Business Decision Making – Learn to Balance between Logic & Intuition
Some people are exceptionally good at decision making while some others are just the opposite. An ability to make right and prompt decisions is the rarest quality. Many of us strive hard to take the right decision and choose the best option when there are so many alternatives. If it is the case with you, then you must try to make a right balance between your reasoning and intuition to take the right business decision. Yes, business decision making is really tough and even a small error may ruin your prospect and profit as well.
At first, let us discuss strategic planning which solely relies on solid reasoning. Start from scratch. Ask yourself why do you need business decision making? Do you need it to start a new business or do you have an expansion plan that needs to be rolled out? What do you want to achieve in the next six months? It is important to decide your business goal; otherwise how can you expect to achieve it? Business decision making refers to framing a concrete plan to fulfill your business objectives. Decide what your business goals and write it down on a piece of paper. Before going to bed, glance over your writing, it will be a motivating factor for you. Believe me, it works! They say that the difference between the people that are the most successful in live in comparison to the average rest, is that they take the time to write down their business goals.
Time period is another crucial factor to take into consideration during business decision making. Business decisions for immediate focus greatly vary from business decisions for the long run. Even if you have long run planning, it will be the unwise of you not to attach importance to short-run business decision making. Also, the external factors at play at the time of making the decision will impact the business decision made. These factors could include: economic, competitive, technology, political and many others. So, start thinking over your immediate objectives and then decide your business plan accordingly.
Do you already have a proper business plan for any particular aspect of your business that needs business decision making? If it is so, then you will not need as much time to make the right decision. In case, business decision making is needed and you have not formulated any plan yet, then you will have to start with some research and analysis. Do not try to deal with every aspect at the same time. Prioritise all the aspects you need to consider and start with the most important. Make no haste, take your time for the best business decision making.
When you want to think of a perfect business plan, many ideas will invade your mind – some are stale ones while the others are quite refreshing! But take the time to explore all ideas, as you will only determine the best ones, once you have done some analysis and brainstormed the ideas. It is a wonderful formula to excel in business decision making. Make a list of the options that meet the preset criteria as it will help you narrow down your choices. Being overwhelmed by so many choices, you may feel puzzled and hardly be able to pick up the right one. However, an expert and experienced person may help you in reviewing business decision making.
Intuition is also instrumental in business decision making. It is based on no reasoning but greatly influenced by our experience. To get guidance from an expert on business decision making, visit Coolcorrect www.coolcorrect.com.
Author Bio:
Simmy Ahuja is an expert and with a keen interest in Business Decision Making. Visit his site to get more about Business Intelligence as well as Human Resources Management.
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