing businesses now can view details about their business in greater detail without having to wait for someone to analyze the data and make recommendations. Custom dashboards give executives the information they need—when and where they need it—so that they can make faster, more informed decisions about how to proceed.
Overcoming the Indecisiveness Challenge with Collaboration
As your business grows, you will face new challenges. Decision making often becomes more challenging with each new stakeholder, but with the right tools available, you can facilitate collaboration to overcome the indecisiveness challenge. At Wipfli, we have decades of experience helping companies leverage the technologies they need to remain agile even in the wake of rapid growth. We invite you to learn more about the products we implement and support, read about some of the integrations we offer to connect applications and facilitate collaboration, and contact us to learn more.