Decision-making in life or business is an essential part of the success of your goal or your company. A lot of factors come into play when making decisions, some of which are predictable and some are not.
A good decision is one that has been thought through thoroughly and analyzed for all possible outcomes. The more time you can take to think about the options available to you, the better off you’ll be when making a business decision.
Think first what is going to make you fail. Instead of thinking what would make you successful, ponder upon the factors of failure. Then remove those things.
You need to think about what could go wrong before making any big decision. Ask yourself: What could happen if I do this? What could happen if I don’t do this? How would I feel if something happens because of my decision? The answers to these questions will help you decide what is worth doing or not doing at all.
In business too, in order to avoid failure, it’s important that your business has a strategy in place before making any decisions. This means thinking about what your goals are and how they affect other areas of your business like marketing and sales. If at all possible, it’s best to have an itemized list so that each decision can be evaluated against specific criteria such as return on investment (ROI) or profit margin percentage versus any potential risks involved with moving forward with a particular action.
If you are following a goal, first see what can kill it for you. Have a strategy!
Author: Paresh Kumar, CEO & Co-founder, DevInsights