August 13th, 2011
Don’t Fall Victim to Decision Intuition
Being an entrepreneur often requires you to make business decisions quickly and under pressure. Waiting too long to decide can lead to a lost opportunity; however, making quick, uninformed decisions can lead to business disaster. So how do you make an informed decision that promotes success? Although Business Analytics can be helpful, they aren’t always necessary. If you’re not comfortable with hiring an outside firm to help you solve your business problems, consider the following to effectively do so yourself:
Priority
Not every decision your company needs to make needs to be done at the drop of the hat. Sure, there will be times when you must make a split decision, but this will rarely occur. When issues arise that require your action, consider their priority. Don’t immediately rush into a decision on a deal that could wait another two weeks. Take that time to consider every option and perform the necessary research.
Information at Hand
A large percentage of business owners will admit to making large business decisions based off intuition. Could this parallel to a large percentage of businesses failing? You bet. Never make an uninformed decision. All business decisions should be well-researched, and always make sure that you obtain credible and trustworthy research. However, you don’t want to mull over information to the point of analysis paralysis.
Effects
For every reaction there is a reaction. Determine each of the possible effects of the decisions you are considering making, and carefully weigh each options. Could one potentially have a devastating outcome? Could another severely damage employee morale? Even if you may have to make an unpopular decision, you want to make sure that it is one that won’t cripple your business too severely. A setback on occasion can provide greater insight for better leaps forward. Several or severe setbacks can be fatal.
You won’t always make the perfect decision, but if you know how to handle yourself and your business you will hardly make the wrong decision. Running a business is all about being able to evolve and remain level-headed in fast-paced, and often cut-throat, environments. Most online businesses can survive an occasional poor decision, but numerous poor decisions can result in a tarnished online reputation that can keep your business down. Don’t lose your business and investment because of poor decision making. Give yourself adequate time and find the information necessary to come to adequate decisions, and you will increase the likelihood of your business’ success a ten fold.
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