Connect with us

Success Advice

3 Simple Ways To Make Better Business Decisions

Avatar

Published

on

decision making

Business owners and managers always rely on making the right decisions, in terms of following trends and bringing innovative ways to make their business more successful.

But dealing with the process of making decisions and making the right choices, with risks of failure and success factors on the way, is seldom an easy task. Many professionals have problems connected to insecurity and not enough intel to deem confidence and take properly balanced risks when coming up with a decision.

While no one can establish a clear view on the definite outcomes of a decision, one must think ahead in terms of considering the possible ones, and make a quality risk assessments before implementing any decisions.

Decision making guidance serves a linear process compiled of few stages, among which the basic steps are:

  1. Identify the problem
  2. Generate alternative solutions
  3. Evaluate and choose among alternative solutions
  4. Implement and monitor the chosen solution

But if you consider the decision making process as a linear one, you cannot just stop at the steps above and wonder how to go through with each, without considering a methodology for the decision making.

Here are three simple methods that can provide you with guidance when making a decision:

1. Make a pros and cons sheet

The first way to go through the decision making and elaborate alternatives and outcomes is through the use of a balance sheet. This technique is very useful in problem solving, and I guess decision making and problem solving are interconnected, as they both need to reach an outcome.

What you do is take a simple pen and paper, and draw a line on the middle, making one side free for pros and other for cons. You elaborate why a certain alternative is better or has smaller risks, in comparison to the others, for which you have also made assumptions about. This balance sheet method is a very practical one, and relies on documenting facts and assumptions, and though it may seem too subjective, is a valuable method to support the decision making process.

“As a bull market turns into a bear market, the new pros turn into optimists, hoping and praying the bear market will become a bull and save them. But as the market remains bearish, the optimists become pessimists, quit the profession, and return to their day jobs. This is when the real professional investors re-enter the market.” – Robert Kiyosaki

2. Use the technique six thinking hats

Another decision making methodology is the use of a very stimulating technique, that is called Six Thinking Hats. You can see the more visual interpretation of its description in the mind map below.

The six thinking hats technique, encompasses a way to introduce six ways to look at things: facts, feelings, process, creativity, benefits and cautions, and they are all represented by six different colors for a more stimulating effect.

While “wearing” each hat, the person looks at the decision from different perspectives, giving a variety in the choosing, but a way to stimulate the risk assessment and the scores of possible outcomes.

The white hat is the objective view on the situation and relies only on facts, data and figures, without considering subjective thinking or emotions. The blue hat signifies control of the process and is used to manage the thinking process by observing guidelines of the process.

The red hat marks feelings and relies on intuition, and places emotions without explanation. The green hat is focused on creativity and freshness of ideas and induces lateral thinking. The yellow hat symbolizes the optimistic side of looking onto outcomes and explores the positive values and benefits of the situation. The black hat is the critical thinking hat where the risks and negative sides are being considered.

3. Mind mapping

I am a fan of new concepts and frequently incorporate another famous technique into the decision making process, called mind mapping.

Mind mapping is a visual technique to organize ideas and information. The product of mind mapping is called a mind map and is nothing else that a specific diagram, representing a central topic branching out to subtopics that elaborate the central subject, in this case a problem or a decision to be made. This tool is used to generate, visualize and structure ideas and aids decision making and problem solving, by being able to see the big picture.

“Many think of memory as rote learning, a linear stuffing of the brain with facts, where understanding is irrelevant. When you teach it properly, with imagination and association, understanding becomes a part of it.” – Tony Buzan

Since we cannot surmise all advices or tips to take into account when delivering any decision, or when you go through the decision making process, but you can take into account some of the following:

  • Make sure you are sufficiently informed and put aside any conflicts of interest;
  • Value information and document it in any form as evidence;
  • Take account of all relevant factors and ignore any irrelevant ones;
  • Always think through actions that are within your powers and try to act upon them;
  • And last but not least – make decisions that are within your range.

How do you make important decisions? Please leave your thoughts in the comment section below!

Image courtesy of Twenty20.com

Joel Roberts is an entrepreneur and a project manager with more than 12 years of experience, working with Seavus Project Viewer – a standalone viewer for team members who need to view and analyze project plans. Passionate about ideas and innovation management, she uses mind mapping software on a daily basis to organize, plan and improve her work. Her articles have been featured in more than a dozen project management and business websites. You can follow her on LinkedIn.

Success Advice

How Your Friends Determine Whether You Succeed or Not

Avatar

Published

on

Image Credit: Unsplash

Can anyone do without having friends? We all have our friends, we share ideas with them, talk together, have fun, and fight. Yes, that’s the baseline of friendship. But, do you know that aside from you, your friends can determine whether you achieve success or not?

There are two things in friendship which are the ability to ”love” and the ability to “influence”. This means you are loved and you are influenced. How do your friends affect your success in life? How are they one of the biggest deciding factors of your success? Let’s find out.

What type of friends do you keep? 

First, what type of friends do you keep? Who do you call your best friend? There are two different kinds of friends, good friends, and bad ones. A lot of people have lost their pathway to success and some have also found their road to success all because of the friends they keep, the people they mingle with. 

Who is your best friend? Answer carefully. Having a best friend means you find each other compatible and understanding. Analyze who your best friend is. If your best friend has not motivated you to do something positive, if who you call your bestie has never given you positive advice, lastly if your best friend has never informed and advised you on your shortcomings, then you don’t have a best friend.

This quote tells us “birds of the same feather flock together”. Countless people have changed from their good nature into a bad one all because of friends. One thing to note is, “negative people move with negative aura”. If your best friend is filled with negativity inside-out then you will surely be affected by his/her negative aura.

They influence your success with positivity or negativity 

The friends you keep can either influence you with positivity or negativity because your friends have the power to change your kind of person completely. 

This is how your friends influence you:

  1. They influence you indirectly with what they do
  2. They influence you directly by teaching and giving you advice 

Yes, that is how they influence you. For instance, you watch a movie and you like the way the actor walks. The question is if you truly like the way the actor walks, won’t you try to imitate the actor? Of course, you will.

Just the way you imitate the actor is the same way your friends can influence you with their character. However, the funny part is, they don’t have to teach you to do things like them. You just find yourself imitating and copying them gradually.

An important question to ask is, are you imitating a good friend or a bad one? If you imitate a good friend then you will be good, but if you imitate a bad person, you will surely become a bad person.

Everyone wants to succeed, a good friend will always teach, enlighten, and motivate you for success. A bad friend will only motivate you to do evil things (smoking, drinking, fight, envy,).

And you should know that things like that are a great enemy of success and even of God. So, if you have these bad elements in your life, how will you achieve success? There is no way!

And also, they can teach and advise you directly. But, what do your friends teach you? When you ask them for advice do they inspire you positively or teach you the bad stuff.? A lot of people have regretted lifelong decisions just by listening to the advice of friends. 

The company you keep has the power to influence and change you. Never forget that a positive influence will teach, motivate, and brush you up for success. While a negative influence will inspire you to become a bad person, change your good nature, and leave you with regrets in the end.

Continue Reading

Success Advice

The 3 Step Process to Building a Profitable Pitch

Avatar

Published

on

Image Credit: Unsplash

As a communication coach, one of the top questions entrepreneurs ask me is how to deliver a winning pitch to potential investors. They want to know if there’s a magic formula to get an investor to say yes and buy into their dream and their business. (more…)

Continue Reading

Success Advice

The 4 Pillars of Wealth and Abundance

Avatar

Published

on

Image Credit: Unsplash

Have you ever wondered what the formula for a wealthy and abundant life is? Many people have. Lots has been written about the subject of wealth creation and living an abundant life. It was a breaking point in my journey and pursuit of success when I found out that there is a clear path to achieve success in life. Thanks to those who have shared their journey, we can clearly see and follow the principles of prosperity. (more…)

Continue Reading

Success Advice

Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show

Avatar

Published

on

why you should have a podcast
Image Credit: Unsplash

Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.

What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.

1. Perceived Expertise

When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.

They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.

2. Global Acknowledgement

One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.

The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.

“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar

3. Backed By Numbers

One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.

The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?

4. Effective Communication

While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.

“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins

These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.

Have you ever thought about having a radio show? If so, what would you talk about? Let us below!

Continue Reading

Trending