Of course, decision making is a skill that you can learn with time.
SupportBiz lists four tips for you, as a small business owner, to take good decisions.
1. Trust your gut feeling.
Learn to interpret what your gut feeling is telling you when you are trying to take a decision. Your gut instinct might, sometimes, tell you to do a certain thing even when your logic dictates against it. However, if you have a strong hunch that it is, indeed, the right thing to do, you should consider going for it. After all, many business successes were initially thought to be impractical and illogical.
2. Avoid following the herd.
Sometimes, you might be compelled to adopt a certain business practice just because everyone else is doing it. Avoid taking decisions that way, fuelled by the fear of being left out of the crowd or missing out on something. If you notice everyone doing a certain thing, evaluate its pros and cons thoroughly, and do it only if it looks like a sound thing to do for your business.
3. Consider your risks.
Think thoroughly about all the risks that you will be taking, when you are considering a decision. How high are the stakes if you decide to go with the decision? How high are the stakes if you do not? What will you be losing in either case? Ensure that, when you take a decision, you are confident of facing all the risks that it entails. Market research can help you determine the risks in a more professional and analytical manner, as can a business coach.
4. Study your motivation.
While taking a decision, take the time to evaluate your motivation behind the decision. What is telling you to take the decision – business analytics, gut instinct, anger, fear, or a herd mentality? Understand that a decision fuelled by negative emotions might not always be good for you. Learn to take decisions based on positive aspects, instead.