Taking Better Decisions For Your Business

Sep 5 • Business • 385 Views • Comments Off on Taking Better Decisions For Your Business

The beauty of running your own business is the ability to make your own decisions without having to answer to anyone. You alone can dictate the how, what and why of a given situation, and can lead your business to greatness through your confident decision making.
However, many small business owners and entrepreneurs are still shy of committing to decisions, no matter how well thought out they may be. Some choose not to make a decision at all, whilst others dither around making noises about waiting for events or needing to prioritise other things right now. However they frame it, it is really just a cop out and is guaranteed to result in loss of faith from their team.

When you need to make a decision but want reassurance you are going the right way, avoid fretting over it unduly. Instead take some advice from these top 5 tips to help yourself make smarter, more confident decisions.

  1. Perfect is just a dream – Sometimes it’s better to return 90% of a project a day ahead of schedule than it is to return a fully completed project 3 hours late. Stop waiting for everything to be perfect and run with what you have. Great leaders often leap before they look, but usually find a way to make it work before they hit the ground.
  2. Go it alone – It’s your business, and your neck on the line, so have the confidence to take charge and lead with authority. This doesn’t mean you can’t take feedback from the team around you, but instead of asking, “what shall I do?” ask them what their opinion is on a situation, which will keep you in control whilst still garnering a second opinion.
  3. Change the subject – Sometimes when you think about something too hard, you can’t see the wood for the trees. If you feel like you’ve hit a brick wall in your decision making process then change tack for a while. The insight you need could just come when you least expect it or when you are engrossed in another task, as you are giving your brain the space it needs to find the solutions in the archives of your memory.
  4. It’s not problem solving – Not every decision can be reached by problem solving and in depth investigation. There are certain things you can do to make your decision easier, for example when you are hiring a new team member, you can check their qualifications and aptitude at interview, but the final decision will often rely on your own gut feeling. Don’t fight it, go with it. It was your gut instincts that got you to where you are in the first place.
  5. Be prepared to make mistakes – However much you think things through, sometimes decisions will be wrong. Be grown up about it and admit your mistakes, as even wrong decisions can breed respect amongst your team as long as you are prepared to own up to it.

Paul Deken is writing for Globalserver a Business Development firm that can help you with your Cyprus Company Registration and provide you Tax consulting services

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