Most people know that Benjamin Franklin was a really interesting & creative man who contributed greatly to the development of many useful things in both society and industry.
In 1772, he introduced what was considered to be the first ‘decision balance sheet’. Many of us use it today. I call it my ‘pros & cons’ list. It is a simple exercise that can serve us well in many aspects of life, not just in business decision making.
In its most simple form, take a piece of paper and draw a line down the middle, listing ‘Pros’ on one side of the line and “Cons’ on the other. Apply this process when you are trying to decide the best option between two choices.
In a business example for an insurance agency principal: “Should I join the ‘Smith Premium Aggregator Group’ or The ‘Jones Premium Aggregator Group’?
Do a separate sheet on both groups. List the pros and cons of each, as Ben’s decision making tool indicates. After the pros and cons of both are listed, weight each one in terms of level of importance to you. (I use a 1-5 rating scale, with 1 being the least important to me. However, you can also use 1-3 or whatever scale you choose to apply.) Add them up and while it isn’t a perfect system, if you do it carefully enough, it should give you a pretty good idea of which insurance network group you should consider joining, based on the values of each of their respective programs’ characteristics, as they relate to your agency.
It will also help you identify issues that may not be clear to you and require that you ask additional questions of the insurance network group representatives, so that you are clear on everything.
Obviously this simple approach can be used to make decisions of all types, both personal and business related.