Effective decision making is important for your business
Decision-making is a vital part of any business and a key function of its success. SME Directors and owners are largely responsible for the ultimate outcome of all their decisions, unlike CEOs and managers of large companies. Decisions made in a smaller company, particularly regarding staff, will have a higher impact on the business than those made in a large company.
Strategic decisions such as an increase or decrease in the size of the company’s workforce can be critical to its success. For example, a good employee will not only increase productivity in your business but can also be good for staff morale.
Your staff will notice whether you make tentative decisions. If the management of a company is decisive about making key decisions, employees will respect that. Customers and suppliers also notice how decisions are made in a company and this can affect its business success.
Any decision made in a company is important, no matter how small it may be. When you are making a big decision in your company, be sure to have the right people involved so that you achieve the desired outcome without huge costs. As you manage your business, you will be faced with important decisions that may impact on the future of your company. For example, a decision on whether to expand an area of your business requires research and consideration so it can take more time to reach a conclusion.
Some decisions in your business can be made fairly quickly. Ensure that your team is responsive to making effective business decisions. That way, you can avoid any unwanted consequences to your business. This helps to ensure that your business operations continue in the right direction.
Making effective decisions at all times is important for the successful operation of any business. Here are some tips to help you make the right decisions for your company:
1. Clarify whether the decision that needs to be made is your decision or someone else’s. Be clear about the deadline of the decision and whether the ‘decision’ is important for the company.
2. If the decision is more complex, brainstorm and write down as many alternatives as you can think of. Use your resources to find out more about the implications of your options. Buy in external expertise to get involved and help you make the right decision. This can be a cost effective choice for your business.
3. Carefully consider the outcome of each of your options. Do you feel more satisfied with one potential outcome than with another? Eliminate those options that are not likely to occur.
4. Once you have made your decision, execute and implement it. You don’t need to spend time second-guessing it.
Decisions affect your business operations, strategy and performance every day so it is vital that you make the right ones for your company. Your business success will depend on the execution and implementation of those decisions.
We can help with your business strategy, operations and performance and help you make the right decisions for your company. Talk to us. Get in touch today to find out how Ascend Twentyone can help your business.