Own your Big Procurement Decisions

And ensure they’re not reactive.

There are jobs out there in the world where decisions may not have big consequences. Perhaps, for example, your barista this morning decided to put oat milk in your latte instead of almond, as they had run out. Sure, this may have annoyed you, you might have even asked for a refund or another coffee. But it’s unlikely that that decision changed much – for you, or for them. 

But in procurement? We all know that decisions can have consequences. Maybe you’re deciding between two suppliers for a spend of millions or multi-millions of dollars. Perhaps you’re trying to reverse out of a contract, but things are getting a little hairy. 

Or perhaps you’ve made the bold career decision to try to become a CPO? 

Whatever the decision, in procurement the stakes are high, and we all know that being bold requires taking risks. But these risks can feel terrifying and overwhelming, and often fear leads us to rush decisions without due thought and process. So, how do you move past your fear and ‘own’ your big procurement decisions? 

Step 1: Identify your fear 

When it comes to big, career and reputation-changing decisions at work, often we feel afraid, but we aren’t sure why. And fear can cloud your judgement, so if you’re concerned, it’s important to take a step back and figure out why. 

Say, for example, you’re about to make a career-defining decision to apply for a leadership or even a CPO role within your organisation. Yet you are feeling quite concerned about this. What happens if you don’t get it? 

The first step to overcoming your fear is to think about what you’re really worried about. Your immediate reaction may be to worry that you won’t succeed, but there might be more to your fear… Perhaps you’re suffering from imposter syndrome, or perhaps you’re worried that your colleagues won’t respect you and your leadership ability if the organisation selects someone else. 

Think carefully about what you’re really concerned about, and if you’re having trouble figuring it out, ask a trusted colleague or mentor. Once you can name your fears, write them down, and start working on mitigation strategies (for example, if you’re suffering from imposter syndrome, there are numerous great leadership programs that you can join).

Step 2: Create a list of the consequences of acting… And doing nothing 

With any bold decision in procurement, there will be consequences for acting, but there will also be consequences for not acting. 

For example, if you are considering applying for a senior role and then opt not to, the opportunity may not come your way for months or even years after that. You may also be seen to lack ambition and confidence if you do not put your hand up for a role for which you are qualified. 

With any bold decision, to ensure you’re acting rationally and not just reactively, it’s important to create a list of the consequences of making the decision, but also the consequences of doing nothing. 

Examining this list can help you get clarity on why you should act in a certain way. 

Step 3: Remind yourself of your past bold decisions 

Even if you’ve identified your fears and mitigated them, and rationally considered your options, no bold decision is ever going to be easy. You’ll always worry and wonder about what might happen next. 

A great way to ease this feeling, though, is to remind yourself of the successful bold decisions you’ve made in the past. Perhaps, for example, you successfully selected an otherwise risky supplier? Or perhaps you went for a job that you felt you’d never get, then you were successful? 

Whatever the decision was, write it down and remind yourself that these big decisions do, in fact, work out. This will help you own them. 

Have you had to make a bold procurement decision lately? How did it go for you? Let us know in the comments below.