As a Licensed Psychotherapist and Organizational Development Consultant, I have found that the one thing that keeps me in business is poor decision making made by executives as it pertains to their businesses. While poor decisions and/or decisions made that do not bring forth desired outcomes are powerful lessons that are necessary for business development and overall success; we must all strive to apply effective skills when making decisions for our business. As we strive to take 2021 BY FORCE, it is imperative that every executive within this network is aware of some of the mistakes business owners make so that they can make the necessary changes to develop into a more effective leader.
Take note of the top five mistakes made when it comes to decision-making processes for failed businesses:
Not having a uniform strategy for organizational decisions. How are decisions made in your business? What is the time line? Who are your consultants? Where can this process be reviewed?
Having unclear roles in the business. This causes major confusion and negatively impacts the decision making process. Have you ever heard the expression “the left hand does not know what the right hand is doing?” What is the organizational structure in your business? What is the chain of command? Where can your organizational chart be found?
Failing to have stages for how decisions are made. A business that does not have business decision-making processes as a progressive process can hit a brick wall in its development. For example, a few stages in making organizational choices include brainstorming, cost benefit analysis, plan B, targeted dates to examine success of decision etc. What are the stages of your decision making process?
Poor communication can lead to significantly poor decisions. Poor communication leads decision-making parties to lack the information needed to make healthy choices for their business.
Loss of information is a common cause for poor decisions. Decision makers must rely on accurate and accessible information in order to make the most effective decisions. It is imperative that all decision makers have access to all relevant information to tackle important business decisions (i.e. trend analysis, analytics for social media, monthly financial reports etc).
Scott Anderson who is the author of Think Like A Billionaire, Become A Billionaire says that successful people are quick to make effective decisions and slow to turn back while unsuccessful people are slow to make decisions and quick to turn back. Be prepared to take 2021 WITH A VENGEANCE by exercising the most effective decision making for your business and establish a legacy of wealth and strength as a result. WE ARE NOT MOVING BACKWARDS. Your coaching team is here to assist you.