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5 Tips for Making Smart Business Decisions


5 Tips for Making Smart Business DecisionsAre you looking for a crystal ball to tell you exactly how to make your business decisions? Well unfortunately, the patent is still pending on that one, but we can still help.

We have 5 tips to help set you up for success. If you’re looking to get some advice on how you can make the right business move, read further!

Be Informed, Know Your Business

People feel more confident making decisions when they have all the information they need. Part of knowing what will work for your company is doing research and having a solid foundation of knowledge.

Information that will help you inform your decision:

      • What are your competitors doing?

     • How does your decision play into your future strategy?

     • How realistic this change will impact business operations?

If you have yet to formalize your strategy or do competitive research, you should! Although, research takes a significant amount of time the results help provide your company with a clearer path of what to do in the future.

You also need to understand the structure of your business. Who will this decision impact? Will this be difficult or simple to implement? Other things to consider are the potential cost, challenges that could occur, and how helpful will this decision be.

  1. Think About What Will Generate Results

Will your decision create results or not? This is a difficult but important question to know the answer to. Having a long-term strategy plan will help you understand if this idea aligns with your strategy.

In addition, think about where your business is presently.  Will this decision aid your growth or be an added cost? What will your decision look like long-term? All of these questions are important to consider.

For example, if you’re thinking about implementing a new software, is dealing with the learning curve and drop in productivity worth the potential future productivity? Also, think about what other software you could use instead, is there another software that may be a better choice? Overall, think about if this decision will help you achieve your business goals.

Give Yourself Time

Take a deep breath and give yourself some time to make this decision. Now, depending on how important the decision is this may determine how much time you take to finalize your thoughts. If it’s urgent, of course, make your decision in a timely manner. However, this doesn’t mean that you shouldn’t take a 10 minute break or a short walk to clear your mind. Making a sound decision requires having the right headspace. Do what you need to in order to get in the right mindset to make the best decision you can.

  1. Get Other People’s Thoughts

Another great way to make a decision is by asking for advice. Talk to your advisors, mentors, and coworkers and ask them what they think would benefit the company. Try talking to the people this decision could impact the most and see what they think would be the most helpful. Getting other people’s perspectives on the matter can help provide you clarity.

Evaluate and Reflect

One of the most important things to realize is that once you’ve made a decision you’re job is not done. Now it’s time for you to evaluate. If you decided to implement something new, how well is it working? Should you have made that decision and how can you remedy your situation? By taking the time to reflect and figure out what the next best move is you’re going to help your business even more. At the end of the day, analyzing your decisions will help you make more of them in the future.

No one is born with the innate ability to make the perfect business moves. Making any business decision no matter how seasoned you are takes time and research. The better informed you are the easier your decisions will be. If you want to practice making a simple decision, talk to one of our Strategic Marketing Consultants.

Talk to Our Strategic Marketing Consultants to Help Your Business Today

 

By Nina Foo | September 27, 2017 |

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