1. Define the Problem
The first step to take a decision beneficial for your business should be the nature of problem, whether it is urgent or whether you can take some time to take decision.
2. Understand urgency
If there is a urgency in business & you need to take quick decisions, you need to be able to take decisions quick to save your business.
3. Process Planning
You should plan all the steps well in advance with your team of how the process will carry out soi you don’t get any difficulties while implementation.
4. Take needful information
Get all the necessary information you need & after properly analyzing the information, you should take a decision to avoid any obstacles.
5. Contribute properly
Don’t just rely on your team, as a owner it is up to you to take important decisions to grow your business.
6. Make options and choose well
Always consider alternatives to see in which option you can benefit more.
Decision making styles
1. Autocratic style
Autocratic decision making involves the leader maintaining control of and responsibility for the decision.You don’t consult your team before making decisions.
2. Participatory style
Participatory Decision Making is a creative process to give ownership of decisions to the whole group, finding effective options that everyone can live with.
3. Consensus style
Consensus decision making is a creative and dynamic way of reaching agreement between all members of a group.
4. Democratic style
Democratic decision making is when a leader gives up authority over a decision and presents a series of options to the full group to vote on.
After considering all parameters, make a decision and then stick to that:
Resources and Techniques you can use to upgrade your decision making
1. Decision Matrix
2 Tree chart
3. Decision Tree
4. Pereto analysis
5. Cost benifit analysis
6. Conjoint Analysis
7. SWOT analysis
8. PEST (Political , Economical, Social, Technological) Analysis
: RACI Matrix
1. Responsible
Manager or team leader who is responsible for completion of a task
2. Accountable
The person who stands responsible for results that come from the process
3. Consulted
A person who has some creative insights is consulted
4. Informed
A client who is not directly involved but is kept you to date with the information of the status of the task.
Case Study: Henry Ford
Henry Ford, founder of the Ford Motor Company’s decision to double the wages of his workers enabled him to attract the talent he needed, and helped insure a class of worker who could afford the very products they were building. This decision made ford a successful motor company & today it is popular worldwide.
