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Decision-Making as a Business Owner

Decision-making is not only a technique, but also a skill that business owners need to master in order to be successful. Whether big or small, you as an entrepreneur will face tons of situations that need to be resolved. Of course as the Empirelista in charge, you will have to make the final call. As simple as this may read, decision-making can be difficult when there are other factors involved such as relationships (professional and personal), feelings, money and much more.

We do not want you to feel the pressure of trying to get to the bottom of a situation and we definitely do not want to add to your stress. Instead, we would like for you to feel confidence and ease when coming up with a solution. As you continue to grow your brand, it is essential that you know common mistakes to avoid and effective strategies to implement.

Common Mistakes to Avoid

  • Not being open-minded
  • Not trusting your gut reactions
  • Relying on too many people who may not know or understand your situation completely
  • Not doing research or using outside resources similar to your own
  • Not giving yourself an early start to implement your strategy

Steps in Successful Decision-Making

  1. Write down the decision that needs to be made. Be sure to be as specific as possible about what the overall situation may be and what the final outcome needs to be in order to benefit yourself, your brand, and others.
  2. Brainstorm. Be creative and let the ideas flow for options to approach this decision. Do not limit yourself in this process. Reach out to others and utilize as many outside resources that you can get a hold on to expand your choosing.
  3. Reality Check. Consider and be realistic about each alternative that applies to your situation. If for some reason, you’re hesitant about a choice, scratch it off your list and move forward.
  4. Implement. You have finally gotten down to your last approach. Do not second-guess at this point! Move ahead and know that you placed your best foot forward.
  5. Delegate. Now that a decision has been made, be sure to evenly spread out the tasks among your employees. In addition, be organized in your approach so that it is understood what is expected from each individual.
  6. Evaluate. Study your approach and analyze each step. Remove and add-in new concepts that could help to improve your overall decision-making skills.

Most importantly, relax and give yourself a break. Do not be afraid to try again or take a step back to clarify the situation. At the end of the day, you will be able to come to a conclusion and with time, you will get better. Feel free to share any decision-making tips that you may have in the comments below!

Former contributor.

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