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Bad decisions have bad consequences. To avoid these, you should observe the principles of sound decision making.

Focusing on the future

You have to base your decisions today on the results desired in the future. If you are mired in the past, the ladder to success will always be out of reach.

For example, say you have made poor decisions about a new product. You may feel pressured to stand by your choices because of the money already spent. But the initial cost of the campaign should not influence your future decisions – your commitment is to future results and not to past mistakes.

Examining the timing of your decisions

Timing is always crucial to the success of decisions. For example, if your company is the first to introduce a new product to a market, it may gain a huge advantage. On other hand, sometimes delaying action pays off too – for example, postponing a purchase until prices drop.

Consider decision linkages

Decisions you make at work never affect just you. They ultimately ripple across departments and often to the customer. Ask yourself this simple question before acting on a business solution: How and where am I adding value to my organization through my decision?

For example, would a decision to move into a new market mean you would risk neglecting your existing customers?

When you put these principles to work when choosing among business options, you proceed from a solid decision-making foundation.

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