Some of the decisions we make for our business are fundamental to our success. We must regularly decide on issues that shape the future of our companies, from hiring the right people, to choosing a marketing strategy to determining pricing. It’s safe to say that sound decision-making skills are critical to our success. Here are four tips to help you make better decisions.
- Give yourself time. Occasionally, you will need to make a decision very quickly. However, in most cases, you have a little time to think about something before you decide. Take the time to mull over important decisions, outlining the best and worst case scenarios, whenever possible. Don’t make the mistake of putting decisions off and forcing yourself into having to make a snap decision because of procrastination.
- Consult trusted partners and friends. When you are having trouble making a decision, ask for help. Sometimes just the act of discussing an issue out loud will help you gain a new perspective on the issue. In addition, friends can often give you insight you might not have considered. Different people will be suited for different types of decisions. Consider your friends’ areas of expertise when choosing who to consult.
- It pays to have all the information you can get your hands on before you make a decision. When it comes to hiring, this might mean checking references. When it comes to pricing your product, be sure to compare your products to those of your competitor. Solid research helps you to have facts to back up your decision.
- Trust your instincts. In business, you sometimes have to take risks. This can mean making a decision that you can’t justify through research or statistics. In these cases, go with your gut. You’ve been in business long enough to know when something feels right, or doesn’t.
Taking the time to think through the issues before making decisions helps increase the chances that you’ll make the best choices for your business. You won’t always have the luxury of going through all these decision-making steps before needing to come to a final conclusion. When you can think an issue through thoroughly, you’ll find you not only make better decisions, you feel better about all the decisions you make.