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The Importance Of Making Good Business Decisions
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Our lives are made up of thousands of decisions. According to a study completed by researchers at Cornell University in the United States, an average individual makes 226 decisions per day, and this research only involves decision-making related to our food choices!
We can therefore imagine the number of decisions that each one of us makes every day!
In today’s business world, there is a colossal need for good decision makers. According to a study completed by Ohio State University, about 50% of all business decisions end in failure. OSU researchers found that most failed business decisions were due to the following three factors: “Managers rush to judgment, misuse their resources, and repeatedly use failure-prone tactics to make decisions.”
An effective decision-making process allows business leaders to map out the potential results of their decisions in order to establish what is the best course of action for the team and if the decision will lead to the achievement of specific goals and company objectives.
However, most decisions are unfortunately made without the conscious use of a specific process. Instead, in most cases, managers are simply putting out fires rather than making effective decisions for the future of the team.
Whenever we make a decision, we can never be one-hundred percent sure of the results we will obtain. All we can do is follow a good decision-making process and make as informed a decision as possible. Doing this might not lead to achieving all our predetermined goals, but it will ensure that we learn to make progressively better business decisions.
Making better business decisions will have a direct positive impact on the team and on the bottom line. Here are some commonly observed effects of better decision-making at work:
Hence, having a good decision-making process will not only benefit one particular decision. Adopting an effective decision-making process will have a positive effect on the team as a whole.
Despite the value for leaders to have effective decision-making skills, most companies do not provide their managers with the tools necessary to make informed choices and very few are properly trained to make important decisions.
How much training have you had on decision-making?
Whether you already are in a managerial position or if you aspire to become a leader in your organization, everyone will benefit from learning how to make better decisions using Farès Chmait’s steps to becoming a better and more confident decision maker. Order The Power of Decision to learn how to make effective business decisions every time, even in the most difficult situations.
