ON TRACK AND ALWAYS STEADY: 5 ESSENTIAL TIPS THAT WILL HELP YOU TAKE CRUCIAL BUSINESS DECISIONS
Running your own business is not something everyone gets to do. For this reason, taking a final business decision seems like a complicated task. Because, when you have the final say in the decision making process, you may feel confused and will have conflicting ideas. This will lead to lack of confidence and bad decisions. Therefore it is important to be in your proper mind and not rush into anything. When you have to make a decision your intellect, skills, talent and your confidence is being questioned by people whom you have recruited for carrying out your decisions and the process that follows. The following tips will help you take better decisions and lead a successful business.
- Fix your goal
First and foremost part of decision making is to realize what you are aiming for. If you don’t have clarity in that area, there is no point in taking a decision which is going to fail. Fix your goal. Make sure you have thought the outcomes, consequences and changes that are going to come because of this decision.
- Weigh your options
List all the alternatives that can be affected by the decision. This will help in preparing to face the impact it will have on the rest of the team and work. You should also be a good listener. You can’t find out all the possible outcomes which can occur due to the decision all by yourself. Therefore forming a committee of advisors can help you tackle this issue. Gather all the resources which you can in order to take a better decision.
- Prepare to face the consequences
You should consider the impact your decision can make in the company. This is very crucial and one reason why you should follow the above steps to be followed. This way you will have an idea of what is going to come and keep everything ready for it.
- Make the decision
Even if you feel slightly indecisive in your decision you should go for it because you cannot wait till you feel like your decision is perfect. You have to trust your instincts. Now that you have a fixed goal and all necessary information, you put that decision into and wait for the consequences.
- Evaluate the decision
Once the decision is made, you should evaluate and check how it is working. Lack of following up on your decision will lead to others who don’t understand the depth and meaning of the decision to mishandle it. This will lead to unexpected and unmanageable losses.
The following are some drawbacks for the above steps:
- Having many sources instead of limited team
If you allow more people into the decision making team, you may end up confused and misguided. Involving many people might also increase the time taken to come to a conclusion.
- Outcome should not be overestimated
You should limit your thinking to only plausible outcomes. Do not take a decision based only on the outcome because that may not help you in the long run.
- Having only a single source
Having a single source is also a problem similar to having so many sources. It will be helpful only if you have a huge set of alternatives but not too much either.
Timing can be a crucial factor in decision making. Because some sometimes a delay in taking a decision will help you a lot but sometimes a quick response is what is expected from you. Making a quick decision is advantageous in many ways. Everything has its pros and cons, keeping that in mind will let you tackle the problems that can arise.
If you follow these steps for several times you will automatically start following it every time you take a decision and that will help you and your business in as many ways possible.