To be a rational business decider, you need to be very observant about everything around you. You need to take into consideration your competitions, your customers. How some government polices affect your business and so on and so forth.
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Making business decisions
- Thread starter Trexxxy
- Start date
Personally, my company's business decisions are always supposed to look out for my business growth first before any other things. It doesn't matter if I'm greedy or not, or emotionally influenced but as long as my decision favors my business, I'm absolutely satisfied.
Richmond funke abosede
Addicted member
Making decisions — both large and small — is critical to the success of a business. Decisions come from the need to solve a problem or the need for a potential opportunity. Gathering the right amount of information and input from key stakeholders is essential for making informed decisions. Following one of the few accepted processes to collect intel and objectively weigh the pros and cons of the data can help steer you away from making unsound decision
Exactly @Heatman, all companies at any point in their history will face many kinds of problems. The goal is success, which is what we all hope for. Therefore, knowing the problem and finding possible solutions such as the situation you presented, the appropriate decision is made to move forward, and reach the goal set.
One way or the other you will have to listen to advice from people especially if you are just starting but the thing is you have to analyse those ideas before taken them. Take advice from people that have been successful in the business you are into.
Starting a business is a major feat that comes with endless decisions. Many small business owners find themselves paralyzed in decision-making phases of their businesses, so it is important to employ various strategies to help you successfully make the right choice. Every entrepreneur will face a challenging decision at least one time in their career. There are several skills and traits you can develop, though, to become adept at accurately judging the situation and making wise decisions. If you already possess these decision-making skills, even better.
- Identify the end goal, and the need for the decision.
- Gather all the relevant information.
- Identify various viable alternatives. ...
- Compare all the evidence of all the alternatives, and list the pros and cons.
- Choose the decision.
- Execute the decision.
Making business decision is the act of making a choice among many others business, i.e making a decision on which kind of business you want to engage yourself in, and before chose you must consider the one that you can perform excellently most.
Hasan Raza
Mythical member
As a rational business decision maker, you need to become a keen observer about everything around you. You need to take into consideration your competitors, your customers. How some government polices affect your business. So always make wise decision.
There is always to any business problems if you are looking for it but some lazy business owners won't have time to look for how to solve the problem or get capable hands to help them fix the problem but be busy blaming one staff or another till the whole business comes down crashing.
ronaldlorenzo01
DONT LOOK AT ME WHEN YOU CANNOT LOOK TO YOURSELF!
The decision-making process involves identifying a goal, getting the relevant and necessary information, and weighing the alternatives in order to make a decision. The concept sounds simple, yet many people overlook some of the critical stages and risks that occur when making decisions. Wherever possible, it’s important to make the best decisions under the circumstances.
It’s not what goes into these “bad decisions” it’s what’s not there. The majority of new business owners have never run their own companies before they launched their first one. And, although they may be expert technicians and understand the ins and outs of doing the work they have no experience putting the the whole puzzle together.
Shahzad Ahmad
Loyal member
To be honest, I cannot understand your message that how do you want to know really, but if we talk to business decision that would be very important. You should make decision according to experience or on the base of total information and your own ability as well as financial situation.
For some, this works sometimes. But i think most of the time it doesn't. I'm sorry if I don't agree with your statement. For me, opinions and suggestions that come from others are important, but I did say that everything can help for the good of those who seek advice. Just because you ask for an opinion is not what you will follow and that is what will be followed, it only serves as a guide and when you have a realization of things you have not yet decided. By that, your decision making will be stable.
When making business decisions, you need to observe the situation of ongoing business activities like sales, profits and more, you can always ask your employees' opinion but note that the opinions are subject to corrections and criticism. You can as well take advice from experienced business people as well, these will enable you make necessary conclusions.
It is not really easy to make business decisions as your decision can make or break your business. When you are making a decision you shout see what consequences can occur. You might want to make a profit, but you need to be prepared for a loss. Therefore, when you are making business decisions you will have to consult with a lot of people.
Yes you r absolutely right we should first complete knowledge of what we have to start and either we have skills also to manage ourselves with our business and get big deals with good quality time so would be get profit as we desired.
Taimoor Jutt
Mythical member
A great article with nice advices. Yes if someone gives you suggestion it means he have experience, and he already faced this type of situation, pretending over smart will make you loser, respect others opinion about anything. If they are our seniors they might have passed through thick and thin.
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