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:

  1. Resource Constraints: Limitations in leveraging personnel and tools for information gathering.
  2. 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.

  1. 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.