Business Decision Making – A Strategic Art to Ensure Success

Decision making is of utmost importance in every aspect of business. Whether it is about deciding which products to produce, what services to deliver, which technique to use, how to deliver the goods to the market, how to determine the price policy, business decision making plays the key role. It does hardly matter if you have a big or small business unit, taking the right decisions is not an option but a compulsion to ensure your business growth.

Unfortunately, in spite of decision making being so important, we do not have any formal ‘decisions system’. That is why we are forced to depend on our experience and sixth sense when it comes to taking business decision. But does the combination of intuition and experience result into a rational decision? The answer is a resounding ‘No’. Business decision guided more by logic and less by gut feel is based on several relevant information, set business objectives, expectations, experience, personal choice, alternative option and of course personal decision making style.

Business decision making is an encompassing subject. It takes into consideration multiple factors with a view to balancing between risk and return. Surprising it may sound but the fact is that decision making has been regarded as a strategic art and asset only in the recent past. The emerging importance of decision making may be attributed to the neck-to-neck competition between the business houses. At this competitive age, tremendous workloads pressurize the firms to make the most of their potentials and optimize the coming opportunities.

In a situation when everyone is trying hard to go past the others in the rat race, good decisions at the right time drive an organization to success. Some are endowed with god-gifted power to take perfect and prompt decision. These talented persons are greatly influenced by logic instead of emotion. But the importance of training and technology should not be denied in this regard. In fact, organizational culture that is based on informative details, an easy access to intensive as well as extensive training facilities, trust etc. can help one take the right and timely decision to fulfill his business objectives.