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Today’s advice comes from Dick Giromini, president and CEO of Wabash National, via Smart Business. “I had one boss who would use the expression, ‘paralysis through analysis. That’s the one thing you have to avoid in business. You have to be able to collect as much information as possible, but you have to do it in an expeditious fashion. Then you’ve got to go.”
At the beginning of the recession, Giromini had to act quickly when sales at the transportation equipment company dropped by more than half. He met with potential investors and eventually secured $35 million in private equity funding.
During a crisis, managers often get scared and hesitate to act out of fear of making the wrong move, but Giromini says this is the time when leaders need to be the most decisive.
“Never be afraid to make decisions, because you’re probably making far more decisions than the fellow who is afraid to make them since he may think he is batting 80 per cent on decisions, but only makes 10 decisions. You make 100 decisions, bat 50 per cent and you make 50 good decisions in that light.”
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