by Cameron Lee

How you bounce back will set you apart!

Important business decisions are made on a daily basis by all companies. Unfortunately everybody makes mistakes and no matter how many good decisions you have made in the past, one catastrophic decision can have a significant impact on your business. The way you bounce back from these mistakes and minimising the risk of making a poor decision is what can set your business apart from the competition.

The following tips are some strategies you can use to make better decisions:

Formulate your own method

Everybody makes a large number of decisions daily, be it big or small, work related or personal. Analyse some of your most successful business decisions and look at the process you employed making these decisions. By using the same decision making process constantly, it will become second nature. This enables you to focus your energy on unique and complex business decisions.

Focus

Another way to make better decisions is to make your bigger and more complex decisions in the morning or after say an exercise or gym session, when your mind is up and running. Make sure you tackle these bigger problems with a clear mind, which is more likely early in the day. Try and isolate yourself from any distractions or other stresses as these will only impact on your ability to make a good decision.

Fact or opinion

Another key to making good business decisions is to ensure that you don’t allow your emotion or opinion to shroud the facts. Make sure you can identify what elements are facts and look at the facts objectively to help make a rational decision. Consider the source of the information you have to back up your decision and determine the relevance and validity of this information as a result. Always good to jot down your decision on paper as this helps with reviewing your thought process say a day after, before you put things into action.

Weigh up your options

Make sure you have a clear grasp of all the alternatives available and weigh these options up against criteria. Some criteria to consider include: How will the decision benefit me? Do the risks outweigh the rewards? Does the decision go against my values? Would I regret making this decision?

By considering these criteria, it will help you to get a clearer understanding of how the consequences of this decision might affect you or your business.

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