Business has never been easy, especially for the indecisive. You will regularly face difficult decisions in the business world, and the way you handle them will be a major determining factor in your success. When the pressure starts to build and you don’t know what to do, stay calm. Remember these 5 tips for making difficult decisions in business, and you’ll be equipped to choose the right path every time.
- Take Your Time
The worst thing you can do when you’re faced with a tough decision is to rush into it. Take your time with big decisions, and make sure that you understand the consequences of your actions. Figuring out the right course of action when you have difficult choices to make takes time, so don’t let anyone rush you into a decision one way or another. Haste makes waste, as the saying goes, but good things come to those who give themselves time.
- Consider Your Customers
As a business owner, you need to consider your customers at all times. Without a reliable base of customers, your income would vanish and your business would wither and die. Think about how your decision will affect your customers. Many of the decisions you’ll face in business will be financial, and you’ll need to remember that your customers are facing many of the same financial hardships as you. The needs of your customers should be a major factor in all of your decision making. Never forget this.
- Analyze the Situation
Navigating the world of business is something like a game of chess. You have to carefully consider every move before acting. Think about the cost/benefit ratio of any decision as well as the risk opposed to the potential reward. Analyze the situation completely and you’ll more easily come to the most beneficial decision. There are many factors coming into play when you make difficult business decisions, so be sure to acknowledge all of them. The right decision last year might be wrong today, simply because of changes in the situation.
- Have a Backup Plan
No matter how long you think about your decisions, and no matter how certain you are that you’ve made the right choice, there is always the possibility of failure. That’s one of the most exciting things about business–you need to take risks in order to reap rewards. However, it is always good to have a backup plan in case your decision doesn’t work out. This reduces your potential risk and gives you a safety net. Having a backup plan is especially important for high risk decisions that could make or break your business. Always give yourself a way out.
- Don’t Ignore Intuition
One of the most unpredictable factors in business is the human condition. You will never be able to accurately predict the outcome of any situation with total certainty because people don’t always act rationally. Because of this, one of your most valuable assets is your intuition. When numbers and statistics fail you, you may get that feeling in your gut that pushes one way or another. Don’t ignore it. Following your intuition is one of the best things you can do when faced with a tough decision.