If you want your company to reach the upper echelons of its market, it’s imperative that you make great decisions on a daily basis. From your onboarding operations right the way through to your supply chain management process, you have to make the right choices, at the right times, to ensure your organization’s ongoing growth and stability.
But does your entrepreneurial judgment currently leave a lot to be desired? If so, be sure to heed the advice laid out below.
Here are three things you must do to make better business decisions:
Detach from Your Emotions
Making decisions in moments of high emotion is a recipe for disaster, there’s no doubt about that. When you allow anger, fear, jealousy, greed, or excitement to drive your choices, you will be liable to make decisions that benefit you and not your company. This might help you to overcome whatever personal issues you are facing in the short-term, but it won’t prove sustainable for your business going forward.
Quite simply, removing emotions from the entrepreneurial equation is one of the most important tasks that you face. To achieve this crucial feat, you must:
- Retain perspective by valuing metrics and analytics at all times
- Sleep on decisions rather than making them in the heat of the moment
- Explore your options and closely research every potential decision-making route
- Analyze your previous decisions — where did you succeed/fail in the past?
- Step back from your work and be sure to take breaks on a regular basis
Embrace an S&OP Process
Do key functional areas of your overall business operation currently lack alignment and direction? If so, you should embrace a coordinated Sales and Operations Planning process — pronto! Once you take this decision-making route, you will be less likely to miss crucial information regarding your Operations and Supply Chain. This means that you won’t be forced to make last second changes to your shipping schedule, which will ultimately aid you in your bid to provide your consumers with a best-in-class level of service.
When you embrace S&OP, it’s essential that you take some time to determine your company’s exact unit-of-measure (UOM) specifications. Whether you choose to measure in cases, pounds, gallons, pallets, or truckloads, this will help you to measure your organization’s overall capacity for the operations plan.
Cultivate a Wise Council
Make no mistake about it, you aren’t going to make great decisions all by yourself. If you want to cover all the bases and leave no stones unturned whenever you face important choices, it’s imperative that you seek advice from trustworthy external sources. It is for this reason why you must go above and beyond to cultivate a wise council. With the right people by your side in this sense, you will find it easier to evaluate your decision-making process.
Your personal blind spots will be covered and, in turn, you will be more likely to make the right decisions, at the right times, time and time again.
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