Advice + Tax + Accounts for smart business owners.
March 14th 2018

Effective decision making

Good decision making marks out successful businesses from the 'also-rans'. Easy to say - but, what are the attributes of a good decision maker?

Decision making in business

In business, we make multiple decisions every day. But do you ever consider how these decisions are arrived at and what factors led to them? And more importantly, do you consider yourself to make “good” decisions?

This leads on to the question, what is a “good decision?” This can be measured in many ways, but ultimately, a good decision should have a positive outcome or impact on others. So what factors help to contribute to making these “good decisions”? Here are our top seven factors:

  1. Be clear on your desired outcome

    There’s no value in making decisions if you’re not clear on what the intended outcome is, so it’s important not to lose sight of the end goal. Consider what you are trying to achieve both short and long term and how decisions impact these goals.

  2. Consider the consequences

    Decisions have both short and long-term consequences, each with its own risk factor. Be sure to consider these consequences carefully and assess whether they serve your goals.

  3. Listen to your “gut”

    That age old saying “go with your gut” definitely plays a part in decision making. After all, your “gut” as it were, consists of all your past experiences, knowledge and intuition on the subject. Listen to it!

  4. Be informed

    It’s important to take time to gather the relevant facts and information before making decisions. Consider all sources of information available to you. You may not be the expert in a particular field, so it’s important to consult others, use their knowledge and insight to help guide your decision.

  5. Be pragmatic

    Being able to see the “bigger picture” and taking a step back to consider “whom does this serve”, is a valuable tool in decisions making. This helps eliminate the risk of taking decisions on a self-serving and emotional basis.

  6. Be accountable

    Once a decision has been taken, it’s important to be accountable for that decision and its outcome. Take ownership and follow through.

  7. Execute

    A key point of decision making is the ability to implement and execute the decision taken. Everyone involved should be clear on what the decision is, and an action plan and timeline set for execution.

Decision-making is a complex process but considering these seven steps should help you feel more confident in your decision-making skills, which ultimately will benefit you and your business.


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