Top 10 Tips to Make Better Business Decisions

“ You can’t make decisions based on fear and the possibility of what might happen.” — michelle obama Want my top 10 tips to make better decisions in business? We all want to make wise decisions for our business, but it can cause a lot of anxiety. You may stress out wondering if this is the best thing or if something else might work better. You may doubt yourself and lose confidence, which then leads to a half-hearted effort to move forward with your decision — and your business suffers in the process. Surely, there must be a better way to make decisions for your business. Right? Follow these tips to make smart business decisions that you can feel good about: Learn more about your own business. Without knowing every aspect of your business, you could be unaware of important information that could make a difference. Make a point of speaking to stakeholders like suppliers, your customers and employees (if you have them) to find out important information. Sometimes your stakeholders will have valuable information about external events that can affect your business. Always remember to do research on what you hear. You don’t want to act on rumour or gossip. If your intuition says it doesn’t feel true or right — listen! Avoid relying solely on business reports. Yes, keep a close eye on the finances, your marketing analytics and your business plan. But it is also important to tune into your intuition. What is going on that isn’t evident on paper? Your business reports are only a part of a larger picture. Information gathering must be an exercise that incorporates numerous sources, not just your reports. Focus on your goals. Consider both your short and long-term goals. Sometimes, what feels good in the short-term could have a negative long-term impact, and vice versa. For example, in a financial crunch, you may let employees go that are critical for the success of your company. We have all seen this time and again as the go to strategy for companies when they are in financial trouble. If your level of service suffers too much, you may lose enough customers to be able to recover. Short term: helps your bottom line. Long-term: the company may fail. Another example: Should you get a business coach? A business coach is probably one of the bigger investments you will make in business, but if you choose wisely the dividends are endless. The knowledge and wisdom you can access, the fast progress you can make, the shift in attitude and direction can prove beyond invaluable. When things start to go wrong in your business don’t discount getting a business coach to get you back on track and making more money with less stress than ever before. So, it’s important to keep your long-term goals in mind as well as what can help you in the immediate future. “ So. Tell me. What do you think? Which is better? To take action and perhaps make a fatal mistake — or to take no action and die slowly anyway?” — Ahdaf Soueif Understand what your challenges really are. It’s tough to resolve challenges when you don’t clarify the issue. For example, perhaps profits are down, but what’s the real cause? Is it because your widget costs too much, so few are buying? Or is it because there’s a design flaw that causes it not to work? Fewer sales could be from poor marketing, poor customer retention, increased competition or just poor salesmen. Research issues to get a true understanding of the root cause, not the result. Clarifying the real issue will help you make a smart decision. Avoid allowing your emotions to make your decision. It’s important to remain calm and level-headed. If you feel very emotional, walk away temporarily and make the decision when you can respond wisely instead of just reacting based on how you feel at the moment. Have you ever heard someone say “I don’t have a choice”? I hear it often and I gently remind the person that there is always a choice, you just don’t like the other options. The truth is that sometimes the option you are emotionally attached to could be the worst decision for your business. Whilst I encourage tapping into your intuition, that doesn’t mean giving way to fear, anger or excitement. It means listening to what is hiding underneath the emotion. Set a deadline to make a decision. In most cases, any decision is better than none at all. Gather pertinent information and then make your best decision based on those facts by your deadline. The most stressful part of decision making is to actually make the choice. Once a decision is made, you must simply take the necessary action. Consider your values. Your values and principles are important, so keep them in mind when making a decision. For each option, ask yourself if it supports your values. Will you be able to live with the consequences of choosing that option? Take advice from others. Even though you may be the boss, it’s important to consider other people’s viewpoints, especially if the decision will affect them. Your colleagues may offer a different option or insight that you may not have thought of. Your local business support group may also be of help in making your decision. Other members of the group may have faced the same situation before and could offer some sage advice. Relax. Sometimes a short 10-minute break is all you need to feel better and come at the issue with a fresh perspective. Have other options. You don’t have to only have a plan A when it comes to business decisions. It is always good to have a plan B, or even a plan C. If one plan doesn’t work out as well as you had hoped, having multiple plans will allow you to go right into a new one without delay. Learn from your mistakes. We all make mistakes. It’s just part of business. If you learn from these mistakes, you’ll be able to adapt wisely for the future. Look back at whatever decision you wish to analyse. What was the outcome? How would you change things if you had to make the same decision again? When it comes to decision making it can become difficult when you overthink things. Having many clients with ADHD (or suspected ADHD) overthinking and distraction can wreak havoc on progress, not to mention the mental pressure you can be under. Indecision can destroy your confidence. Try developing a process that incorporates my tips for decision making, perhaps a decision making checklist, so that you can work through each element of decision making and arrive at a conclusion. Put these tips into practice in your business and enjoy your newfound confidence in your smart business decisions. Love It? Pin This Article for Later.