HOW TO MAKE GREAT BUSINESS DECISIONS

HOW TO MAKE GREAT BUSINESS DECISIONS

By Michael Dennis

I recently read a post suggesting that this:? The key to making a great decision involves making a decision… and, if it doesn’t work out, make an adjustment. I disagree.

Making a great decision is challenging.? Greatness is subjective. However, here are some steps that can guide you toward making well-informed decisions:

  • Define Your Goal:? Clearly articulate the objective you want to achieve. Understanding your goal provides a framework for decision-making.
  • Gather Relevant Information:? Collect and analyze relevant data and information related to the decision. Consider various sources to ensure a comprehensive understanding.
  • Identify the Alternatives:? Generate a list of potential options or solutions.
  • Evaluate the Pros and Cons:? Assess the advantages and disadvantages of each alternative. Consider potential risks, benefits, and the impact of each option on your goal.
  • Consider the Long-Term Consequences:? Look beyond immediate outcomes and evaluate the long-term consequences of each decision.
  • Seek Input from Others:? Consult with trusted colleagues, mentors, or friends. Getting different perspectives can provide valuable insights and assumptions.
  • Prioritize Core Values:? Align your decision with your or your employer’s core values and principles.
  • Test on a Small Scale:? If applicable, consider testing your decision on a smaller scale or through a pilot project.
  • Take Your Time:? Avoid rushing the decision-making process. Give yourself sufficient time to deliberate.
  • Focus on Continuous Improvement in Decision Making:? Embrace continuous improvement. Learn from each decision, whether it turns out as expected or not, and use that knowledge in future choices.
  • Reflect on Your Own Past Experiences:? Consider lessons from past decisions. Reflecting on your experiences can provide valuable insights into what has worked well and what hasn't.
  • Accept Imperfection as Being Inevitable:? Strive for excellence, but accept that decisions may not always have the desired outcomes.

Remember, decision-making is a skill that improves with practice and reflection. By following these steps, you can enhance your ability to make effective and well-considered decisions.

Yugen Mohan

Sr Internal Auditor (CFE)

1 年

"Making a great decision is challenging. Greatness is subjective." This quote hit me because... Understanding this is key to decision-making, as it reminds us to consider personal values and what the organization needs/wants From your experience, what do you think makes a decision truly "great"?

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