Making decisions in your business can be hard.
Deciding on the best choice can be the biggest challenge.
There are some people who always seem to be lucky, they are in the right place at the right time or just always winning OR maybe they are just skilled at making the right decision quickly.
Leaders and successful business owners need to be able to make the right decisions easily and quickly to achieve success.
If you are someone that struggles with making decisions quickly then luckily it is a skill that you can learn and develop, here are tactics you can use to improve your decision-making process.
Learn from experience
Experience from previous situations that compare to the present situation can help inform your decisions and serve as a useful guide and point of reference. That’s why in many cases, keeping a record of past crucial decisions can prove invaluable.
But you don’t have to rely only on your own experiences.
When faced with a decision, especially if it’s a crucial one, don’t shy away from consulting other people. Those working in the same field as you could have useful insights and knowledge that you can leverage in your decision-making process. One of the reasons why it is vital to build up your business network, not just for sales.
Compare costs and benefits
You can apply cost-benefit analysis to most choices. It comes down to weighing the pros and cons, considering what resources to use, and understanding the outcome of your decision.
Think about the available options and imagine what it would take to act on each of them relative to what you’d achieve through those actions. It would be very helpful to remain realistic when considering both positive and negative aspects.
Once you’ve measured the costs and benefits of your decision, the solution might become obvious even if it’s not the one you initially expected.
Break down the questions
Complicated decisions can often be broken down into smaller chunks that are less challenging to face and resolve. If you can see the larger picture as a set of simple factors, you’ll have an easier time reaching a decision.
Starting from the current situation, define the outcome of your choice as the endpoint.
Then, look at all of the points leading to that outcome. Ask yourself what’s the most optimal path leading from one to the other and weigh the costs and benefits of each step.
The gained insight from breaking down the questions can make your decision-making much more straightforward. You could even find a more effective way to resolve the issue at hand.
If you’re facing a complex decision or a series of smaller ones that require your immediate attention, the situation can become overwhelming. However, you won’t always have the luxury of having the time to take a step back and carefully examining each question.
This is when prioritisation can be of vital importance.
The essential decision you should make is which matter requires your attention the most. When you realize which issues are pressing and which can be put on hold, the situation will become more clear and you’ll be able to direct your actions more efficiently.
Prioritising is equally useful when it comes to a single big decision. In this case, you should concentrate on which outcome is the most important rather than which question needs answering first.
Weighing short-term and long-term profit is a good example of prioritising. Faced with a choice between the two, a company will decide on the course of action based on which type of profit it prioritises.
Making well-informed decisions is at the core of every successful business so take note and practice these tips and you will be well on your way to becoming skilled in decision making and over time it will come naturally to you.
Get ahead, get it done.
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Thank you for reading this weeks blog – 4 tips for improving your decision making process.