WPO Image

How to Make Better Business Decisions Amidst Uncertainty

As we have said many times in this blog, if something distinguishes great entrepreneurs and businessmen it is their ability to make good business decisions. It is a skill that is gained over the years, and in which not only knowledge, training and experience weigh, but also emotional intelligence. And this becomes especially true in times of great uncertainty , such as the ones we are experiencing.

Because, in the end, how can we be sure that we choose the right path? The reality is that, until we see the results, we can never feel 100% calm with a decision. But we can reduce the chances of failure if we have the correct information, or we can rely on a network of contacts that supports us with the advice we need. Let’s learn more about how to make better business, or even personal, decisions in the midst of uncertainty. And thus not be won over by fear or doubts.

Step 1. Have the information you need at hand

When nothing seems clear, or stable, we must stay more connected than ever with the reality of our business , our market and the macroeconomy in which we operate. Because only with real and accurate information, you will be able to make the right decisions for your business, or even for your personal life. So adjust your routine and increase the time you spend reading news or reports , participating in meetings with other entrepreneurs, and speaking with the heads of the different areas of the company to review the operation and its results.

Step 2. Learn to manage anxiety

Many people mistakenly believe that people who are more confident do not feel any type of anxiety. And the reality is that it is a much more common feeling than you might imagine, especially after more than a year of pandemic and social isolation. The key is to transform that anxiety into positive energy , for example through meditation or exercise, or concrete actions that allow you to anticipate problems and quickly find the best solution. For example, if you are overwhelmed by the idea that your suppliers can significantly increase their prices in the short term , start looking for other options today.

Step 3. Say “no” more often

In the midst of uncertainty, our greatest fear is to miss a great opportunity and harm the current and future growth of the company. That is why we usually accept any client, or any invitation to give a talk or interview with the idea of generating more prospects. Learn to be more selective , and better invest your most valuable resource: your time. And before making a decision, put on the table all the options that were presented and analyze which one will have the greatest impact on the business results, if it is possible that you can take advantage of them later, and what level of risk they represent.

Step 4. Don’t let the competition guide your decisions

Of course we can’t help but pay attention to what our competitors are doing. And to be inspired by their strategies to innovate , or to adapt more quickly to new market conditions . But that doesn’t mean doing exactly what they do, or obsessing over their achievements and failures. In tough times, stick with your brand’s values and value proposition , and focus on how to improve them with a focus on your real boss: your customers.

Yvestan Guy