If you’re running a business, whether it’s a shop on the local high street or a multinational empire, one of the main components of your job is making decisions – choosing how to spend the limited resources at your disposal, be they money, time, expertise or manpower to overcome challenges or exploit opportunities.
Making good decisions is difficult, but it’s the difference between your business overcoming bad situations, making the most of opportunities and thriving, and wasting resources and possibly failing altogether.
Today we’re looking at some of the principles and ingredients that go into making good decisions in your business, so you can feel more confident about how you’re steering the ship.
Data
If you’re going to take reliable decisions about your business then you need hard data to base them on. A gut feeling, or a sense that you know what’s right isn’t good enough – any success is purely accidental and builds a sense of false confidence that makes the inevitable poor decision even more painful to endure.
There are lots of different kinds of data and as many different ways to gather it. Internal data – how your staff perform, the costs and profits of different actions, products and services – can be gathered internally, though it may be worth getting specialist consultants in to help you set up the systems you need for this.
External data – about your customers, your potential customers who have not yet tried your services, and the market at large, will all likely require external help to gather and interpret. Market research firms and competitor research consultants can provide you with data and insight on what your customers want, and how your competitors are behaving.
Using this data you can more accurately predict the results of your decisions, and ensure they tend towards the best outcome for your business.
Weighing the Options and Getting Help
When you identify an opportunity, it’s important to weigh up all the options and outcomes to decide if it’s a good opportunity for you, at this time.
A great deal on a new office is certainly an opportunity to grow your business in a new city, but if doesn’t have the amenities you need, if it’s in the wrong part of town, or a city where there’s a low ceiling to your customer base, then it might be opportunity that costs you a lot of money and shuts down your business!
If you need additional perspective making these kinds of decisions it’s worth looking into business strategy consultancy options. These specialist consultants focus on business growth, and helping you attain it in the right way for your business – quickly, steadily, slowly, or however else your brand needs it. If you’re looking for strategy consultancy London has lots of options to fit different budgets and needs.