At the time when you manage a business, you are constantly making decisions, often under pressure. So how can you improve your decision making, by knowing they will have an impact on your company’s future? Here are few decision making tips to simplify the process.
There are some of the strategies that you can use to avoid common pitfalls and hone your decision-making skills. Making faster and better decisions will help you to take advantage of business opportunities and avoid pitfalls.
Reframe the problem
Backing up is sometimes one of the best way to move forward. At the time when you are presented with a problem, step back, and think about its full context. Try to see the issue from as many perspectives as possible. That will help ensure you are not emphasizing one aspect and neglecting others.
Begin by trying to think of at least three different ways of looking at the problem.
Define Your Decision-Making Criteria
Once the image is clear, it is time to identify and prioritize all of the different factors that you and your team must take into account. Your decision-making criteria should be relevant and measurable to your strategy, team, scope, and culture of the problem you are trying to solve.
Typical decision-making criteria include factors such as financial, ability to implement, flexibility, quality, time, culture, scalability, competition, customer impact, alternative resolutions, people implications, and change readiness.
Related : 7 Excellent Decision Making Techniques
Once you have evaluated the viable options, the next step is to make your decisions. Yes, take some time to consider all options. But then don’t postpone your decision too long.
Remember, there is rarely a perfect answer for taking some of the complex decisions. You need to make with some of the best decisions with the information available and begin to move in the chosen direction.
Just make sure you have a process in place to track progress and adjust as needed.
Keep the End in Mind
At the time of making any decision, you should keep the end goal in mind, which is to satisfy the stakeholders. You should even evaluate the interests of the stakeholders at the time of when making any decisions. You may not be able to satisfy all the stakeholders, but it is essential to maximize the satisfaction of key stakeholders which includes the company and customer.
Let go of past mistakes
People have a tendency to make choices that justify past experiences, even when a previous decision has not worked out as well as they would have planned. We also tend to spend some of the time and money fixing past problems, when it would be more useful to acknowledge the mistake and move on.
By making a great business decisions means taking into account the evidence that is available at the time. Most of the time context changes and that decision is no longer valid. Just recognize that you made the best decision possible under the circumstances, and then review the situation to see whether a different decision is now called for.
In your organization, take time to recognize employees who make good decisions based on sound evidence. Don’t focus exclusively on outcomes, as that approach can help to encourage employees to perpetuate mistakes by continuing to try to fix them.
Closure – Decision Making Tips
The above tips can help the project managers to make effective decisions at any point in time. Make sure that before taking any of the business decision you analyze the expected costs and outcomes of the decision. Also, once a decision has been made, you should not consider it as set in stone. Be fully prepared to modify the plan based on the changed circumstances.
(The images used in the post are extracted from unsplash)