As a small business owner, you make multiple decisions every day. From finances and strategy to staff, and operations, you’re expected to call all the shots. It can be stressful, especially when you need to decide at a moment’s notice. If you find it challenging to come to a conclusion, these six steps can serve as your guide to effective decision-making.
1. Gather the facts
Before you can begin, make sure you have all the information straight. This will help you to eliminate any existing biases you may have and keep your focus on the critical elements involved in your choice.
2. Consider all outcomes
Make a list of your possible solutions, then think about the consequences – both short and long-term – of each one. By considering all outcomes, you’ll be able to dismiss any solution where the cons outweigh the pros. You’ll also have backup solutions in case your top choice can’t be implemented.
3. Ask for other points of view
Never hesitate to ask for a second opinion. Reach out to a business mentor or discuss your options with someone who could be affected by the decision. They might offer you a new perspective and even shed light on potential outcomes you hadn’t considered.
Once you’ve made up your mind, run with it and put the plan into place. If you take too long to implement your decision, you could end up second-guessing yourself.
6. Learn from the decision
After you’ve implemented the solution, take a step back to evaluate. Recognize what worked and learn from anything that went wrong. This will help you make a more informed decision the next time you’re faced with a similar choice.