4 Qualities that Ensure Your Decisions are Smart
Running your own business, whether as a start-up entrepreneur or an established corporation, involves constantly making decisions to move your venture forward. These decisions will encompass every sector in your company — from operational efficiency and effective marketing down to your company culture — it’s safe to say that sharpening your decision-making skills is key to achieving long-term success.
Unfortunately, the recipe behind a good and wise decision is hard to pinpoint. Some choices can lead you to better opportunities; others generate value for your bottom line, while some will only push you two steps back in your progress. So what goes behind a smart decision?
- Goal-Oriented
The fundamental aspects that outline your options when making decisions should revolve around your business goals. This means your choices need to bring value to your goals, so you’ll first have to define your problem, potential challenges, and the opportunities waiting for you on the horizon when you decide on a new course of action.
- Well-Researched
Goal-oriented decisions should be supported by insightful sources of information that provide a clearer context for your options. It leaves you more room to expand your choices, allowing you to challenge your critical thinking capabilities and weigh options that lead you to the best possible solution for the given situation.
Research takes time, but it’s worth dedicating a few hours of your day to collect things that directly impact your decision-making processes, such as seeking professional advice, gathering opinions, and more.
- Calculated Risks
Now that you understand your goals and have enough researched data to support your choices, it’s time to narrow down your decision by calculating all its associated risks. Identifying the strengths, weaknesses, opportunities, and threats (SWOT) should shed light on your next best step, allowing you to make a systematic decision with little-to-no ambiguity and uncertainty.
- Acceptable Consequences
Whatever you decide will have a lasting impact on every aspect of your business — from employee morale, productivity, financial performance, reputation, marketing efforts, profitability, and more. Even the smartest decisions can have future repercussions in some form or another, so it’s up to you to decide whether the consequences are worth the reward it promises.
The Bottom Line: Calculating the Risks and Building a Strategy for Effective Decisions
Understanding the factors that guide you to better decisions is critical, especially as leaders and business owners; that’s why we’re here to provide some insight into the common pillars for smart decisions.
While going through a series of trials and errors can hone your decision-making skills, working with a business advisor can take the guesswork out of your process since they can offer strategic assistance, unbiased opinions, and deeper insights.
They can also help keep you accountable and ensure your decisions align with your goals, allowing you to maximize your progress as you kickstart your business off the ground.
Are You on the Hunt for the Best Business Advisor in Alberta to Up Your Career?
We strive to bolster your business growth with our multi-faceted business coaching services, so if you feel stuck in your venture, we can help move you forward in your industry. Contact us today at (587) 986-5543 for a free consultation!