Making Informed Decisions
๐๐๐ค๐ข๐ง๐ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ ๐๐๐๐ข๐ฌ๐ข๐จ๐ง๐ฌโฃ โฃ
Studies suggest that uninformed decisions are ๐ง๐ฐ๐ถ๐ณ ๐ต๐ช๐ฎ๐ฆ๐ด more likely to lead to failure, regardless of whether the outcome is critical or not. โฃ โฃ More than 90% of business decisions are commonly based on factors such as personal intuition, experiences, education, history, emotions and gut feelings.* โฃ
During these scary times, it may be easy to make decisions based upon feelings or your โgut instinctโ. However, it is crucial for your practice that you make informed decisions regarding your business, finances, and team. Make sure that you integrate your intuition alongside information and logic, significantly increasing the success of your decisions.โฃ โฃ Here are 4 steps you can take to make informed decisions during the COVID-19 pandemic.โฃ โฃ
๐๐๐ช๐ฎ๐ข๐ซ๐ ๐๐ง๐ ๐จ๐ซ๐ ๐๐ง๐ข๐ณ๐ ๐๐๐๐ญ๐ฎ๐๐ฅ ๐๐๐ญ๐โฃ โฃ
Make sure you have the necessary information and data to support your business decisions. What stats and trends do your financial documents provide? What are the KPI’s for your practice?โฃ โฃ
๐๐๐๐ค ๐๐๐ฏ๐ข๐๐โฃ โฃ
Seek the advice of professionals, peers, and leads on your team. There is wisdom in a multitude of advisors. Ultimately, the decisions are yours. However, it is always a good idea to ask the advice of trusted and educated peers. โฃ โฃ
๐๐ ๐๐ฐ๐๐ซ๐โฃ โฃ
Remain informed of the decisions your competitors and those in your industry are making. This will help you to be aware of potential challenges, as well as opportunities that may be available. โฃ โฃ
๐๐ซ๐๐๐ญ๐ ๐ ๐ฉ๐ซ๐จ๐๐๐ฌ๐ฌโฃ โฃ
During this time it may be wise to create a decision-making process that allows you to make informed decisions quickly. Planning ensures a process you are comfortable with and increases consistency. โฃ โฃ How do you make decisions? Are you more of a fact or emotion-based decision maker?
(*Marks, 2017; Elliott, 2007; Wolf, 2013)โฃ