Improving your business decision making

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Are you evaluating all of your options before making decisions? Do you regret the decisions you have made because you didn’t take the time to identify alternatives? Decision making in small businesses is a very important component of success, and improving your decision making will lead to better results.

There are a lot of facets involved in decision making. Cost/benefit analysis, identification of options, soliciting input from others and doing your homework beforehand will lower your indecisiveness and regret of making bad decisions. Testing an idea before making a decision will also lower the risk of selecting the wrong path.

Whether you are making decisions on whom to hire, which suppliers to use, what financial institutions to utilize or what products and services to offer, having a process to follow is key to making good decisions. Evaluating the risks of different options, doing research and identifying a variety of solutions will help guide you to the best decision.

Being a good decision maker doesn’t mean you will always make the best decision. Good decision makers make well-informed decisions with the information and options available to them. They also learn from their mistakes and don’t rush to make a decision if it’s not required.

Think about what you want to accomplish, think about all the alternatives and the pros and cons of each, then make a decision and learn from it. Improving your decision making will help you achieve higher levels of success in your small business.