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Making business decisions as a manager

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In business management one of the biggest parts of your job will be making decisions and solving problems. Typically, business managers are under a great a deal of stress and have to resolve a problem without much time to think about it. With some companies, there may be a revolving cycle of problems that have been solved with the same decisions over and over. If you are a new manager, you should evaluate the cycle and look for ways you can help improve problems from reoccurring.

Start by defining the problems. Take the time to see what the problem actually is instead of reacting to certain situations you think may be the problem. For example, walk around your office and look at how people function on a day-to-day basis. You can spot problems easily and you can see what is causing the problems. Write down what the problems are, where they are occurring, how they are happening, and why is it happening. Once you have identified everything involved with the problem, you can make an educated decision on how to solve it.

Look at ways problems have been solved in the past and brainstorm new approaches. Talking to your employees directly can also help you make a decision as you will have input from several parties who may be involved. From here you can narrow your decision down and select an approach that will resolve the problem.

Always look at the long term and short term benefits of your decision. If your company will have to pay out a lot of money now only to gain twice that amount back in the long run, you need to be aware of how that affects your short term cash flow or other factors. Think of what is realistic for your company to accomplish now and if you even have the resources available. Time is of the essence. As with anything, if your business decision will impact others, look at how much time it will take to implement and how it will hurt or help their time management. Also, take a look at the risk associated with your decision. If you have to convince upper level management, you need to have a good strategy planned to convince them why they should take this risk.

Once you are ready to implement your business decision you should take all the necessary steps to make it a smooth process. Have a good implementation plan that has steps to be followed. Make sure your managers are thoroughly executing your business decision properly. Again, know how much time will be involved for all parties.

After your business decision has been implemented, you need to verify that it is working. Check to see if your decision plan is being implemented as expected. If it is not, make adjustments that will make it easier. Make certain aspects of your business decision a priority so you can evaluate their results quickly. Having a small sampling to being with can help you as you keep tracking results.

Make sure the problem has been solved. This is your last step. If you noticed the problem is still there, go back to the drawing board and try one of your other decisions and implement it. Learn from your mistakes. Write a brief memo that highlights the success of the decision you made and also what parts needed more effort. Your goal is to make a proper decision that will avoid the problem from arising in the future. Try planning several different scenarios and ways to solve them so that you can be prepared if you ever need to make a decision "on the spot".

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Categories: Business Planning, Management, Management Styles,

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Posted by DF
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