4 Major Mistakes That Happen During the Decision Making Process
Too often, small businesses go under as a result of their business decisions. Making good business decisions isn’t always easy, especially if you don’t have a lot of experience. Your decision making process is extremely important. Here are 4 major mistakes that happen during the decision making process.
Mistake 1 – Relying on Emotions
Emotions do have a place in business and in the decision making process. All businesses should strive to do what is best for them and what is best for their clients. It’s an important balance. Choosing to do something nice for clients or helping out when you don’t have to is an acceptable way to act on your emotions. However, it’s also important that you don’t only rely on your emotions when you are making a decision.
Emotions and logic are operated by two separate parts of the brain. It’s important that we don’t act purely on emotion because that’s a way to make major business mistakes. Think about what happened to you the last time you made a decision when you were angry. Did you regret it once you were calm? Relying on emotions during the decision making process can lead us to results that we weren’t expecting and that can harm the business.
Never make business decisions if you are upset. Always wait until you have calmed down enough to think clearly enough to consider other factors.
Mistake 2 – Not Gathering Facts
It’s hard to make a good business decision if you don’t gather enough facts. Have you ever heard gossip about yourself or been the subject of someone’s judgment and thought, “You don’t have the facts!”? We’ve all been there. Your decision making process will ultimately affect your bottom line. This is why it is important to make sure that you’ve gathered all of the facts.
Mistake 3 – Gather Additional Information
In addition to gathering the facts, you should also gather additional information. Are there websites that discuss how other businesses have handled a similar problem? Do you know any needed statistics and options? Having enough information makes your decision making process more accurate.
Mistake 4 – Not Getting Any Feedback
The final mistake in the decision making process is not getting any feedback from others. Sometimes when we are going through problems, it helps to get the feedback of someone else. Maybe they’ve gone through something similar. Maybe they’re just on the outside looking in. Regardless, they may have great suggestions that can make a difference. However, you won’t know unless you actively seek out feedback.
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