Wondering how to make decisions like a CEO? How do CEOs make decisions?
CEOs are known for making quick and correct decisions at the time of need. But is it possible for anyone to make decisions like a CEO?
Most people when it comes to making decisions will agonize over the decisions then think about the consequences, the impacts the decisions will have on their lives, how it might affect their businesses, etc.
Sometimes we regret later for not having made the decisions or for making the wrong decisions. The reason why this happens is that most of us perceive decision making as consisting of a right and wrong option which isn’t always the truth.
Whether you will become successful in your career or not will be determined by your ability to make big and life-changing decisions.
Remember that leaders who make tough decisions build great businesses whereas those who make poor decisions may never succeed in their businesses.
So, how do CEOs make great and correct decisions?
If you are wondering how you can make decisions like a CEO, here are some tips to help you as shared by a college paper writing service provider in the UK.
1. Think About What Could Go Right
Assuming you are faced with two important options that you are left wondering which one to choose.
A scenario where you have to choose to leave your current job and start your own business or continue working and enjoy the benefits assured.
Now you are left wondering “what if I quit my current job to start my own business and it fails?”
Remember that no matter how good a decision may be, there are always consequences for it.
So, instead of focusing on what could go wrong, why not focus on what could go right?
This could act as a driver to your decision-making process. So in our scenario above, one could focus on which path has more potential and long-term benefits.
As simple as it sounds, the decision you take can make a huge difference.
Focusing on what could go right boosts your energy which increases your creativity and makes you more genuinely inspired.
It makes you think clearly. It makes your mind think soberly making you feel you are on the right path.
2. Always Think about How Big the Decision is
…and then think about how you can break the decision into manageable decisions.
You see, most people think that CEOs make big decisions but that’s not always the truth. At some point, they break the decisions into smaller ones. That way, you can concentrate on one decision and make the next one when the previous one works successfully.
3. Try to Find out How Reversible the Decision is
Some decisions can’t be reversed. For instance, when you fire someone, you just have to let him or her go.
But some decisions are reversible. You can make a decision and determine how things go and when there is no success with the decision you made, you can always change course. So, think about how reversible a decision is beforehand.
4. Understand the Best Time to Make Decision
According to ProEssayWriting, one of the professional writing services from the UK, when faced with a decision-making situation, ask yourself “how long do I have to make the decision?”
A mistake most people make when making decisions is to put unnecessary deadlines for when to decide. Know when it’s time to make the decision and do it.
Sometimes people delay making decisions for bogus reasons. Unless you are gathering information or collecting more data to help make a better decision, always don’t delay the decision.
5. Always Think of What Could Happen When You Wait and When You Decide Now
If you have to wait before you can make the decision, what’s the cost of waiting? And if you have to decide now, is the decision valuable?
If making the decision now is worthwhile, then why not make it. Also, if it doesn’t cost you anything to collect information that can help in the making of an informed decision, then there is no need to rush things up.
6. What Could Make Me Not Make The Decision?
Sometimes certain circumstances could keep you from making an objective decision. For instance, maybe you are too much into the situation that you can’t see the other side or you are passionate with. Your biases can affect your ability to make the decision.
7. Think About How to Overcome Your Biases
If you are sure overcoming those biases could help you make better decisions you should find ways to mitigate them. Sometimes you may need to include other people with different viewpoints in the decision-making process and consider their views legitimately.
8. Think About Who to Involve in the Decision and How
Since you want to have enough data before making the decision, you can’t just involve anyone in the decision.
So, even though you need to involve other people with different viewpoints you also need to evaluate them based on how much information they know about the repercussions of making the decision.
The way you involve other people in the decision also matters. For some, you will want to collect the facts from them while for others you may want to take part in aiding them to decide with you.
9. Think About how much it Could Cost You for Making the Wrong Decision and How Much Value Your Decision Could Bring
Of course, in any decision made, there is a good and bad side to it.
You don’t want to make a decision that could throw you out of business. In fact, it would be better if the decision could win you very little. Chances are that you will gain more than you will lose but sometimes the opposite is inevitable.
10. Understand How to Communicate the Decision
Assuming that you’ve made the decision, who should you tell about it and how? Letting the other party know about the decision you made is as important as the decision you made.
Determine who should be notified about it and what channel of communication to use.
So there you have it; making a decision can be frightening but it’s understandable given that one decision can either make or break something.
We hope these tips will help you know how to make decisions like a CEO.