Decision-making: Critical Key Concepts to Success

I’m not a millionaire or billionaire, but I know that making decision is key that could be mistaken in different ways. These ways are mostly a grey area. These mistakes turn on our doubt behaviors. Have you ever look back and wonder, “What was I thinking?” If yes, you really need to boast your confidence when making decision – again. Doubting your decisions could kill your dreams. Because, the same second guessing behavior have effect on our personal and business life.

I think of 5 different concepts when thinking of decision-making. It is because we are mostly influenced by other things that possibly have nothing to do with the business itself. One decision is “close friend in need”, which means there’s a new business, and suddenly a friend is in desperate need of a job. It is possible to think that the company gets an extra hand, while helping a friend in need. This is not true! This way of thinking was dominated with “I want to help my friend”, followed by rationalization of how the company will benefit from that decision.

Another key concept is, “cautious when making a purchase”, because the purchased product could benefit you personally – instead of the company. We need to be cautious when making some purchases, because we are only financially draining the company. Someone once said, “It is close to impossible to make money without spending, but it is worse to spend your way to bankruptcy.” There is nothing wrong with deciding to buy something.

However, it is a decision that we really needs to watch out for, because it affect our company’s finances. I will recommend that you create your KPI, and use it before making every purchase. This KPI will measures what the product/service do for the company and you. Focus on the indicators, and honestly decide if the product/service is for you, or the company. The third key concept is, “service generalization in business”, because we are mostly so focused on following our business plan that we forget making decisions about how we would generally service our customers.

It is like we don’t even know how to deal with people. An example is customers calling, and customer service is being rude. It is especially if they call at a time that you are having issues dealing with the paperwork. Guess what, it’s not their problems or fault – it’s yours! Deal with it, and do it with a smile on your face. It is about being happy when servicing people, because unhappy people make other people unhappy.The fourth key concept is “execution initiation without exit strategy”, because how you start determines how to improve while the business grows.

With exit strategy, it is easier to lose faith within the first year! An exit strategy turns your business into a project – and a project is time limited. Without exit strategy, we develop a commitment, determination, and become one with the business. The fifth concept is “how to make 100 different things working as one at the same time”, because business has a lot of things working together. These things are important, and sometimes they could work in form of algorithm.

For example, a customer service could forward a customer’s message to technical support’s department, when it is needed. This decision is based on knowing what is needed, and use it to know whom are needed to be successful. It comes down to the wonderful people working to put them together. These five concepts are critical, and unfortunately people sometimes fall for not thinking of them. They are mostly easier to miss, or not followed, which makes them the ultimate booty trap.

It is easier to miss out how to make sure that business is business, and personal is personal. I confess for falling for some of them. I think it is best to learn how to separate the two from one another. I’d know everybody knows that, but it is a highly grey area that leaves room for a life-time discussion.