The key to business success with proper decision making

Proper and proper decision making is essential to increase and improve the profitability of the business and increase its growth. This crucial decision-making job falls on the shoulders of managers who must have sharp, perceptive and sharp minds to make decisions and solve problems in a jiffy. Decisions in a business or corporate setting are mainly of three types, namely strategic, tactical and operational. Whether you are involved in making important strategic decisions that encompass business success or solutions to everyday business problems, there are certain techniques that can be adopted for the smooth running of all departments in an organization.

A business cannot function in isolation, which is why the existence of a balanced, well-connected link is necessary at all levels and teams. Team decision-making techniques thus become very useful in a business organization. The first of several techniques that can be applied is the “No Discussion Authority Rule.” The group leader makes the decisions and finds the solution to the problem at hand, without consulting his team members. Such decision techniques should be adopted in circumstances that require a quick decision and when the leader feels that his members are incapable of making such serious decisions. A big drawback of such techniques is the lack of motivation and sense of responsibility on the part of the company team members to execute the decision.

The following method involves “Authority Rule with Discussion,” in which final decision-making responsibility rests with the leader, but after engaging in considerable discussion with his team. The third technique involves choosing an expert or a group of experts from the team who will assume the weight of decision making. Majority rule decision-making techniques encompass a way of voting and decisions made by the majority of people will be taken into account. In cases where the group lacks a majority of people capable of making meaningful decisions, the Minority Rule is followed.

The last of the decision-making techniques in a company is the Consensus method, where the participation of all the members is imperative and the discussions continue until each and every one of the members reaches a single unanimous consensus.