Deciding can many times be a big responsibility, especially if it affects the work team. Therefore, managers of companies must assess and reflect before deciding on this or that alternative, but what are the strategies and techniques that contribute most to making business decisions? We’ll tell you about it below.
The challenge of business decision-making
In addition to having negotiation skills, business vision, ability to motivate the team and great communication skills, as well as the ability to respond to challenges, leaders and managers of companies must also have the ability to make sound decisions responsibly and always thinking about the common good of the company.
In this process, not only the progress of the company is valued, but the opinions of the staff must be considered, the work environment and the managers’ own attitudes must be valued. That’s why decision-making is sometimes so complex.
Key strategies in business decision making
There are no magic formulas, but there are guides to help us make the best decisions:
Gather, value and contrast information
If a decision must be made, it is because there is a problem or several improvement alternatives on the table. That is why the first step is to value the information and data we have to align them with business objectives. Contrasting the information, observing what the competition is doing and giving it another point of view will help us to have greater certainty about what is best.
Analyze the alternatives
Business decision making means choosing: a new product, a change in the company, an improvement in internal communication. In other words, it means staying with an alternative and leaving aside, at least for the moment, the others. Studying the strengths and weaknesses of each will give us better judgment.
Maintain an overall expectation of the company
Managers cannot make good decision-making if they only consider a part of the company. And, although the alternatives only seem to have influence on a team, we must not leave aside the general perspective, as well as the short-term vision of the future.
Consider the work teams
While it is true that the responsibility for decisions lies with leaders or managers, it is also true that valuable information can be obtained from employees that helps business decision making. If we consult the different departments, we will have a much more accurate perspective of what really suits the company. After all, the human team is the best and most valuable resource of a company.
Assess what can go wrong
When you must choose between this or that alternative, the common thing is to focus on the benefits. But do not forget to assess the cons. What could go wrong, those aspects that may be beyond our control. The next step would be to design a plan B that helps minimize the risks.
Evaluate the results
The process of making business decisions ends with the strategies for the evaluation of the results obtained. Has it turned out as we had planned? How could it be improved? What should be considered for future decisions? This is very valuable information for managers.
And you? What is your strategy for business decision making?
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