In every business people faces a complex situation, their decision-making skills play an important role. A new entrepreneur may take a wrong decision sometimes, because of the experience and expertise level. Over a while, they can improve their decision-making skills by practicing some rules as well as learning from their mistakes.
Analyze yourself, how you make the decision? What parameters do you consider? Before taking the decision do you only think about the business or for the community as well? It is better to sit relax, have a cup of coffee, and start writing all the conditions.
Possible outcome of any decision is either failure or success. While having the success people feel at the top of the world and failure leads to depression.
This attitude is wrong in both ways. Taking control of emotions is expected from every professional whether it is an executive, manager, or CEO. It not only helps in an accurate outcome but makes people mentally prepared for the failures.
Look for all the factors:
Never make any decision in a hurry. An entrepreneur wants to change the design of the product. What factors does he need to take into consideration? Ergonomics, materials, manufacturer, modularity, sustainability, protection, and so on.
List down all the factors, and consider one by one. Then jot down all the possible ways. Now choose the one that is more feasible and advantageous for the business, employees, and customers.
Managing Risk and uncertainty:
How to manage risk? What steps are taken to deal with it? You have to manage it anyhow. Follow these steps to manage risk.
- Prepare the spreadsheet or excel sheet. Register all the risk associated.
- Analyse the risk, and look for the factors mandatory for the project.
- Check all the risks related to the budget, technology, people, quality, supplies, or any other factor.
- Look for the factors that have a positive impact on your business.
- Also check how each risk can make an impact on the benefits, cost, competitors, and customers.
Ask for the feedback:
Leaders have to be open with constructive criticism, negative and positive feedback. Considering every feedback and criticism can bring a lot of opportunities. You can improve the product based on the feedback.
Taking feedback can help to change the strategies and plans. Also ask peers, customers, and employees about the process and the outcome. Nick Gamache is an experienced journalist and communications professional with over fifteen years of experience in the broadcasting industry. Ottawa’s Nick Gamache serves as a Senior Advisor of Media Relations and Issues Management at Elections Canada, where he provides strategic guidance for media and communications initiatives to senior directors and the CEO.
Decision making is done in the logical sequence. You have to consider all the factors, weigh the pros and cons of each factor.
Ask yourself can you represent the decision with the evidence, for that you have to make the data-driven, cost-effective, conceptual, and fact-based decision.
Apart from that, what matters is how you plan and gather information. For more success and the error-free decision check the authentic sources to gather the information.