Effective Decision-Making as the Pillar of Business Success

decision-making

Tyrone Palmer, Negosentro | Making decisions is the most important job of a business owner – without being skilled in this area, one could never run a business. Being indecisive and too hesitant are the worst traits an entrepreneur can have. While some people are decisive, determined and focused by nature, there are ways to train yourself to become a better entrepreneur in this regard, and it all starts with the following decision-making basics.

Know that a bad decision is better than no decision

Sure, some decisions are tough by nature; being forced to make one usually means that there is little wiggle room for a perfect choice, and, therefore, little chance that everything will work out.

Make no mistake, making the worse choice when put against a set of bad ones will definitely backfire on you, and the consequences will probably reflect the difficulty of the decision you were forced to make. However, there is no lesson better learned than one from your own mistake!

On the other hand, being indecisive and refraining from putting your foot down will not only reflect negatively upon your image, but given that you will have to make a choice in the end either way, your chances of nailing it will be even slimmer as well.

Never go random

Making random decisions means going for the option you are not informed well enough about; if you were, you wouldn’t be stabbing in the dark. Keep in mind that there is always enough time to at least figure out some consequences each of the choices that are on the table will lead to.

The best way to ensure that you’re never forced to make a random decision is to keep yourself informed about everything that is related to your business. A good CEO will know all the facts about their company – from what program language was used to make their app to what type of LED lights their office is equipped with. Why is this so crucial? Well, as the owner of the business, you always have the final word about everything, and if there’s ever a conundrum your employees and subordinates happen to stumble upon, you can rest assured that they will contact you first. In such cases, not being informed is exactly what leads to random decisions that are easily swept under the rug after the damage is already done.

Stay informed

There are ways to stay informed about everything that concerns you and your business, and you can pay for it with time, or with money. The best advice would be to do a mix of both.

For example, hiring experts such as ISENTIA is an easy way to get qualitative, as well as quantitative insights when it comes to your media data – going with professionals in this case will help you get a complete picture of your organization’s and your peers’ media profiles! Paying experts to do a thorough social media analysis is a much better choice than trying to cover this on your own.

On the other hand, being informed about the interpersonal communication between your employees is vastly important, yet, this is a job that can only be done by you. Therefore, the combination of the two options mentioned is by far the best way to go when it comes to familiarizing yourself with everything necessary for decision-making.

These three pillars of decision making will help you learn what steps to take when faced with a tough choice. It is of utmost importance that you always make an informed decision rather than making a random choice or not making a choice to begin with!

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