What are the four hazards that will derail the decision making in your business?
As a rule, humans don’t have a particularly strong track record of making good decisions.
Whether in business or in our personal lives we get it wrong more than we get it right - why is this?
Because we all fall into the common decision-making traps.
We let our emotions, our bias, our overconfidence and our urgent need to make the decision get in our way.
A 2010 McKinsey study showed that even in the world of big corporate business the decisions are often wrong.
In fact, this study showed that there was a profound lack of good decision making on many of the big acquisition deals in the corporate world…
The study investigated 1048 business decisions over a 5-year period, most of these decisions were subject to rigorous analysis before the final decision was made.
The study proved that a good decision-making process mattered 600% more than rigorous analysis.
Our failure to make the right decision all the time is not surprising given that none of us really know the skills required to make decisions, the skills that lead to greater business success and profitability.
Within your business I am sure you have sent people on training courses for management, recruitment, selling, buying and planning…
BUT what about decision making?
And yet it is the single most important business skill to have…
Decision making is vital…