4 Ways to Make Better Business Decisions
Tags: BPM   Accounting   ERP  
15/02/2012 6:11 PM

Every day of our lives, we're faced with decisions. Some are small, such as what to have for dinner, or what to wear to work. Others are huge, such as whether or not you're going to take that interstate job, or whether or not your current relationship should be taken to the next level. In the world of business, however, these decisions take on a different kind of importance. Every decision you make could potentially make you – or cost you – hundreds, thousands, even millions of dollars.

In this article, we'll take a look at four ways to make better decisions, from asking the hard questions to utilising business software.

First and foremost, it usually pays to take as much time with decisions as possible. While we're not always fortunate to have a great deal of time, there are other occasions when we do have that luxury but choose to make a rash decision anyway. Before putting a decision into action, sit back and consider the consequences. Ask yourself the hard questions. What are the potential pros and cons of your decision? What are the roadblocks that might stop your plan from working? What will customers, clients and other stakeholders think of your decision? Is there a better option that you haven't considered? Much of the time, you'll still be uncertain, but by taking the time to consider and refusing to rush, you'll give yourself a much higher chances of success.

As the saying goes, no man is an island. Human beings do not thrive when isolated from others, and this is often true in business. Before making a decision – particularly one you're uncertain about already -- run it by other people in the know. This could involve hiring consultants that are experts in their particular field and who can bring their experience to help you reach the right conclusions. It could even be as simple as asking employees or even friends and family what their opinions are. Take it all on board and use the information you receive to assist with your judgement. Remember, however, that in the end the decision is up to you, and you're the one that will be most affected by the consequences.

It's often said that if you remove yourself from a situation, you gain a whole new insight into what that situation involves. When it comes to making business decisions, this can often be the case. Sometimes you can get so caught up in your work and the associated stresses that it clouds your judgement. It's important to ensure you have a work-life balance. Make sure you have dedicated plenty of time to leisure and holidays, or even something as simple as enjoying a massage every now and then. Where necessary, delegate decisions to employees whom you trust and who have the appropriate knowledge and experience. By taking a step back, you'll be able to make better decisions of your own.

It's amazing just how far technology has come. These days, software applications exist that can help immeasurably when it comes to making business decisions. This software comes in the form of enterprise resource planning (ERP) software. ERP software helps create and manage a central database with all your organisation's information. It collates this data and generates reports and other business tools in order to allow you and other key decision makers to make choices based on the most accurate data.

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