Role of Decision Making in any business

Decision making is an important part in any business's success. How do you all cope with the final decision making process in any field no matter it is marketing, web development or strategy making. Its always tough to chose the best decision for the role. Do you also use any tool for this process or any website group as we see on the Internet every now and then like ethelo.com or any other. I am always confused with my team in this process to decide whats the best for the company. Kindly share your experiences too.

 

In a company, there is always a management hierarchy and/or pecking order. The bigger the decision, the higher up the ladder the decision is made. It sounds like perhaps you are involved with a team that does not have that structure? Needing to get a consensus decision in such a structure-less group is always inefficient and usually counterproductive. Perhaps the most important decision that this group can make is to assign someone to make the final decision on all decisions that will need to be made going forward.

In the small businesses that I am typically involved with, we follow the "Golden Rule"...which is "He with the Gold rules." Whomever holds the budget for the project or campaign makes the final decision. Could be a senior manager or even the CEO, depending on the importance and potential cost of the decision.

 

Personally, I follow my gut. About the only person I run anything by is my wife. I have found, over the years, getting too many opinions just confuses the process of making the final decision.

Many successful business owners have more failures on their record than successes. However, they kept following their gut and sooner or later, the decision was the right one. Keep in mind, even a wrong decision really isn't wrong if you learn from it. Plus, very few decisions cannot be undone or redone if you figure out you went the wrong way.

 

Good points. And remember: even a broken clock is right twice per day.