“Decision-making is like an anchor to the business. The ability to make Quality Business Decisions successfully holds the company together and determines whether it will float or sink.”
According to McKinsey’s Global survey, only 20% of the participants stated their companies excelled at decision-making. Additionally, the majority felt that the time spent making decisions was wasted due to inefficiency.
Making sound business choices is an essential component of every entrepreneur’s job and is fundamental to the success of a business.
Every decision addresses a problem. This problem-solving process lays the foundation for continual improvement.
Being nimble and understanding that power and liability are two sides of the same coin helps bring agility to decision-making, especially when one takes the associated responsibility.
Good state of mind = Good decision making
The need to act swiftly is the need of the hour, and this adds pressure to decision-making.
It’s imperative to understand that one is not always in the ideal emotional or psychological condition to make judgments. A snap decision in an unfavourable state of mind is unlikely to be well thought out and favourable.
When hungry, angry, lonely, tired or sick, it is better to avoid taking decisions. The choices you make when you have an unsettled mind versus a clear mind are comparable to how your reflection seems cloudy in boiling water but clear in still water.
A good decision-making process would be one that would rid your mind of any mental tics that could lead to confusion in your analysis, observations, conclusions, and judgments.
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