Most of the executives may follow their own decision making process. Moreover, there are various universal keys to which you should adhere. Five of the most essential are:
Understand the Problem
Important decisions almost always begin with large problems. Perhaps your company’s market share is dropping. Or you are running out of warehouse space. Or you need to market a new product. Whatever the issue, it is not enough to simply know the problem exists. You need to take the time to understand why it exists and what the consequences will be if the matter is unresolved. The only unique way you can make a good decision is, to begin with, a clear understanding of what is at stake.
Gather Plenty of Information
You might be having a good and in-depth knowledge of your company and industry, but there is always room to learn more. What steps would have others in your organization already taken to resolve the issue at hand? How your organization has handles similar problems in the past? How have other organizations handled similar problems? What solutions have proven effective? Which one has not? What are the costs which are being associated with potential solutions? What are the known risks? The better information, the better your executive decision-making ability will be.
Everyone in your organization might agree on the need to address a problem, but everyone might not agree on the ultimate goal of the solution. If you want your organization to be successful, then you need to make sure that everyone above you agrees on the ultimate goal before you put any plans into action. If you get to know that your goals are not aligned with those of your superiors, you will have to be flexible. While you should make sure to never promise to achieve a goal you believe is impossible, you should be willing to adjust your own goals in order to get everyone’s goals in alignment.
Get the Right People Involved
The decisions you will make is likely going to affect a lot of people in your organization. Before you make any final decisions, you should gather the leaders from all pertinent departments and listen to their input on the solutions you are considering. Now’s the perfect time to find out where complications might arise in the implementation of any specific decision.
Commit to Your Decisions
Nothing undermines a leader’s effectiveness like uncertainty. Once you have made your decision, pursue it forcefully. Your commitment to your decision will help you to build your staff’s confidence and motivate others to execute the tasks that need to be done. If you are uncertain of the wisdom of your decision, you should consider whether you are ready to make a decision. It is better to take your time before making a decision than to announce a decision and waver a day or two later.
If at any point of time, you think that you can do better, and you push everyone to reach higher, then you clearly are achievement-oriented. You like to set “stretch goals” and you even encourage continuous improvement. You also empower employees and give them autonomy, assuming they will do their personal and team-best. You constantly show huge confidence in the ability of individual employees and teams.
Decision Making Conclusion
By choosing all the above techniques for each situation, you can demonstrate adaptability and wisdom. Most of all, you will gain a reputation for competence with people at all levels of your organization.
With flexibility, willingness, and self-knowledge to delegate in appropriate situations, you will get the most from your team and rise to unforeseen heights!
Related : 7 Excellent Decision Making Techniques
(The images used in the post are extracted from canva)