Top 5 Ways To Make Better Business Decisions
Business, by nature, is cutthroat. All of us that have gotten into business are trying to get ahead of the curve, especially as technology has evolved. This has caused people to make snap decisions, with fear of missing out (FOMO) becoming a trend in the business world. Just because the market is moving fast doesn’t mean that you have to make a decision within nanoseconds, though. It’s important to take your time when making any business decision, and here are some ways to do just that.
Remember the Past
Philosopher George Santayana famously said that “Those who cannot learn from history are doomed to repeat it.” This is a good mindset for anything, but especially in business. When trying to make a decision, see how a similar decision made either by yourself or someone else has worked in the past. If it failed miserably, you might want to steer in the opposite direction. Though times may change, results can often be the same.
Word of Mouth
Any good decision making process should include a lot of research. There will be facts and figures at your disposal, but it’s also important to talk to the right people. Don’t be afraid to ask for advice from anyone and everyone that you can think of before finalizing your decision making process. This is especially true if you can speak with someone that has experience in a similar decision. If you are a manager, ask your employees how they would feel about changes that your decision could make.
Think Long Term
In the evolving world that we live in, many decision makers in business are thinking short term. Whether this be to appease shareholders or mortgage the future for their own current wellbeing, it seems that the long term goals are getting thrown out of the window. If you want to set yourself and your fellow employees up for success. When you have a plan in place that focuses on five years down the road, you’re much more likely to retain employees and be more consistent in your success. It’s not necessary to follow every trend, and the most successful businessmen think years ahead instead of weeks.
Execution and Education
Once you’ve come up with a business plan, looked at data, asked around and did the research, it’s time to put your plan into place. Make sure that everyone you’re working with is on the same page with the decision that was made beforehand. You don’t want to get yourself into a situation where you made a decision without first educating employees on the changes that are being made, or else you’re setting yourself up for a big setback right from the start. Educating before a decision will also build trust that is vital to retaining good employees.
Progress Tracking
Now that your decision has been made and is off and running, you don’t just want to ignore it and hope for the best. Every month or so, it’s important to keep an eye on how the decision has impacted your business. If things aren’t working, it’s okay to make adjustments to make your decision more efficient. It’s not an admittal of failure, but rather some fine tuning that will be beneficial. After all, you don’t just buy a car and expect to run forever without new tires or oil changes at some point, right?
