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Decision-Making Techniques to Keep You On Top

When you’re a business owner, decision making can be even more stressful than usual. If you want to be a superior leader, decision making is an essential skill. Knowing how to make timely, well-thought-out decisions can earn you and your team legitimate success. It doesn’t matter what type of decision you’re making, whether it’s who to hire as an addition to your team, or which financial strategy to adopt, the ability to make the right decision utilizing all the available information is crucial. There are tried and trusted techniques that you can use as you approach decision making, which will help you avoid making bad choices and give you confidence in your judgment.

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Establishing an Objective

From the outset, you need to establish the right environment for making a decision. For this to happen, you and your team must understand the issue at hand and agree on an objective. This will ensure that the appropriate concerns are being discussed and that the process will continue to move forward. You must initiate interpersonal considerations from the get-go. Don’t forget to keep the stakeholders keyed-in to what’s going on, and facilitate an honest and open discussion between all involved.

Generate Alternative Solutions

Another vital aspect of a sound decision process is to generate numerous realistic alternative solutions for consideration. Attempting to implement the first solution you come up with, is almost certain to preclude much better options. Take your time to brainstorm with your team and think up a number of ideas.

Weigh the Alternatives

Now that you have a list of alternative solutions; it’s important to consider each one carefully and assess the pros and cons of each possible outcome. This is usually the most time-consuming stage of the decision-making process. Three of the most important factors to consider are risk assessment, consequences of your decision, and the feasibility of implementing the decision.

Making the Decision

Here comes the part that is the most exciting and also the most stressful. At this point, you must be able to deal with these emotions objectively. Don’t rush to make a decision, even though you may have a deadline. Taking time to consider what will make your decision the right one, will increase your accuracy.

Assess your Decisions

When you are making your assessment, don’t forget that not every aspect of the decision process is objective. It should also make sense to you on instinctive and intuitive levels. If you assess your decision from all of these perspectives, you will be able to validate it more readily.

Implementing your Decision

You have now reached the final stage. Don’t try to force other’s acceptance. Communicate your choice clearly, and explain your reasons behind it. This is the best way to garner the support of your team.

Can you Be Decisive?
  1. Before making a decision, do you evaluate all the potential risks?
  2. Do you consider a variety of potential options before deciding?
  3. Do you take the time needed to make a decision?
  4. Do you often have doubts about your decisions?
  5. Have some of your decisions been more difficult to implement than you anticipated?

If you answered no to the first three questions and yes to questions 4 and 5, you need to reassess your decision-making techniques in order to avoid making a bad decision and to boost yours’ and your team’s confidence in your decision-making skills.

Think about developing a structured plan to help you implement your decision. Individuals respond to a clear plan with a positive attitude. Once your team knows exactly what to expect and what they need to do, they will understand and respect your decisions. Think ahead and take the time to figure out exactly what would make your choice the right one.

Decision-Making Mistakes

There several common mistakes people make when faced with making decisions. One of the biggest is that people either rush into making a decision without thinking it through carefully, or they procrastinate for so long, they lose sight of the objective. Another mistake is a failure to trust your gut instincts when trying to make a decision. When you tune into your intuition, you can make much better decisions in the long-run. Another pitfall to avoid is trying to make a decision without having enough information. If you’re faced with a big decision, and you’re feeling uncertain about what to do, it may benefit you to consult an expert for advice. Getting another party’s opinion can help you keep things in perspective.

There are many different tools and techniques you can use when faced with making a decision. Choose one that feels right for you and be prepared to be flexible and modify your decision-making techniques.