No two executives or business situations are exactly alike but there are commonalities. We thought we would offer you a list of things to know and do to help you make better decisions and accelerate performance. This is by no means a complete list, but the few points we listed are universally important.
5 Tips to Make Better Decisions
Know your Numbers
The health of your business is directly tied to the numbers. If you don’t have an intimate understanding of your financials including: cash, sales, profit, expenses, debt and inventory, your business is at risk. Even if you are not a numbers person, we can help you to better understand your financial and successfully manage them.
Nobody is perfect. We all have a unique set of strengths and weaknesses. The trick to successful leadership is to know them, leverage your strengths and bolster your weaknesses. Knowing and accepting your limitations while finding quality people or resources to support you in these areas is not a sign weakness. Using an executive coach is a sign of strength or a strategic bridge which will take you further than you could ever go on your own.
Take Calculated Risks
It is easy to become complacent when times are good, but that is exactly the time to evaluate your options and take a calculated risk. All decisions carry risk. The key is to make well planned decisions that minimize risk and maximize opportunity. Of course you must do your research, evaluate options, perform due diligence, anticipate mistakes, write a plan and prepare for the unexpected bumps in the road. Yes it seems like a lot of work, but without taking a calculated risk, your business’ up-side potential will be limited.
Lead with Optimism
Your energy level matters. Motivating, training and even inspiring your team to success is a key part of leadership. While there is a fine line between confidence and arrogance, try to remember, it’s not about you. Confidently and consistently share your vision with employees but make it about the company and your team rather than yourself. Focus on the positive, recognize excellence and show appreciation for your customers, employees and stakeholders.
Adapt to Change
Change is a constant. It works best when you lead into change rather than hanging back and waiting for it to happen to you. Great leaders know how to leverage change to their advantage. They can do it with their product and technology strategies or effectively adjust their communication or management styles to secure a better outcome with customers and employees.
Focus: and you will Make Better Decisions