How to Improve Decision Making in Business Administration?
Making good decision is the most important skills recruiters are keep looking for in business industry. It helps your team to be on track, achieve goals and avoid mistakes.
I have seen many leaders struggle with decision making. Here are some basic yet effective tips to improve your decision-making skills:
1 - Understand the Problem Clearly and Define Your Goals
Before making any decision, pause and take your time to identify what you want to achieve and what are your business objectives? Understand what is really going on, ask question as much to gather all the facts which makes you fully knowledgeable about the problem and why this matters.
For Example: If your company provides some kind of product and the sells is going down, then don't panic or rush instantly. Instead, take a pause and find out why it's happening. Is this the product, the market or the price? Analyze carefully and take action accordingly.
2 - Gather Relevant Information By Using Logic and Data
The golden rule is never make decisions based on assumptions. Gather the relevant information and data which make some logic to support your decision, cause data and information helps you to see what is working and what is not working. This will include a thorough market research, feedbacks of customer and financial analysis.
3 - Weigh Your Options
Look for multiple options and evaluate the pros and cons of each options, analyze the potential profit and risks.
4 - Involve The Right People
Don't make these kind of big decisions alone, and never afraid of seeking anyone's help. Talk your team members, clients, mentor and industry experts, ask for their advise and take feedback on your ideas and decision, cause involving other people can give you a double check and may see what you can't.
5 - Think About the Long Term Impact
Consider the long term implications of your decision. Will it benefit your business in the short term but somehow gonna harm in the long run? Consider the potential consequences of your choices and make decisions that aligns with your long term achievement.
6 - Learn From Your Past Decisions
Not every decision will be perfect. But that's okay! The key point is learn from your mistakes, use them as an opportunity to grow and improve and never repeat those mistakes again. Failing with a decision makes you more wise cause now you know that one way, that you have to avoid while making any successful decision.
7 - Use Simple Tools
Sometimes simple tool can be great help when it comes to taking a complex decision, like using SWOT analysis (Strength, Weaknesses, Opportunity and Threats) can solve half of your problem and help you make clearer decisions. A decision matrix can also help you in making proper decisions.
8 - Communicate Clearly
Once you have found the problem, analyzed, and made up an impactful decision then it's time to explain it to your team. Make a clear communication on what happened in past few days, which is the reason of taking that decision. Then elaborate what is going to change and why and then what to do next. This will show a teamwork and build a trust among the team members.
Final Thought
Making business decision doesn't require perfection, but what it requires is being thoughtful, prepared and eager to learn more about the business, it's produces & services in depth. Your confidence and talent of making authentic decision will gradually improve.
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