{"id":4020,"date":"2019-01-03T16:37:57","date_gmt":"2019-01-03T14:37:57","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=4020"},"modified":"2019-02-06T11:34:19","modified_gmt":"2019-02-06T09:34:19","slug":"how-to-perfect-decision-making-in-business-and-achieve-business-success","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/how-to-perfect-decision-making-in-business-and-achieve-business-success\/","title":{"rendered":"How to Perfect Decision Making in Business and Achieve Business Success"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">Show me one person who\u2019s never made a bad decision &#8211; I dare you. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you find that person, he\u2019s either dishonest, too young or avoids decision making like the plague. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Bad decisions happen. Fact. It\u2019s been estimated we make tens of thousands of decisions daily (in a <\/span><a href=\"https:\/\/www.ehstoday.com\/safety-leadership\/impact-subconscious-risk-based-decision-making\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">study by Daum<\/span><\/a><span style=\"font-weight: 400;\">, 2012), but when you\u2019re business and money are on the line, you simply cannot afford to screw up. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">At its core, decision making is a relatively simple process when approached logically. Everyone can make decisions, but not everyone knows how to go about business decision making in order to achieve <\/span><i><span style=\"font-weight: 400;\">success<\/span><\/i><span style=\"font-weight: 400;\">. This is something that comes with know-how and experience. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Here we\u2019ll show you how to perfect your business decision making process to make sure you make the right ones&#8230;after all, your company is only as good as the accumulation of your decisions. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">1. Learn what impacts your company for better decision making in business<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Before you get ahead of yourself, you\u2019ll need to explore the hard facts. Going with your gut can only take you so far, you need to base your business decision making on hard evidence. First, you\u2019ll need to collect all of the information regarding what physically impacts your business. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Evidence-based management (EBM), is exactly what it says on the tin. Management based on evidence. You may feel that your vast experience and judgment is on point, but past experiences don\u2019t necessarily apply to the situation at hand. So how can you incorporate data and evidence into your decision making process?<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Utilize performance data and KPIs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Challenge your gut! Use your gut to guide you, but cross-reference your feelings with the data to see they match up. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check that your data is up-to-date.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When management suggests a course of action, dig deep &#8211; discover what it\u2019s based on and if the evidence is in favor. <\/span><\/li>\n<\/ul>\n\n<h2><span style=\"font-weight: 400;\">2. Have specific goals<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">You can\u2019t select a new job if you don\u2019t know what job you want, nor would you select a restaurant to eat at if you don\u2019t know what food you fancy. This all boils down to one thing: it\u2019s impossible to make successful decisions if you don\u2019t have a specific end-goal in mind. <br \/><\/span><\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-4027 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/iStock-921578166-1-1024x683.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/iStock-921578166-1.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/iStock-921578166-1-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/iStock-921578166-1-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/iStock-921578166-1-405x270.jpg 405w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">And with the new year upon us, it\u2019s the perfect time to <\/span><a href=\"https:\/\/www.become.co\/blog\/top-ten-small-business-management-tips\/?s=goal&amp;s=goal\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">set your goals<\/span><\/a><span style=\"font-weight: 400;\"> and make detailed financial projections for your business. Once you have your goals, you\u2019ll be able to make better decisions from everything from your marketing budget to whether or not your need business financing (use this <\/span><strong><a href=\"https:\/\/www.become.co\/blog\/guide-comprehensive-guide-to-financing-a-business\/\" target=\"_blank\" rel=\"noopener\">guide to business financing<\/a><\/strong><span style=\"font-weight: 400;\"> for more info). <\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">3. You\u2019re not alone &#8211; use your team<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">If you\u2019ve done a good job of putting together a strong management force, then you\u2019re already halfway there. Now you just need to learn to successfully utilize them. Management needs to be aligned with your vision for the company and what is to be expected of them. As soon as everyone\u2019s on the same page, the business decision making process will become far easier. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">If you were willing to hire someone onto your team, more importantly, someone in management, then you should also be willing to listen and take on board his or her opinion &#8211; even if said opinion disagrees with yours. In fact, I would be very worried if I had a manager who blindly agreed with everything and anything you said. You want your management members to provide another voice, another view, and help you think in a different way. CEO does not equal God after all. <\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Take on board your team&#8217;s opinions, and use them combined with the raw data to help you come to your own. <\/span><\/p>\n\n<p><b>Tip<\/b><span style=\"font-weight: 400;\">: Use these <\/span><a href=\"https:\/\/www.become.co\/blog\/top-ten-small-business-management-tips\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">small business management tips<\/span><\/a><span style=\"font-weight: 400;\"> to help better manage your team and increase your decision making in business management skills. <\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">4. Learn to prioritize<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Ofer Ariel, Chief Product Officer (CPO) of <\/span><a href=\"https:\/\/www.become.co\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> knows what it\u2019s like to have hundreds of tasks, and has had years of experience in perfecting his decision making process to drive results. When it comes to providing customers with optimal <\/span><a href=\"https:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\">, you can\u2019t mess around. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"size-full wp-image-4023 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/ofer-pic.jpg\" alt=\"\" width=\"265\" height=\"298\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/ofer-pic.jpg 265w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/01\/ofer-pic-240x270.jpg 240w\" sizes=\"(max-width: 265px) 100vw, 265px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">His advice is this:<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cYou need to look at your tasks in terms of the minimum and maximum impact. Ask yourself what\u2019s the maximum impact that you can get from each task.\u201c In other words, which task will lead you to your goal quicker? He continued, \u201corganize your tasks on a spreadsheet or a platform like <a href=\"https:\/\/monday.com\/\" target=\"_blank\" rel=\"noopener\">Monday.com<\/a> (that\u2019s what we use here) and add a column for the impact and effort needed. Sort the tasks so that you can start with the missions with the smallest effort and most impact. You\u2019ll always have small tasks with low immediate impact, I suggest putting these kinds of tasks to the side, and choose an allocated time slot to either go over them, or if they\u2019ve been lingering too long, consider whether it\u2019s worth completing &#8211; maybe it\u2019s time to hit \u2018archive\u2019 [delete].\u201d<\/span><\/p>\n<\/blockquote>\n\n<h2><span style=\"font-weight: 400;\">5. Learn from mistakes<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">We\u2019re only human, we make mistakes and decision making in business is no walk in the park. If you made a poor business decision, learn from it. Look back at what and how it happened and then use your new found knowledge to make better decisions in the future. <\/span><\/p>\n<p><br \/><b>Bonus <\/b><span style=\"font-weight: 400;\">&#8211; always have a backup plan! If plan A didn\u2019t work, always have a plan B. A good leader will always be thinking ahead and what they\u2019ll do if plan A didn\u2019t give the expected results. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Show me one person who\u2019s never made a bad decision &#8211; I dare you. If you find that person, he\u2019s either dishonest, too young or avoids decision making like the plague. Bad decisions happen. Fact. It\u2019s been estimated we make tens of thousands of decisions daily (in a study by Daum, 2012), but when you\u2019re [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4021,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,114,1,12],"tags":[],"class_list":["post-4020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-small-business-wisdom","category-uncategorized","category-us-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Perfect Decision Making in Business and Achieve Business Success - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/how-to-perfect-decision-making-in-business-and-achieve-business-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Perfect Decision Making in Business and Achieve Business Success - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Show me one person who\u2019s never made a bad decision &#8211; I dare you. If you find that person, he\u2019s either dishonest, too young or avoids decision making like the plague. Bad decisions happen. Fact. It\u2019s been estimated we make tens of thousands of decisions daily (in a study by Daum, 2012), but when you\u2019re [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.become.co\/blog\/how-to-perfect-decision-making-in-business-and-achieve-business-success\/\" \/>\n<meta property=\"og:site_name\" content=\"Business Funding Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-03T14:37:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-06T09:34:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2019\/01\/iStock-930464806-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1366\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Become\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Become\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/\"},\"author\":{\"name\":\"Become\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/#\\\/schema\\\/person\\\/813104bb9784ace7d518254945f76ccf\"},\"headline\":\"How to Perfect Decision Making in Business and Achieve Business Success\",\"datePublished\":\"2019-01-03T14:37:57+00:00\",\"dateModified\":\"2019-02-06T09:34:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/\"},\"wordCount\":946,\"publisher\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2y0x0ts101nr7.cloudfront.net\\\/2019\\\/01\\\/iStock-930464806-1.jpg\",\"articleSection\":{\"0\":\"AUS Resources\",\"1\":\"Small Business Wisdom\",\"3\":\"US Resources\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/\",\"url\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/\",\"name\":\"How to Perfect Decision Making in Business and Achieve Business Success - Business Funding Blog\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2y0x0ts101nr7.cloudfront.net\\\/2019\\\/01\\\/iStock-930464806-1.jpg\",\"datePublished\":\"2019-01-03T14:37:57+00:00\",\"dateModified\":\"2019-02-06T09:34:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#primaryimage\",\"url\":\"https:\\\/\\\/d2y0x0ts101nr7.cloudfront.net\\\/2019\\\/01\\\/iStock-930464806-1.jpg\",\"contentUrl\":\"https:\\\/\\\/d2y0x0ts101nr7.cloudfront.net\\\/2019\\\/01\\\/iStock-930464806-1.jpg\",\"width\":1366,\"height\":768},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/how-to-perfect-decision-making-in-business-and-achieve-business-success\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.become.co\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to Perfect Decision Making in Business and Achieve Business Success\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.become.co\\\/blog\\\/\",\"name\":\"Become - Powering Small Business Funding\",\"description\":\"Become - Powering Small Business Growth &amp; 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