Ask How do you make decisions in your business?

[Btaliat]

Decision making is a crucial aspect of business. Any decision made by the business owner would surely have a lot way in affecting the business. There are different instances where a business owner may make a bad decision which will eventually lead to the collapse of the business.

How do you make decisions in your business owners? Have you made a decision that later affected you as a business owner before?

 

[Edward22]

I try to imagine the worst-case scenario before committing to anything big. What happens if this decision fails completely? Can the business survive it, or would it put me out of business? If the downside is manageable, I'm more willing to take the risk. But if failure means I'm done, I either look for ways to reduce the risk or just don't do it.

 

[Newman]

Decisions should be made together with all the parties involved. This means both the business owners and the workers should be the one involving in the decision making. When this is done, it will give everybody the sense of being together in making decisions, giving them sense of belonging.

 

[Dean101]

I kinda go with a mix of gut feeling and what the numbers say. I usually check out the data, see what customers are saying, and look at past experiences. Then I weigh the pros and cons and sometimes chat with my team or mentors. Even with all that, I often trust my instinct, especially when things aren't clear-cut. Once I decide, I stick with it but stay open to switching things up if new info comes in.

 

[Kimivegas]

The important thing for decision making is that your plan's long term result is superior than competitors. Meaning, developing more competitiveness, and more growth in all the aspects(more so for high priority aspects). And, reverse engineering to achieve that intended result.

Meaning, you want to make a more viral, more premium, more quality, and while having low costs(and high consistency/quality control). Doing the research to see what are promising opportunities to evaluate. Then figuring out the best result, and reverse engineering.

 

[Brajet]

In my business, decisions start with coffee and a whiteboard. Big calls get the "three-question test": Does this serve our customer? Will it work without burning out the team? Can we afford to be wrong? If two out of three are shaky, we pause.
I also trust my gut but verify it with one person who disagrees with me. That alone has saved us from dumb moves more times than I can count.