Posts

The Five Key Qualities of a Decision-Maker

StrategyDriven Decision-Making Article | The Five Key Qualities of a Decision-MakerDecision-making is one of the most important qualities when it comes to successfully running a business. Without being able to make the right decisions a business is likely to completely flounder. That’s why it’s so important to know which qualities separate a proper decision-maker from somebody who is simply coasting. Whether you are the CEO of a company but are unsure of how to proceed or you are looking to rise up the ranks of your company through firm and decisive action, you have come to the right place. Read on now for all you need to know about decision-making.

Research

A good business leader knows that no decision should ever be entered into lightly, as there can be a whole bunch of factors that could come into play once a decision has been gone into. That’s why you should make sure to do as much research as you can within the given time-frame as well as putting in the time to learn key skills and insights about the business. For key learnings about how to get better insights into your business, you should check out the services of a small business consultant today.

Listening

Listening is often an underrated part of the decision-making process, but the best CEOs know that they are not so often operating autocracies, but take all ideas in-hand before finally committing to a final decision. Take the example of the long-serving chancellor of Germany, Angela Merkel, who is often praised for her ability to listen to everyone before finally taking her own initiative.

Understand Risk

All decisions are about balancing risk in some way. After all, no matter which decision that you make in the end, you might encounter some difficulty along the way. By doing your research and understanding all the different risks involved, you will be able to make the best possible decision possible for your business.

Deliberation

Only the worst decision-makers jump rashly into a new business plan. It is worth fully deliberating and taking your time before you decide to commit to an idea. The worst decision you can make is a quick one, as this can definitely backfire. Remember it’s always better to not do something risky than to commit at all, meaning that you should be aware of all the different outcomes before making that final commitment.

Decisiveness

Intense deliberation should never be confused with indecisiveness. Instead, it is about weighing up options before committing to one. This mean that eventually you want to be able to make a key choice, good or bad, to allow the company to move forward. One of the worst options is to take too long to come to a final conclusion as this can slow down company processes completely and also cause your employees to start making decision themselves without your authority. Instead, once you have an idea of what you want to do, it’s important to take the lead, make that decision and then be responsible for any possible outcome.

Decision-Making Best Practice 7 – Identify the Decision-Maker

StrategyDriven Decision-Making Article | Decision MakerOrganizations confer varying degrees of decision-making authority to their executives, managers, and employees typically based on their positions within the organization. In many circumstances, this results in more than one individual possessing the authority to render a decision for the particular question at hand.


Hi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.

Subscribe to the StrategyDriven Insights Library

Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).

Not sure? Click here to learn more.

Buy the Article

Don’t need a subscription? Buy access to Decision-Making Best Practice 7 – Identify the Decision-Maker for just $2!

Decision-Making Best Practice 1 – There Can Be Only One

StrategyDriven Decision Making Best Practice | decision makerEffective decision-making provides the organization with a unified direction aimed at achieving a primary objective and possibly one or more secondary objectives. Regardless of the decision’s complexity or its immediacy, the probability of achieving a successful outcome is directly related to the organization’s ability to execute the decision in a deliberate and focused manner. It is for this reason that decisions and direction for their execution should come from one individual.


Hi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.

Subscribe to the StrategyDriven Insights Library

Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).

Not sure? Click here to learn more.

Buy the Article

Don’t need a subscription? Buy access to Decision-Making Best Practice 1 – There Can Be Only One for just $2!


About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.