Effective decision making in business requires an equal emphasis on strategy, collaboration and ethics. The long-term success of your organization is always the primary goal, but without an eye on the moral implications of a choice, you risk making decisions that could harm your company, your customers or your investors. And, by consisting making wise and ethical decisions, you not only help you company advance, you also earn the respect of the public, and serve as a role model for other businesses.
Examples of a business decision making model include:
- Rational decision making
- Intuitive decision making
- Decision making game theory
- Decision trees
Use business decision making toolsYou may have a lot of information to consider, and several ways you can proceed, but the process doesn't have to be overwhelming. Sometimes, all you need is an efficient way to sort through all the information, and a systematic plan for evaluating your options. There are several tools designed specifically for business decision making, and with them you can create a more efficient and accurate method for making decisions.
Foster ethical business decision makingUnderstanding your business decision making values is essential to making wise and relevant choices. With the increasing focus on corporate responsibility, you may be judged as much on the ethics of your decisions as on their efficacy. By educating everyone in your organization about what it means to combine ethics and business decision making, you can be assured of maintaining those values at all levels of the company.
Train your employees in decision making for businessBecause business decision making can be complex, and because wise decision making is crucial to the success of any enterprise, providing decision making training for your employees may be one of the best investments you make. By ensuring that all employees know how to make smart decisions, you'll know that the entire company is making decisions based on the same principles. And by enabling employees at lower levels of the organization to make better decisions independently, you free up time for your senior executives.
- Make every employee part of the business decision making process; if you do, they'll feel more valued and have a greater sense of ownership. And along with this comes increased dedication to making decisions that benefit the entire organization.