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3 Simple Ways To Make Better Business Decisions

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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.

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Wealth Lessons Everyone Should Hear for Every Stage of Your Life

Do you have the courage to rewrite your story?

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what i would tell my younger self

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How to Choose the Best Affiliate Programs for Your Blog

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers

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how to choose the best affiliate programs for your blog

Picking the right affiliate programs for your blog is really important. It can make a big difference in how much money you can make and how much your readers get out of your blog. With so many choices out there, deciding which ones to go with can be tricky. 

This guide is here to make it easier for you. It will give you clear steps and helpful tips to choose affiliate programs that fit well with what your blog is about, what your readers like, and what you stand for. 

For more articles on this theme, please head over to this blog https://blog.partners1xbet.com/.

Understanding Affiliate Marketing

Before you start picking affiliate programs, it’s important to really understand what affiliate marketing is and how it works. 

Basically, affiliate marketing is when you promote a product or service on your blog, and then you get paid a little bit every time someone buys something or does something because you recommended it. 

It’s great for both the person selling the product and the blogger, because the seller gets more sales with low risk, and the blogger can make money from their blog.

How to Choose the Right Affiliate Programs for Your Blog

1. Assess Your Niche and Audience

The key to doing well in affiliate marketing starts with really knowing what your blog is about and who reads it. Consider the following:

  • Your blog’s content: What topics do you cover? Ensure the products or services you promote are relevant.
  • Your audience’s interests and needs: What solutions are they seeking? Choose affiliate programs that offer products or services that solve their problems or enhance their lives.

2. Research Potential Affiliate Programs

Once you know what your blog is about and what your readers want, start looking for affiliate programs. Choose ones that are well-known for good products, great customer service, and helpful support for affiliates. Resources to find these programs include:

  • Affiliate networks like ShareASale, Commission Junction, and ClickBank.
  • Direct searches for “[Your Niche] affiliate programs” in search engines.
  • Recommendations from other bloggers in your niche.

3. Evaluate the Commission Structure

The commission structure is a critical factor to consider. Look for programs that offer competitive rates that make your efforts worthwhile. Consider:

  • The percentage of commission per sale.
  • Whether the program offers a flat rate per action (e.g., per sign-up).
  • The cookie duration, which affects how long after a click you can earn commissions on sales.

4. Consider the Program’s Reputation and Sureness

Join affiliate programs with a solid reputation for quality and sureness. This not only ensures that you’re promoting good products but also that you’ll be paid on time. You can:

  • Read reviews from other affiliates.
  • Check the program’s history and background.
  • Look for any complaints or issues reported online.

5. Analyze the Support and Resources Offered

A good affiliate program gives you things like ads to use, training on their products, and helpful managers. Having access to these resources can really help you do a better job at promoting their products.

6. Understand the Terms and Conditions

Before signing up, thoroughly review the program’s terms and conditions. Pay close attention to:

  • Payment thresholds and methods.
  • Any restrictions on how you can promote their products.
  • The program’s policy on affiliate marketing on social media platforms.

7. Test the Product or Service

If possible, test the product or service before promoting it. This firsthand experience allows you to offer genuine charge and build trust with your audience.

8. Look for Recurring Commission Opportunities

Some affiliate programs pay you again and again for subscriptions or services that charge fees regularly. These can provide a more stable income compared to one-time sales commissions.

Implementing Your Choice

After choosing the best affiliate programs, the next step is to smoothly include your affiliate marketing in your content plan. This includes:

  • Creating valuable content that naturally incorporates affiliate links.
  • Disclosing your affiliate affairs transparently to maintain trust with your audience.
  • Tracking your results to understand what works best for your audience and adjusting your strategy accordingly.

Picking the best affiliate programs for your blog involves careful planning, research, and making sure they match what your audience likes and needs. 

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers. 

The real key to doing well with affiliate marketing isn’t just about the products you talk about, but also how much your audience trusts and values your advice. 

With enough time, patience, and hard work, your blog can grow into a successful space that earns a good amount of affiliate money and helps your readers choose the right products.

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