What are the most effective ways to manage the impact of economic factors on your decision making?
As an executive manager, you have to make strategic decisions that affect the performance and direction of your organization. However, you also have to consider the impact of external economic factors that are beyond your control, such as inflation, interest rates, exchange rates, consumer demand, market competition, and government policies. How can you manage these factors and make informed and effective decisions that align with your goals and vision? Here are some tips to help you.
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Understand economic conditions:Utilize PESTLE and SWOT analyses to examine political, economic, social, technological, legal, and environmental factors affecting your organization. This approach helps you identify opportunities and threats, enabling more informed decisions aligned with your goals.### *Set realistic objectives:Align your decision-making objectives with your organization's mission and ensure they are SMART: specific, measurable, achievable, relevant, and time-bound. This clarity helps define the scope of