7 effective ways to make better Business Decisions

In both our professional and personal life, we are constantly challenged with making the right decision.  Every entrepreneur desires to make better business decisions; here are a few tips that could help you make quality business decisions.

Tips to make better business decisions.

• Make decisions in the light of your values.

Each successful business has a set of values, that provides a framework for staff to make better business decisions. So, when making a decision, keep only those options on the table, that align with your company’s value sets. This narrows the options to those that can be considered. As an Entrepreneur/Business owner, in case, you have not yet defined the values for your organization, you might want to spend some time to flush them out.

“It’s not hard to make decisions once you know what your values are.”
– Roy Disney

• Seek expert advice

An “expert” here is the right person, a person with knowledge and experience. Business Coach in Delhi, Industry experts could be great options to explore. Expert Advice may be sought in person if you have the right connections. If not, research would be the next best thing to fall back on.

• Mind Mapping

Mind mapping is a visual technique to organize ideas and information. The product of mind mapping is called a mind map which is a diagram representing a central topic branching out to subtopics that elaborate the central subject, in this case, a decision to be made. This tool is used to generate, visualize and structure ideas and aids decision-making and problem-solving by providing the user with a base to see the big picture. Mind maps can help you visualize and document all connected information to a decision and will guide your analysis of the situation with clear documentation of pros, cons, risks, resources and outcomes.

• Ask “what if” a lot

If you have multiple paths to a solution, it is good to question each to fully understand its consequences and risks. By doing so, we consider all possible future occurrences and arrive at options that best fit our requirements. Therefore, Make Better Business Decisions.

• Listen to your intuition.

Once you have your options in front of you that are at par on all accounts, go with what feels right. Trust your gut.

• Beware of cognitive biases

Biases can be pretty dangerous: they cloud our judgment.
The two biases that affect your decision-making process the most are the self-serving bias and the confirmation bias.

1. Self-serving bias is the tendency to credit all good things that happen to us to our efforts and every bad thing happening to us to the outside world. This prevents us from learning from our past failures and hence cultivates the tendency to make the same mistake again.
2. Confirmation bias is the tendency to only look for and consider information that confirms our beliefs instead of exploring both sides of the situation.
   Just consciously paying attention to these biases can help you massively improve your ability to Make Better Business Decisions.

“When you make decisions, those decisions make you.” – make success possible

• Learn from your past decisions

Reflect upon past decisions:-
– Ones that went well – what made them good decisions
– Decisions that went bad – what step was missed that caused the decision to turn out to be a sour one?

Weave in that learning in your current cycle.