Most of you would interpret the initials CEO as Chief Executive Officer. In this article and with all of the costly business (and personal) decisions that I have encountered, CEO simply means “Consider Every Option.” What are my choices? What are my chances? What will happen if I do? What will happen if I don’t? How much time do I have to make this decision? What will it cost? What are the side effects? Who is the best person for this job? Who else will be involved? Is it legal? Is it worth the gamble?

In most of my seminars and convention workshops I draw a picture of a balance scale and put dollar signs on each side. This illustrates weighing what each option will cost vs. what it would produce or cost if you do not choose that option. I also remind the participants that time costs money and they must always consider that when making a critical business decision. Whenever possible or feasible, weighing all these options and results should be done on a piece of paper rather than in one’s head. This is extremely important when you will need to justify your decision to your boss, an owner, or another party. You will also see a much clearer picture when you take the time to list all your options.