Every facet of your business, from your business finances to the happiness of your employees can be all down to the decisions you make. Running a business means that any entrepreneur can feel the pressure of having to make correct decisions almost all of the time. Making the wrong decisions can have a fallout in a number of ways, from losing finances to a decreased workforce. This is why decision-making is so vital, but what does it really take to improve the decision-making process?
Focus on Strategic Alignment
This is a component that is vital to your decision-making process. Harnessing competitive intelligence tools will ensure that, in combination with strategic alignment, everybody in your organization understands how the goals and objectives will work for the company as a whole. Strategic alignment is one component but competitive intelligence tools can also factor into AI-driven analytics. Having actionable insights so you can make the right decisions is vital.
Look at It From the POV of Your Customer
Business leaders need to develop an understanding of their customers, and therefore, you should put yourself in their shoes. When you start to address the core values of your company, it should always align with what the customer is all about. Business leaders need to own this component, rather than outsource it. When customers are not happy with a business, the business is going to suffer. Therefore, putting yourself in their shoes gives you the understanding you need to make the right decisions that will always benefit them.
Simplify, Simplify, Simplify!
When we start to simplify the problem our decision is meant to solve, we make the answer clearer in relation to the problem that we are trying to solve. When you start to clarify what it is you are trying to achieve, you can do away with a lot of the extraneous components. Businesses have a number of moving parts, but when the answer is, in many ways, simple, such as ensuring the customer gets what they want or giving your business a far better second quarter it can provide a fantastic focus ensuring you are dealing with a problem in the right way.
Be Inclusive in Your Decision-Making
It doesn’t just have to be about you. After all, there is a team of people that will be there to help you realize what you can achieve every step of the way. When you are making a decision as an individual, you’ve got to ensure that the stakeholders, but also the people that are going to feel the impact of the decision, have their input. The pressure we feel upon making “perfect” decisions means that we lose the ability to progress. Rather than making a perfect decision, sometimes we have to settle on making a good decision.
Learning From the Past
When we learn from the past, we can make better decisions going forward. It doesn’t have to be about the mistakes you made, but about the ones your contemporaries have overcome. So many people have started businesses in major financial crises, and this is just one example of how decision-making under duress can achieve so much.