Success in business depends on a great many things; clarity of vision, sound management practices, best use of time and resources and the discipline to stay focused on important goals to name a few.  Once you are clear (very, very clear) about your business pursuits and you have a vision of what it will eventually look like when your dream is realized, you need a strategy to insure you get there.

What is Strategy Decision Making?

Throughout the typical work day we make dozens of decisions; some so routine we don’t even think of them as decisions.  The decisions that effort the long range course of your business, however, are strategy decisions.  Strategy decision making should not be approached with the same familiarity of the routine kind.  Strategy decisions can set your business on a course for market dominance or financial destruction.

How Frequently Does Strategy Decision Making take place?

Making decisions about how to navigate your strategy is not an everyday occurance.  These decisions should be reserved for challenges and opportunities that affect the overall direction and your perceived ability to reach your eventual business goals as quickly and profitability as possible.  There are, however, two ways that these decisions can come up; the ones you decide to consider and the ones that are presented to you by the marketplace.  While you may decide that there is opportunity for growth by innovating your business with a new line of product, you may have to retrench and consider your options when you find out that a new competitor has moved into town.

Why is it Critical to Learn Effective Strategy Decision Making Skills?

Making decisions is not difficult; it’s making the right decision that takes practice.  Some decisions, typically routine repetitive decisions, have lower risks if you don’t choose correctly. The consequences may not be that great and the opportunity to correct them is timely.  When it comes to strategy decision making outcomes, the consequences maybe more difficult to change or resolve.  And, do not think that putting off the decision altogether will insulate you from a poor outcome.  Make no decision at all could be disastrous if the opportunity to grow is within your means but has a short time frame with which to act.  Any legitimate strategy decision will not be felt today but somewhere down the road.  It will reinforce your direction with added investment or it will position you for dominance in a market where the trends are predicable.

If you are not comfortable with Strategic Decision Making, consider these points?

1.  Making good decisions about your strategy is dependent on how clear and well thought out your strategy is:

Strategies should not be more complicated that the general business concept you are working with.  If you are taking a trip from your town to the town next to you, your strategy decision making for how to get there should be simpler that if your trip takes you out of the country.

2.  Strategy decision making should always be approached with careful reflection:

If your strategy was sound from the start, is this decision something that will improve your outcome?  If the downsides and equal to the upside, walk away and consider other options.  If your decision involves an investment that will speed up results or enable you to successfully expand your operation and this is what your strategy calls for, it maybe worth considering.

3.  Never make strategy decisions in haste!

There will be times when unexpected circumstances arise that threaten your business’s future.  The example I mentioned earlier about a new competitor coming to town is one such time.  Another competitive threat that is used by companies large and small today is price promotion.  If your business is based on quality and service and your prices are at the higher end of the scale, immediately jumping in the price game to save your business could be a huge mistake.

4.  Make strategy decisions by committee with caution:

Strategy decision making should always rest on the shoulders of the person who is responsible for the overall future prosperity of your company.  Without the accountability to make sure these vital decisions are carried out and implemented correctly, a good decision can easily result in a poor outcome.

Strategy decision making is deliberate and focused.  It’s reserved for the important decisions that will effect your business for year to come.  It can capitalize on new opportunities that come with market changes or it can improve already determined direction with enhancements that create faster results.  Strategy decisions usually require an investment so for this reason, thorough yet timely deliberation is necessary.

If you have difficulty making important decisions or have a history of making lots of decisions with poor outcomes, get help.  Asking for advise or guidance is always a preferable course of action compared with risking and wasting precious resources that do not support your desire to grow and have the business of your dreams.

Originally posted 2015-09-16 10:43:28. Republished by Blog Post Promoter