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A Leader’s Guide to Making Tough Business Decisions: 5 Things to Note

Making decisions is right at the core of leadership. From making low-stake, split-second decisions to the very tough decisions that could impact your organization significantly, you will always have to make decisions. 

The question that begs an answer for most business leaders is, “How do you handle making tough business decisions?” Unfortunately, there is no formula or one-size-fits-all method to go about making tough decisions as a business leader. Notwithstanding, there are a few things you can do to help improve your decision-making process. I’ll be sharing five things you should note in this post.

making tough decisions

  1. Consider different perspectives: While the decision is yours to make, it will affect several other people, and in some cases, the whole business. Because of this, you cannot make your decision based on your perspective alone. Take some time to consider different perspectives before concluding what you want to do.
  2. Weigh the possible outcomes: This is where you consider the “what is?” Who will your decision affect, and what will the possible outcomes be for each stakeholder? Carrying this thorough assessment allows you to come up with different decision pathways. With this, you might not find a winner, but you’d make a decision that will yield great results.
  3. Trust your intuition: We are in a world driven by data. It is no secret that business leaders like you are taking advantage of the data at their disposal to make better decisions. While data is very helpful in making decisions, it should not replace your intuition. Always look inward to check how you feel about a situation before concluding your decision.
  4. Communicate with clarity and empathy: Clear communication is one of the most important skills of effective leaders. Ensure that you communicate the situation clearly to your team and let them know your decision. While doing this, you must be empathetic and ensure there is a soft landing for the parties involved. You might need to draw a communication plan to properly achieve your goal. In all of this, ensure that you don’t try to people-please; that’s different from being empathetic.
  5. Set a clear action path: Now that you have made your decision and communicated to the stakeholders, you need to create a clear action path. Outline the steps you need to actualize your decision. Don’t forget to set expectations and specific timelines.

Making tough decisions is part of your job description as a business leader. I have shared five tips to help you make tough business decisions in this post. You can follow me on my social media platforms to learn more about business leadership.