How to Make Good Business Decisions

I think the following raises some excellent points about making good business decisions. I’ve included a few of the highlights for you to get the gist of the article: 

Is the decision likely to achieve the desired outcome?

Are the projected results from the decision likely to solve the issue? Is it likely to occur or is it just wishful thinking?

Say if you wanted to increase sales and are considering if introducing a new product line is the way to go. Have you conducted market research to see if this new product is likely to be in demand from your target audience, or are you simply presuming there’s a need for it? Although launching new products may seem like a great decision, do your research before to reduce the possibility of being left with boxes of unwanted stock.

Is the decision transparent?

Has the process of coming to the decision been transparent? Take a step back and ensure that self-interest hasn’t influenced your decision and instead the decision aligns with the overall business goals.

Depending on the scenario, it’s a good idea to involve other stakeholders in the decision-making process. You often become absorbed in your own thoughts and priorities so it’s not always a good thing to make decisions in isolation. Stakeholders may influence your decision in a positive way or at least offer alternatives to consider.

What do you think? Maybe you’d like to read on? Check out the full version here then give me a call to discuss how this might impact your own business: (0467) 749 378. Alternatively, email me at [email protected].

Thanks,

Robert