How do you make the most important strategic decisions at your company? Decisions that could potentially alter the trajectory of your company and shape the future of your business such as whether you should invest in building your own product or focus on growing your existing service business? At times, these decisions can lead to heartbreaking failure or a spectacular success. These are consequential decisions. The sad thing is that many early-stage companies make many of these decisions on baseless assumptions causing long-term problems for the company. The best way to deal with these decisions is to develop your own decision framework. But how do you design your decision framework? What are the components you should incorporate in your framework?
That’s exactly what Brain Station 23 Founder and CEO Raisul Kabir explained in his recent interview with FS in-depth that you could borrow and use in your industry and situation. Mr. Raisul explained his decision framework in context when Brain Station 23 itself was weighing on a decision about its long-term strategy, should Brain Station 23 focuses on developing its own product or invest more into its growing service business. In the following question, he goes on to explains how he and his team made the decision and also illustrates his way of thinking about the challenge and come up with a decision.