1. What would happen if we did nothing?

One of the most overlooked options in business decision-making is inaction. CEOs often feel pressured to act quickly, but sometimes waiting is the smartest move. For example, a client of mine was debating when to expand their food product into a new international market. Instead of rushing in, we assessed the cost of inaction over six months. The result? Market conditions shifted, allowing them to enter at a more strategic time. Of course, hesitation can also lead to missed opportunities.

For your next big decision, ask:

• What is the risk of doing nothing?
• Will the situation resolve itself, or will the opportunity be lost?

2. What could make us regret this decision?

Regret is a powerful teacher, but it’s best to anticipate it rather than experience it. When working with leadership teams, I often see decisions made based on short-term wins rather than long-term impact. Use these four types of regret to stress-test your strategic decision-making:

• Foundational Regret: Does this decision align with our core values and mission?
• Boldness Regret: Will we regret not taking a bigger risk?
• Moral Regret: Are we doing the right thing for employees, clients, and stakeholders?
• Moral Regret: Are we doing the right thing for employees, clients and stakeholders?
• Connection Regret: Are we considering the people this will affect most?
  By reflecting on these, leaders can mitigate future “if only we had…” moments.

3. What alternatives did we overlook?

Cognitive biases like groupthink and confirmation bias limit our creativity and strategic alternatives. A CEO I coach initially believed that acquiring a competitor was the best growth strategy. But when we applied a decision-making process, the senior leadership team identified two other options: strategic partnerships and organic growth. These proved more effective and less risky.

To avoid defaulting to the most obvious choice, use decision matrices to evaluate options based on:

✔ Cost
✔ Impact
✔ Feasibility

4. How will we know if this was the right decision?

Decisions shouldn’t just feel right—they should be measured. Many businesses make choices without defining key performance indicators (KPIs). Before working together, one of my manufacturing clients launched new products but had no clear success metrics. Six months later, they couldn’t tell if the launch was effective. Now, they set specific revenue and market penetration goals for every decision.

To improve your decision-making process, define success early using:

• OKRs (Objectives and Key Results)
• Balanced Scorecards
• SMART Goals

Before finalising your next major decision, ask:

• How will we measure success, and when will we review the results?

5. Is This Decision Reversible?

Not all decisions need to be permanent. Some of the best business strategies involve agility and iteration. A CEO I coach hesitated to adjust pricing models during tough economic times, fearing client backlash. However, it was either make the change or continue with marginal profits, ultimately risking cash flow and business stability. When we framed it as a phased approach with customer feedback and review checkpoints, he felt more confident. Knowing the decision was reversible gave him options. The result? The new pricing model was accepted with zero pushback—because his service was both needed and valued.

To ensure accountability and structured reviews, the RACI model (Responsible, Accountable, Consulted, Informed). This clarifies who owns the decision process and when adjustments should be made.

Challenge Your Thinking

As leaders, we don’t have to make perfect decisions every time, but we do need to make informed ones. Next time you face a major business decision, run it through these five questions.

• Where are we making decisions too quickly or too slowly?
• Which of these questions could strengthen our decision-making process?
• How often do we review past decisions to assess their effectiveness?

As Peter Drucker wisely said, “Whenever you see a successful business, someone once made a courageous decision.”

Over to you:

If you want your team to make better business decisions, start by integrating these five decision making questions into your leadership discussions.

Try it now: Take one strategic business decision this week and apply this framework—see what insights emerge. Better still try out these decision making question when working through your strategic planning.