Making company decisions can sometimes feel like a chess game, but it doesn't have to be that way. Making the best decisions is an impossible guessing game. There are plenty of moving parts and individuals that have to process the outcomes of the decisions. This article will provide a guide on how to make the best possible company decisions.
Helping your Company Make the Best Decisions
Sometimes the reason we as business owners make certain decisions is because the problem is seen as something that it is not. Our first tip in making the best decisions that you can make is to look at the problem differently, to re-frame it and instead call it an "opportunity". The reason why so many people fail in the stock market is because they make decisions based on fear and feelings, instead of logic and reason. It is no different when running a company, you have to use your intuitive skills but look at the hard evidence first. Or else you'll be beat in every single endeavor that requires self control.
When faced with certain decisions, it is always a good idea to go against what most people would think to do. For example, when the market is cutting back on advertising, it would be smart for a company to double down on its efforts. Though one might be making the right decision, it is always best to seek the council of people from outside whom you can trust and are credible. Sometimes we are too ingrained in the day-to-day events of a company that we have no time to look at it from an outsider's perspective.
Don't let fear stop you
One thing that we have seen stopping entrepreneurs from making the right choices is their fear of making the same mistakes that they made in the past. In order for a clearer vision in the future, it is imperative to let go of the past. Lastly, be honest with what has happened and what you know is currently happening, determining the best actionable steps. You cannot have blurred vision at all and everything you do must make that vision clearer.
Another eye-opening thing we've found is that companies tend to make better decisions when every individual involved in the decision-making process is able to make decisions that affect the whole. It used to be that only the CEO of the company would be able to make decisions. This caused a bottle neck effect when many decisions of influence to make, and everyone just had to wait. Productivity increases because someone working in the details can see them better than someone that is only looking at the whole.
So our tip is to allow the people in your organization to have power to make decisions. You're already giving them tasks to do, allow them full autonomy to decide the best course of action for the day. This is sort of like supply chain management where the steps become autonomous by every member involved being able to make a decision quickly.
Lastly, by using cloud-based computing systems, CEOs and decision-makers have access to everything that is happening in the company. Because the cloud updates immediately, we live in a world where decision-makers have information at their fingertips in an instant. When we are able to use artificial intelligence without worrying about it destroying humanity, we will make even better company decisions. Artificial intelligence will know and connect ideas and information that we are not even close to comprehending. They will become either the best advisers or the worst thing to have ever happened.
Always remember to trust
Our last and final tip is to trust yourself. So many CEOs get caught up in the belief that something will go wrong, but that is already known. What you must do is believe that you are making the right decision. While understanding that looking back that was the only decision you could have made.
In conclusion, in this article we discussed the topic of how to make better company decisions. Once you make a decision, it is hard to change it and it can cause tremendous effects into unforeseen events. That's why it's important to understand game theory. Play out as many possible scenarios so that you can prepare for the bad ones and make choices towards the good ones.