About Small Business Info: Making Tough Decisions

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	from Darrell Zahorsky Being a business owner comes with the freedom to make your own decisions. To the rookie business, being the boss seems to good to be true. But ask any veteran entrepreneur and they say one of the toughest parts of the job is making decisions. Do you raise prices? Fire an employee? Borrow for expansion? The list of decisions can be endless. A good decision can take your business to new levels. One bad decision can wipe out years of hard work. This week is dedicated to an important but often forgotten skill in business, the decision making process. You are already faced with the decision to read on or not. What will you decide?
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A Must Have Decision-Making Tool It is easy to fall into the trap of running your business while looking in the "rear-view mirror". Making decisions based on what has happened is dangerous and counterproductive to thriving and surviving in uncertain times. In a period of volatile uncertainty, one adaptive tool is to prepare for the unknown by scenario planning.              More Topics Disaster Recovery Decision Making Decision-Making Framework First HIre Decisions Ethics for Decision Making Collection of Decision Making Quotes Employee Termination Decisions Deciding What Business to Start Preventing Predictable Decision Making Errors People are clinically overoptimistic, assigning zero probability to events that are merely unlikely (such as a massive iceberg in the path of a really big ship). We see "patterns" in the random movements of stocks the way our ancestors saw bears and hunters in the scatterplot of the night sky. We make choices that justify our past choices and then look for data to support them. Not only do we make these errors; we make them reliably. Predictable errors are preventable errors. And with a few simple techniques, you can steer clear of the most common wrong turns.   How to Involve Employees in Decision Making Employee involvement is creating an environment in which people have an impact on decisions and actions that affect their jobs. This involvement increases ownership and commitment, retains your best employees, and fosters an environment in which people choose to be motivated and contributing.     Sponsored Links   Work Hard, Travel Easy Making Business Travel Easier Get tips for making life easier whenever you have to travel for work. Find out how to get the best seats, enjoy your flights, de-stress when you fly and much more.

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