The success of any business entirely depends on the ability of its leaders to make good and timely decisions.
Big companies have a board of directors and management who contribute in making key decisions that guide the firm and ease the implementation process. Most individual and family businesses largely depend on one person making most of the key decisions without moderators.
It is advisable that a firm of appreciable size has a management team to help in making decisions ranging from policy to daily operations. This minimises wrong decisions or error in judgement that can send the firm spinning.
In addition to this, as a business owner, ensure you increase your capacity to make accurate and informed decisions most of the time. This can be done by taking care of yourself. Some of the things that affect your ability to make good decisions include poor health, lack of sleep, stress and poor outlook towards life.
In today’s busy life, it is easy to sacrifice healthy eating and exercise as you strive to meet deadlines and strive to become more effective as a leader. But in real sense, poor eating and lack of exercise in addition to posing a myriad of health risks, lower your concentration, clarity of mind and ability to make sound judgments.
Good sleep and some daily quiet time to meditate, think and reflect on issues around you bring unmatched clarity in your life.
Do not always be on, ‘on your marks’ mode to jump out and chase opportunities out there. A smart woodcutter takes more time sharpening the axe than felling the tree. A fool does the opposite. Spend more time on planning and analysing things and scenarios surrounding you.
Look at the bright side of life. You hardly find a businessman confessing how good things are. Most will talk about how things are tougher and worse than in yester years, even though they were still complaining in those years.
The things you confess daily affect your thoughts and actions, and consequently your level of success. Things cannot be perfect or go your way always but you have enough things to be grateful for regardless of how your business is doing. Avoid grumbling about your employees, customers, competitors, economy and other things and set your mind free to make decisions that can improve the situation or mitigate the effects.
Finally, get organised. How well your office is organised influences your ability to make quick and accurate decisions. If you have a well-orgarnised plan of action, you know what needs to be done by who and by when, and you increase not only the speed of making decisions, but also the accuracy.
Something as simple as organising your desk, your files and having a diary and writing down a to-do list every day can enable you achieve what common people can describe as a miracle.
One of the things that brings confusion and bungles the decision making process is having too much to do and not having an orderly way of doing it.
This article was first published in The Business Daily on May 7, 2019