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"How To Make Tough Decisions"

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Making a tough decision is a common situation for any businesses, and in fact, is the fundamental responsibility of all business leaders. A tough decision, especially when the outcome can be critical for the future of your business, or the future of many people, can be a daunting task for anyone.

Yet, many people forget the importance of the decision-making process itself, and sometimes too hasty to focus on the end results. However, a good decision-making process can lead to better decisions, and honing your decision-making process can make you more agile when future situations arise.

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In fact, the decision-making process can be divided into two very simple steps:

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1. Gather The Necessary Data

The more complex the decision, the more data you will need to gather, and the more complex the data will be.

The types of data will differ with different problems and situations, for example, for a managerial problem, you can read articles from management reviews and case studies.

Sometimes, gathering data can also mean talking to someone who might know better about the subject. Although talking to seniors and experts will be an obvious step, don't underestimate your employees. Sometimes younger employees can also help you see another perspective.

You can also look around to your competitors and how they handle similar issues. Beware, though, that although copying them is possible, you will need to consider whether the move will be aligned with your business values in general.

2. Trust Your Guts

Even after gathering a vast amount of data, sometimes it's still not necessary. After all, not everything in the business world is quantifiable, otherwise, mathematicians will be the richest people on this planet.

What to do when your data still doesn't give you the answer? Trust your instinct.

Instincts are honed with experience, and will get better as you stay longer in the game, this is a harsh truth, but doesn't necessarily means those with a lack of experience are doomed to fail. Listening will also be a necessary step to hone your instinct faster.

Trusting your instinct can also speed up the process of the decision-making, which is essential in this fast-paced business world nowadays.

How you balance your knowledge with your instincts will determine how good of a businessman you are, and will need a thorough practice and experience.

End Words: Making a Bad Decision

When you make a lot of decisions, bad decisions are bound to happen. Don't let your bad decision be a part of your identity. Try to learn something from it, and hone your instincts and knowledge better as you progress.

First, you will need to accept that you make a bad decision. Only by then can you start learning from the decision and start gathering feedback. Be a good listener, it might be essential for your future decision-making process.

The consequences of your bad decisions might be expensive, but remember that in the long term, success can mean righting a bad decision with a good one.