Important points that should be kept in mind while making business decisions

(a) Making Decisions:

While an appropriate decision can bring considerable profits, a wrong decision can result in loss. Therefore, it is more important to make right and timely decisions. The following points should be kept in mind while making decisions.

1. Time Factor:

In making decisions time factor plays an important role. There are some situations which demand quick or on-the-spot decisions.

A moment’s loss of time in making decision may prove harmful. There are other decisions which can be made after due consideration of facts and figures. Such decisions should not be taken hastely.

2. Based on Experience:

Decisions should not be based on whims and fancies or emotions. Rather decisions should be based on experience also.

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3. Wisdom:

Decisions should be taken wisely. One should consider the likely result of decision which one is going to take otherwise it may lead to loss.

4. Firmness:

Firmness in making decisions is also important. It is only a firm decision which is effective.

A decision taken half-heartedly and changed later on creates inconvenience and unpleasantness among those whom the decision is going to have its impact.

5. Boldness:

Some decisions require boldness. For example, if an entrepreneur wants to curb indiscipline among his employees he has to deal with them boldly.

6. Clarity:

There should be clarity indecisions. While making decisions one should consider that the decision will be clearly understood and there is no confusion or scope or misunderstanding.