Make Better Business Decisions
19th Feb , 2019
From directors in the board room to business owners, executives, management and employees, and in all our everyday lives, it is critical to make informed and well-made decisions. In a business environment, the decision makers need to be forward thinking and consider where the company needs to go in the future so successful business growth strategies can be devised.
To navigate to a successful future, you need to consider all the elements impacting your business and formulate a business strategy. In this process, you can benefit from fresh eyes and a critical approach from a supportive business coach or mentor from International Business Mentors, who can act as your own valuable and confidential resource.
As Isaac Asimov said: “It is change, continual change, inevitable change, that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.” This is particularly true given the speed of change in society today.
When having to make important business or strategic decisions, you must keep the big business strategic picture in mind. To succeed, you must ensure that an integral and critical part of your business strategy is to implement the principles of building trust and integrity, with consideration towards customers, employees and the environment. Why? Because it endears trust, it’s good practice and it’s the right thing to do.
As Justin Trudeau said: “Openness, respect, integrity – these are the principles that need to underpin pretty much every decision that you make.”
How an Unbiased Eye Can Help with Decision Making
Your business decision making must be aligned with your business’ vision and strategy, and if it is not then you will be in trouble long term. Important decisions are usually stressful, and short-term pressures can often cloud judgement and lead to decisions that are not in line with your strategy. To counter this tendency, a confidential, trusted and experienced business coaching professional from International Business Mentors can help by casting a critical unbiased eye over situations or decisions, giving you confidential support and sharing their knowledge and experience of similar decisions or situations.
Sophocles said: “Quick decisions are unsafe decisions.”
Creating and adopting the right corporate culture that ensures the health of the business, as well as the broader society, needs good decision making. Good decisions can enhance the business’s competitive advantage and performance. Some of the areas in which an experienced business coach or mentor could facilitate this may be, for example:
- Commence with a clear vision devoid of interference
- Ensure materials that are used as reference are correct, relevant, and of trusted sources
- Get contribution/input from relevant, ethical people who understand the business and its vision
- Consider contrary views and alternatives
- Be mindful of risks
- Evaluate the decision making process
Improving the Business Making Process
An independent business coaching professional from International Business Mentors can help you with your business decision making process and identify any blind spots or inherent bias that presents itself in many decision making processes. The decision making process should be as follows:
- Identify the decision(s) needed
- Gather information
- Identify alternatives
- Weigh the evidence
- Get a second opinion (potentially from your business coach or mentor)
- Does the decision support the vision, culture and business growth strategies of the business?
- Choose among alternative
- Make a plan and take action
- Review of your decision(s) and implementation
Challenges to Decision Making
There are many common challenges in the decision making process, but the common ones are:
- Having too much or not enough information
- Misidentifying the problem
- Overconfidence in the outcome
In a collective decision making environment, such as a board, a wide range of views can be given proper consideration to improve decision making and potentially reduce risk. In a more closed environment, such as a sole business owner, there can be a lack of debate of issues or decisions that need to be made, and this lack of debate and breadth of experience increases the risk that critical aspects have been missed. In these circumstances, the support of a constructive and confidential business coach can be critical. A well-matched business mentor or coach can assist and guide your good decision making by facilitating the process.
Decisions need to be made – and preferably well made. Whilst it’s important to learn from mistakes, you can reduce the risks of making bad decisions with the help of a business coaching professional who understands you and your business.
Tony Robbins said: “Remember, a real decision is measured by the fact that you’ve taken new action. If there’s no action, you haven’t truly decided.”
Making Decisions with Integrity
Another aspect of the decision-making process is to always maintain the importance of integrity, as a business will only stay in business if it maintains trust with its customers, suppliers and staff.
Richard Branson said: “All you have in business is your reputation – so it’s very important that you keep your word.”
There will, of course, be many variations on any decision making process depending on the size and type of the business, but most aspects of good decision making processes are relevant to all.
Experience is by far one of the best factors for successful decision making outcomes, which is why it’s useful to get help from a knowledgeable business coach or mentor who can help you make a significant difference by identifying and minimising risks.
A well-matched, experienced and confidential business mentor or coach can be a valuable resource to help you better navigate your business decision making processes. Contact International Business Mentors to get a mentor or coach who can help you.