Each manager and entrepreneur needs to be ready to make quick decisions, regardless of whether their business is thriving, stagnating or collapsing. Such decisions are often crucial since they have a great effect on the future of the company and needless to say, they impose a lot of stress and anxiety on the one(s) making them.
In order to be prepared for such events, you need to understand that the decision-making process should be carefully planned. That means that there needs to be a strategy in place, which you have to follow.
Once you get used to applying such a strategy, you’ll notice that the process of making decisions will become less time-consuming and you’ll feel much more confident about the choices you make. For that to happen, you should know what such a process entails. So, here is a list with the key elements of each decision-making process that you should incorporate into your strategy.
Identify the issue and collect information
Each company constantly faces threats and opportunities, whether it is located in Australia, New Zealand, Singapore or any other place in the world. The key is to be prepared to find the right answer to what lies ahead of you. The first step is definitely to identify a problem or opportunity and prepare a thorough analysis. Extreme use of social media also brings you the opportunity to track social media analytics.
That includes finding out all relevant information from a number of reliable sources. In doing so, you should rely much more on the data collected, rather than on what some colleagues think. It doesn’t mean you should neglect their opinion, but take it with a pinch of salt and focus more on the reliable info you’ve gathered through media portal solutions. Such data will help you make informed decisions, which are much less likely to be wrong.
Analyse all options
Once you have all the info you need, your task is to look into possible ways of addressing the issue. Try to think of as many options as possible and make a list of pros and cons for each alternative. Don’t forget to think about the risks, costs and benefits, as well as other problems that might arise as a consequence. Bring more people to the table when analysing an option, if possible. That might give you a fresh insight and they might be able to notice something you’re missing.
Once you have a list of all options available, eliminate those that have smaller chances of success and focus on those which are more likely to bring success. After the elimination process, look for the option that involves manageable risks and solid chances of success.
Don’t be emotional
One of the most important things, if not the most important, is to prevent your emotions from clouding your judgement when making decisions. After all, you are running a business, which means you have to rely on facts, rather than on emotions. While your gut feeling may have been correct in the past, it doesn’t mean it will remain efficient.
Remember that your decision has to be based on clear and precise facts. The same rule must be applied to all your colleagues who are involved in the decision-making process.
Be brave
When the data you’ve collected show you what the best option is, don’t hesitate. Timing is another key element in the decision-making process and you can’t afford to waste time once you have all the info you need. You can’t possibly be absolutely sure that the decision you make will be everything you’re hoping for, but that is normal.
Life provides no guarantees and running a business is no exception. When the final decision is made, make sure everyone knows what their task is and what is expected of them. Communication is vital for every process taking place and without it, there can be no success.
Monitor the process
There is no guarantee that the first strategy you apply will be a resounding success. It’s actually a process of improving on the previous strategies, using the experience gained along the way. That’s why you should carefully monitor every step, from the identification stage to evaluation, in order to find room and methods for improvements.
Since things change rapidly in the business world, you can’t expect to always apply the same approach and gain the same results. So, keep your eyes wide open and don’t be afraid to make changes if you see things are not going according to plan. Finally, you need to follow the trends constantly and be in the loop about what is happening around you.
These steps have to be part of every decision-making strategy as they make the extremely difficult and stressful process of making decisions less challenging and, as such, more likely to be successful. In a nutshell, you should identify the threat or opportunity, collect relevant data, ask for help, eliminate bias, be brave to make a decision and act on it without delay. At the same time, you need to follow the whole process through, so that you can make improvements to the strategy. Only then can you expect your business to grow.
