On a normal day any entrepreneur, takes hundreds of decisions that affect the company either negatively or positively, some of which may seem normal and some of them need some study and planning, and some of them are critical and need to be taken as soon as possible. What makes effective decision-making skills vital for any entrepreneur or business owner.

The impact of these decisions extends to customers, employees, products, and even investment opportunities. Developing a skill such as effective decision-making requires a lot of learning, and experience, as well as the use of intuition.

Many factors affect an individual's decisions, including.. the individual's emotional state, risks, stimuli, appointments, pressures, and a dozen other factors. The more the individual can reduce illogical factors and relies on logic, the wiser the decision.

What does an effective business decision require?

Whether the decision-makers realize this or not, decision-making requires consideration of many factors, but the only thing that everyone may agree on is that the skill of wise and effective decision-making comes with practice, training, and years of experience. But to speed up that process a bit, you need to know the basic steps that you need to take every time you want to make a vital decision.

  • Know the problem
  • Analyze the available solutions
  • Evaluate the possibilities that will bring you closer to achieving your goal
  • Make up your mind

This strategy needs a lot of training and time to implement automatically. It should be noted that people always see the results of the decision but do not realize the details behind it. A successful leader may make dozens of effective decisions and people admire them, but they do not realize that this person has gone through hundreds of decisions. And the mistakes that made this person the owner of wise decisions.

Our advice to you is to start practicing this strategy little by little and monitor its results. Sometimes you will not find enough information to make a good decision or with expected results, then you must trust your intuition. One of the things that will help you make an effective decision is realizing that you don't need all the information about a topic to make a decision about it. In fact, many times you will find that whatever you do, you will not collect all the information on a topic.

Many leaders do the following when making a decision, rely on their intuition and make the decision, then collect facts and information that support or oppose their decision. Some of them use what is called a decision matrix. It is a table (as shown in the picture) that compares the available solutions and gives each one a score according to a criterion, and the factor that gets the highest score is the most appropriate solution.

Make decision

Roosevelt said that at any given moment the best thing you can do is do right, the next best thing is wrong, and the worst thing you can do is do nothing.

When the moment of making a decision comes the best solution may not seem obvious, even with logical reasoning or using the decision matrix, then all you can do is take a deep breath and make the decision with courage. Yes, you are the one who will bear its consequences, and therefore you are the leader and the most suitable person for your position.

It is always important to keep your eyes on the ultimate goal and the problem you want to solve. When you are faced with many solutions and options, all you need is the fastest solution that will accomplish the task. You will also benefit from knowing your most important strengths and weaknesses in avoiding problems.

Review the decision

While a decision seems to fall into one of two categories, good or bad, there are plenty of decisions that don't fall into either. The gray area of ​​the type of decision may seem more impactful. A bad decision today may turn out to be the best in a month. A good decision this month may be the worst. during the year.

Decision makers must recognize the differences between these types of decisions and not classify the decision as a good or bad decision. Therefore, the reading review process comes as an important stage for evaluating the decision-making process and taking the appropriate action if the decision does not result in the desired results. With the application of lessons learned from previous decisions, you will then be an effective decision-maker, and you will have more confidence in making the following decisions.

Tell us, do you make your decisions in haste, or do you follow a certain method to make effective decisions... Waiting for your opinion!