Connect with us

Business

Streamlining Your Decision Making

If you’re a business founder, a CEO or in any position of authority within a company from the C Suite down to the leader of the smallest team, the main skill you exercise is decision making. It’s the ultimate transferable skill, and it’s the thing that all managers have in common whether they’re just starting out or running multinational companies.

A good decision making process is the hallmark of success in the world business, and the best decision making is streamlined: clear, quick and decisive, avoiding getting bogged in over analysis and losing opportunities, without losing a consideration from the risks and the avoidance of bad outcomes.

The key is injecting a stream of data into your decision making wherever possible. ‘Going with your gut’ might work for you if you’ve got lots of experience to work with, but it’s going to let you down in the end, and potentially disastrously. And of course, if you don’t have experience to fuel your intuitive leaps, you’re simply cruising overconfidently into situations that are beyond you.

Gathering data from observing your customers habits instore and online, brand tracker surveys to measure how your brand responds to the decisions, and measuring your teams performance internally gives the insight you need to streamline your decision making process and move quickly without sacrificing accuracy.

Step One

Identify the problem, or if not problem then issue. Maybe you’re facing a budget overrun, a shortfall in revenue, or have a product launch coming up and want to maximise your gains from it. Whatever issue you’re planning a response to, it helps to have a clear statement of the problem.

Knowing you’re not taking as much money as this time last year is a start, but you need to define the issue even more clearly. Are you being undercut by competitors?  Have the overall economic conditions changed?

Step Two

Predict. This is where your data comes in. Use your data to model how your solutions will work – will pushing throw a product help or, based on how much you know your teams can do, will it leave everyone overstretched and open up weaknesses elsewhere. If you plan a sale, how have other sales at this time of year performed? If they’ve not delivered a bump to profits when times are good, can you rely on them to do so in bad times?

Step Three

Measure results. Don’t just decide on your solution and implement it. Make sure you have predictors in place to show success and failure and a plan to measure it and see how it’s performing. If your solution isn’t showing the results you need, go back to the drawing board.

Learning these phases and using data gathering to move through them quickly is the key to a fast and successful decision making process.

Continue Reading

Recent Posts

Travel1 month ago

Best Places To Visit In The North Of England

If you live in England, you will know there are many different places to visit for the weekend. There are...

General1 month ago

Green Home Improvement Ideas

In a world where environmental concerns are growing, the concept of “green” has gone beyond a trendy catchphrase and is...

Lifestyle2 months ago

How to Host an Unforgettable House-Warming!

The time has finally come. You have moved into your dream pad, and are officially adulting in your very own...

Autos2 months ago

A Guide to Parking Lot Striping

The journey to a well-striped parking lot begins with the right paint. In this brief guide, we’ll unravel the mystery...

Business4 months ago

Business Tips For Protecting Your Finances During A Recession

In 2023, taking the necessary steps to protect your finances for your business is now more important than ever. The...

Lifestyle5 months ago

Tips For Cleaning Your Trainers

If you’re into your trainers and streetwear, you’re likely to be very conscious of keeping them looking their best! So,...

Marketing6 months ago

Branding Trends For Start-Ups in 2023

Branding is incredibly important as it impacts how your business reaches and connects with its target market. If you’re branding...

Business6 months ago

Avoiding the Wrong Kind of Growth

Growth is vital for any business – some models, like tech start-ups, are built around periods of dramatic, explosive growth...

Business6 months ago

How To Become A Property Developer

There are several reasons why an individual will want to become a property developer. One of the main reasons for...

Tech8 months ago

What Is The Difference Between Cyber Attacks and Cyber Threats?

If you own a business that uses the cloud to manage workloads, you have probably heard of the terms cyberattack...

Marketing8 months ago

3 Types of Marketing Every Small Construction Business Should Do

Construction is a very saturated sector, whether you’re a large or small construction company, so marketing should be at the...

Business9 months ago

How Relevant Life Insurance Plans Can Future-Proof Your Business

Last year, UK inflation reached the highest level that it had been for decades. The markets became unsteady and nervous...

Autos9 months ago

In a Car Accident? Here’s How to Find a Great Lawyer

If you’ve recently been in a car accident, you know that it can be an overwhelming experience. Not only do...

Education9 months ago

Considering Therapy? Here’s a Few Common Therapy Techniques Explained

If you’re considering therapy as a means to improve your mental health, you may be curious about the type of...

home repairs home repairs
Home Improvement9 months ago

Top 5 Home Repairs You Should Never DIY

DIY home repairs are all the rage these days. But before you jump on the bandwagon, there are some things...

Categories

Archives

Trending