Making important business decisions can be stressful. Anxiety increases the attention to negative choice options and can cause high-level thinking and decision-making to weaken or shut down, which makes the process even harder.
To avoid decision fatigue and anxiety, here are six suggestions to make better business decisions.
1. Know your business inside and out.
Gather all the facts and necessary information that impacts your business. This is important because you do not want to miss critical information that could make a difference in how you run your business. Also, by being part of the information-gathering process, you can eliminate biases or opinions others may have. For example, understanding how your competition conducts business is very important. Finding ways to improve customer satisfaction is another example of knowing your company’s facts. Business owners can talk to their employees and customers to get the necessary information regarding certain business operations. It is also important to read all your important business reports and keep abreast of the media coverage of your business.
2. Focus on results.
Think about what you want and consider the possible outcomes of your decision. A person needs to focus on the short-term and long-term goals regarding every aspect of their company. For example, keeping up to date on the company’s financial statements is very important. Keeping abreast of employee morale is another way to determine your company’s direction. Looking for ways to improve how your company does business will go a long way in accomplishing your business goals, mission, and vision.
3. Consider fresh perspectives.
It is important to consider other viewpoints other than your own, so get advice from qualified friends and business peers. For example, a good technique is to talk to your important business colleagues and managers to get their opinion on how to manage your business. In addition, you can join a local business support group to network with other industry professionals. This is also a great way to gain valuable information.
4. Relax.
Do not try to do everything all at once. When things get hectic, stop what you’re doing and take a 10-minute break. Take a few deep breaths and do something that will make you feel more relaxed such as a brief walk, listening to a podcast, or mindful movement to release stress. You will feel better and gain a fresh perspective on your current situation, whether it is dealing with your employees, giving a presentation, or improving your company’s marketing plan.
5. Stay the course.
Running a business involves a series of ongoing decisions. Don’t put off important decisions, and don’t worry about your past mistakes. Instead, focus on what is best for your company. To determine the best outcome for your business, always listen to customer needs and keep your finances organized. Customer satisfaction and making sure your company doesn’t run out of money are some of the essential priorities of any business. If your business is going in the wrong direction, you need to re-evaluate how you run your business.
6. Learn from your mistakes.
If you make an incorrect business decision, then the next step is to learn from your mistakes and go from there. Learn what you did right and learn what you did wrong.
For example, your company decides on a marketing plan for a certain product, however, you don’t get the expected results in terms of sales and customer satisfaction. When this happens, learn what went wrong and use this knowledge the next time you market your other products.
Stan Popovich is the author of the popular managing fear book, “A Layman’s Guide to Managing Fear.” For more information about Stan’s book and to get some free mental health advice, please visit Stan’s website at managingfear.com
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