Business Management – How to Be a Good Decision Maker

An important business management skill is to be a good decision maker. The most well-paid business executives and managers are rewarded by their ability to make good and fast decisions. If you have aspirations to become a successful executive you will need to be able to do the same.

The key factor that enables successful executives and managers to be good decision makers is because they have the ability to organize their thinking. By organizing the way they think they can make better decisions and make these decisions faster.

Effective managers have in place a decision-making process that enables them to become better and faster decision makers. This process enables them to have the time and resources to think matters through in order to make well thought out decisions. Over time they fine-tune this process to enable them to make even better quality decisions at a faster rate. This process enables them to narrow down decisions to ensure they are the right ones. In this way mistakes and delays are avoided or at least minimized.

Although it is important to have the ability to make quick decisions, speed should not be made at the sacrifice of thinking things through. If the situation is unclear or if there is a lack of information then a decision to move forward should not be made. A fine balance must be placed in this situation. It is not wise to keep delaying a decision based on needing that piece of information to make it perfect especially if the delay costs more than the outcome of the decision being made.

Effective managers utilize their time wisely. They focus their time and energy on those tasks that have a high impact on them and their team’s performance. This means they do not become distracted by other activates that do not contribute in any way to the main objectives. Effective managers constantly keep reminding themselves if what they are doing now is relevant to what they should be doing to achieve their goals and objectives.