Good managerial decision making is essential for business to operate effectively. But how does a manager go about making good business decisions? Here are a few tips:
- If you have little knowledge about the subject matter, do not take a shot in the dark. Researchers say that it takes up to 10,000 hours of diligent practice to be considered an expert. This can be said of making decisions too. Take the time to educate yourself or find someone who knows more than you do and ask for their guidance (make sure it is someone you trust).
- Try to be as objective as possible. Everyone brings historical baggage that influences the decisions they make. Recognize that there may be bias influencing any decision that you make and work to be as even keeled as possible. You will be able to neutralize bias through thoughtful reflection rather than a “shoot from the hip” decision making mentality.
- Be flexible. If you make a bad decision do not let pride stand in the way of changing direction quickly. Recognize your mistake, acknowledge it, and then move on. Denying its existence will not fix it, the only way to fix the situation is to take action.
- Involve others in the decision making process. There is truth in the old saying “two heads are better than one”. Having additional perspectives will help to make better decisions. Be careful of peer pressure, however, and resist the desire to hide amongst the group members. If you are a manager, the buck stops with you.