When you own or run a business, no matter the size, you are required and trusted to make the best decisions for your team.
It is critical for business owners and managers to understand the impact and importance of each decision they make. As results of a wrong or right choice can affect the entire business. It is significant that business owners continue to improve and update their decision-making skill set. Most of the time, the basics of decision making are the same. However, there are new techniques evolving every day having an impact on making significant decisions for your company. Below we have outlined the 4 “C’s” to help you remember and understand the decision-making techniques. Professionals use these techniques in businesses just like yours!
Also known as group decision making, collaborative decision making is a decision-making technique that works precisely the way it sounds. Decisions are discussed and weighed by a group of people. These people, most often your employees, are chosen either at random or are compiled based on their experiences and knowledge in the company. This method of decision making is one of the most impactful ways to decide, but it is also the most time-consuming.
Consensus decision making technique helps managers and owners decide based on votes. Managers gather employees and tally votes. The decision with the most votes from the staff wins! This technique makes employee morale higher and makes everyone feel like part of a team. While this method is most impactful for the workers, it may not always come out in the best favour of the company. The consensus technique is best used when paired with another technique, such as collaborative or convenience.
One of the more common techniques, command, is where leaders make decisions without talking with higher managers or their teams when deciding. This style is standard and often speeds up the decision-making process. Often, this technique works best when you must make a quick, time-sensitive decision.
Also considered a “hands-off” approach to decision making, it can be one of the hardest for business owners and managers. Delegating and trusting another person to make the best decision for your company may daunt and stressful. However, this decision-making technique also opens up perspectives you had not looked at before. Handing over a decision to someone else on operational matters can empower your team while clearing up time on your schedule. The convenience technique is one of the most difficult, yet impactful and rewarding ways to decide.
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