Small business owners make all of the decisions for their companies. I have a corporate hack to help you make the best decision possible. The hack is called a Weighted-Ranking Matrix.
A weighted-ranking matrix is a table listing your criteria, or what your business needs are. It compares your criteria to different options. You use a rating system to judge each option against your criteria. The end result is a percentage. The option with the highest percentage is the best decision.
I included an example in this blog. Two things to note: 1) I did this for my capstone project for my Business Analysis Certification. 2) if you are comparing delivery options for your company do not use my end result for your decision.
Feel free to download the excel spreadsheet for your use. You can delete all the data and leave the formulas in place for your use.
First step: Determine what is the tough decision you are trying to make? Most small businesses today are trying to pick a CRM that fits their needs. I will use that as my example.
Second Step: What do you need your CRM to do for you? What would you like it do for you? Make a list. Narrow this list down to the top 5 to 10 priorities.
Third Step: Determine a rating system. Typically it would look something like this:
5 = meets all needs / 3 = meets half of your needs / 1= meets a few needs / 0 = meets no needs. I am sure you noticed I skipped two numbers. I did this because it is easy to determine what the in-between is based on the main numbered descriptions.
Fourth Step: Go through each criteria and rate it based on each option. Put the number in the appropriate column for ranking.
Fifth Step: based on the final numbers and percentage given, you now have a logical choice.
I know this may be difficult to understand by reading this blog. I will be teaching interactive classes on the topic for both the Inland Empire Women's Business Center and SCORE-Inland Empire. If you want to be notified when these classes will be available, sign up for my email list. You will be the first to be notified of all my classes.
If you want to learn more about how I help small businesses take back their sales from Amazon; visit my website. If you are ready to take back your sales; schedule your free 45 minute appointment with me to see how I can help your business.