Making Informed Decisions
𝐌𝐚𝐤𝐢𝐧𝐠 𝐈𝐧𝐟𝐨𝐫𝐦𝐞𝐝 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬
Studies suggest that uninformed decisions are 𝘧𝘰𝘶𝘳 𝘵𝘪𝘮𝘦𝘴 more likely to lead to failure, regardless of whether the outcome is critical or not. More than 90% of business decisions are commonly based on factors such as personal intuition, experiences, education, history, emotions and gut feelings.*
During these scary times, it may be easy to make decisions based upon feelings or your “gut instinct”. 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. Here are 4 steps you can take to make informed decisions during the COVID-19 pandemic.
𝐀𝐜𝐪𝐮𝐢𝐫𝐞 𝐚𝐧𝐝 𝐨𝐫𝐠𝐚𝐧𝐢𝐳𝐞 𝐟𝐚𝐜𝐭𝐮𝐚𝐥 𝐝𝐚𝐭𝐚
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?
𝐒𝐞𝐞𝐤 𝐚𝐝𝐯𝐢𝐜𝐞
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.
𝐁𝐞 𝐚𝐰𝐚𝐫𝐞
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.
𝐂𝐫𝐞𝐚𝐭𝐞 𝐚 𝐩𝐫𝐨𝐜𝐞𝐬𝐬
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. How do you make decisions? Are you more of a fact or emotion-based decision maker?
(*Marks, 2017; Elliott, 2007; Wolf, 2013)