How You Make Decisions Can Have a Big Impact on Your Business

As a small business owner, you need to be able to quickly discern the difference between fast and slow thinking because each decision you make can impact the business either positively or negatively. Fast thinking is intuitive while slow thinking requires deep reflection.

Daniel Kahneman, a renowned psychologist and Nobel Prize Winner in Economics, explained in his international bestseller, Thinking Fast and Slow, that decision-makers often get mixed up when it comes to fast thinking and slow thinking. They think fast when they should think slowly, and they think slowly when they should think fast.

Let’s look at some examples of fast and slow thinking that you will have to do to build a successful business:

High-Speed Internet

In our fast-paced world, a slow, unreliable internet connection can negatively impact your business. You will need fast, reliable internet to stay competitive. A provider’s internet service will have a direct impact on your own business operations. The better the overall service, the greater your chances of increasing the productivity of your business. When trying to decide on your ISP, take your time, reviewing various wifi packages carefully to ensure that they the suit your business needs.

Office Equipment

The quality of your work will suffer if you use an old computer, a temperamental printer, and outdated software. Some good quality equipment to run your operations efficiently and effectively include computers, printers, photocopiers, fax machines, scanners, and telephone systems. You may also find it useful to use audio transcribing machines, postage meters and franking machines, shredders, label makers, and laminators. When trying to decide on your office equipment, you can move quickly after checking out demo models in stores. But you should take your time when it comes to picking the best software. Match all the features the software offers with your specific needs.

Hiring the Best People

Recruiting the right people can make all the difference to your success.  Use a formal hiring process when looking to add new staff rather than simply hiring people you meet or who have been recommended by friends or colleagues. By making an effort to find the right people, screening out those who don’t appear to be a good fit, you will not only find the best performers, but you’ll also avoid costly mistakes. When trying to decide on hiring someone, you may need to rely on your intuition because if you drag your feet on a promising candidate, they are liable to be snapped up by a competitor.

Mastering the Sales Process

Although selling is an essential aspect of any kind of business, most people don’t take the time to study proven sales techniques. Instead, they learn on the job, adopting a few techniques that work. In other words, they rely on instinct, second nature, and random selection to build their knowledge base. But sales are a complex subject, offering many ways to approach someone and to close a sale. Someone who has a reportorial skillset will be able to approach each sales situation in a unique way to build instant rapport with clients. To get good at selling, you need to take some type of formal training course. You need someone to coach you in the psychology of selling. When trying to decide on what sales training course to select, don’t be in too much of a hurry. Since you are going to spend a lot of time studying the material, you need to make sure that you invest in the right training program.

Building Great Relationships

Business is all about relationships. You will build many types of relationships with all sorts of people, relationships with fellow entrepreneurs, suppliers, customers, and others involved in the supply chain. When it comes to building relationships, take your time to get to know people. While having many positive relationships is a wonderful thing, human beings are complicated, and it takes time to know someone well.

All things considered, getting good at decision-making can mean the difference between failure and success. A decision is a fork in the road. The road you choose will determine your destiny in a small or large, positive or negative way.

About the author

Jayvee Fernandez

Jayvee Fernandez is a tech enthusiast, EAN certified SCUBA Diver and underwater photographer based in Metro Manila, Philippines. His photos and videos have appeared in various international and local publications including Random House Germany, Discovery Channel Canada, and CNN.

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