How to Make the Right Business Decisions

Business owners, managers and entrepreneurs need to make the right business decisions. One mistake could damage a business permanently. Thus, it is vital that we should be equipped with the right knowledge, wisdom, understanding and insight to help us judge what choices and actions will bring us in the right path. The following discussions aim to give us some light to guide us in our every business decision making.

 

Business knowledge

Knowledge is power, and we can achieve that by consistently learning through reading books, listening to our mentors, experimenting alternatives, and even by reflecting to our own instinct. But before we attain any knowledge, we need to overcome hastiness. We need to invest time, effort, attention, patience and diligence in doing everything to gain such knowledge. A business person must realize that being too profit-oriented will not actually make his business profitable. We should give attention to the things that cause our profit to decrease temporarily to assure our profitability in the long run, such as spending money to attend trainings and seminars and spending time to listen to our workers or employees. These activities might increase our expense, but they will surely increase the knowledge we can use to also increase our profits and assets.

 

Business wisdom

However, knowledge is not enough to make righteous decisions. Knowledge should be simplified and purified. We need to separate the right from the wrong knowledge. We need to have wisdom to use knowledge correctly – to use that power the right way. You may have read and listened to several mentors teaching you various business principles. However not all of them can’t be right. That is why you need to filter those principles – you need to filter your knowledge. The ability to select the right business knowledge is what wisdom in business is all about.

Wisdom is also important in managing and leading people inside an organization. Managers often encounter opposing views among their subordinates. To settle conflicts among them, a manager should listen to both parties to gain knowledge to both sides. And in order to come up with the right management decisions, he must have the wisdom or the ability to judge what is the right and what is the wrong information that comes to his knowledge.

 

Business understanding

Knowing things and choosing what the right thing is will bring us near to making the right decisions. However, decisions are not only to be chosen, but they are also to be made. Therefore, we need to execute our business judgments. We will not understand our decisions if we will not do them. We will understand things if we will practice and experience them. This is why we make decisions; we really make them and not only choose them.

The principle of understanding is also vital in marketing. Marketers won’t be able to satisfy their customers if they, themselves, are not even satisfied on the products they are promoting. They must understand what they are trying to offer to the market. They will understand it if they will have the first taste and experience of their products or services. Thus, if you want to make the right marketing decision or the right product that will guarantee value and satisfaction to your customers, you should justify that value by becoming the first person to use, consume and guarantee its satisfaction. Don’t sell products you don’t like and products you don’t want your family to use.

 

Business insights

Making the right decisions should not only be done once, but it should be practiced constantly. Our insight is what makes us able to see the future. Businessmen, entrepreneurs, managers and marketers are more likely to make the righteous decisions if they are already sure of its consequences in the future. People achieve insights when they already have the knowledge, wisdom on that knowledge, understanding on that wisdom, and consistency on that understanding. Insight is also achieved when a man’s righteousness becomes his habit, that is, he is already practicing those knowledge, wisdom and understanding in his everyday’s life. Further, insightful people are those that practice things not only to make it right, but practice things until they can’t get wrong. Therefore, if you want to always make the right business decisions, then search for knowledge, have wisdom to judge the right knowledge, gain understanding by doing what you’ve judged and chosen, and finally… achieve insight by continuing what you have done.