Effective Decision Making Approach for Business Organization

By Arun Dahal Khatri

"The right decision at a wrong time becomes the wrong decision."

While making the decision, a business organization needs to know both the philosophy and the methodology. In today's fast-paced economy, businesses don't have a lot of time to wait for a single decision. A successful business needs to make a strong and sustainable decision within a limited time frame. While making the decision, a business needs to maintain high velocity for a long period. Most of the success of the business depends upon this decision.

Here is a formula for a successful and sustainable decision by a business organization:

Excellent decision = Logical + Ethical + Speed.

When the business organization makes the decision, it needs to follow the above formula for better decision making. Lacking single components can harm the overall growth of a business organization. Most business decisions can create lots of internal and external conflicts and troubles. Therefore, a business needs to make a clear framework and a roadmap to drive a business competently by choosing the right track in the business.

"The right decision in business helps to eradicate conflicts and invites curiosity."

There are five steps to making an excellent and sustainable business decision:

1. Make a proper plan and guide for the decision. Making: Making a guide helps the business organization smoothly drive a business. It helps to give ideas about the changes. Moreover, it also makes the decision-making capacity strong and stable by consuming less effort. We can take the example of the Amazone decision-making Memo.

   2.   Make a decision-making team: If a business organization forms a decision-making team, it helps them to take action on every decision adequately. A decision-making team also helps the business to create a lot of opportunities for growth of the business. Having a decision-making team strengthens the ability of decision and creates a smart effort for raiding a business.

   3. Focus on Business Goal and target: Focusing on business goals while making the decision helps to maintain the balance of the business. It helps the business to visualize the specific path and mentor the organization. A clear decision needs to make as per the goal and target of the business. Therefore, a clear decision helps to focus on the goal and maintain the target of a business.

  4)Gather the evidence and information: Collecting the information and evidence is one of the most doable tasks for better decision-making. In the process of decision making information and evidence play a significant role. If a business organization grab the information and evidence related to the task of decision making then it will be more beneficial to the business.

  5) Examine and Evaluate the Decision: After following all the processes of decision making, Evaluating the progress is one of the important tasks for any business organization. Evaluating the decision-making makes the business find out. the exact situation and to know the progress of the business.