Sharpen your decision-making skills
As a business owner, I am the main decision-maker.
It’s crucial that my decision-making skills are sharpened over the years.
According to research by Gopaul and Rampersad (2020)1, there are two primary modes of decision-making:
- Rational Decision-Making: This method involves a structured approach that includes intelligence gathering, environmental analysis, and responding to environmental conditions.
- Intuitive Decision-Making: This approach relies on experience, casual information sources, and intuition.
Their study highlights typical challenges small business owners face, such as:
- Resource Constraints: Limitations in leveraging personnel and tools for information gathering.
- Inadequate Business Skills: A lack of expertise necessary for analyzing information effectively.
Enhancing our decision-making skills can significantly impact our business success.
Here are three tips:
- Capture Data: Implement an effective workflow that is simple yet efficient. This is my workflow.
- Analyze Information: Employ strategic thinking to dissect information into key elements and explore relationships among them. This can enhance your understanding and facilitate better decisions.
- Synthesize Options: Combine different ideas to forge new, innovative options for your business.
By focusing on these areas, we can develop a more robust decision-making framework that supports the growth and sustainability of our business.
- Gopaul, R. and Rampersad, R. (2020). An assessment of strategic decision-making processes among small and micro enterprises in South Africa. Acta Commercii 20(1), a819.