Marketing Matters is a blog that tells marketing stories from an industry, academic and student's perspective. We confront and debate today’s business trends. Views expressed by the blogs do not necessarily reflect the views of the University of Sydney Business School.
Thursday, 31 March 2016
How good decisions enhance your business and bad decisions undercut your business
Business decisions have a deep impact on business success and growth. A right decision at the right time can bring you ultimate success where as one wrong decision can make you regret for a life time.
Let’s see how good decisions can enhance and help a business;
✓ A well researched decision will not let you down If you perform sufficient research before making a decision, then the chances of loss are minimised. When you are updated about the recent financial market changes and your decision is based on the current business trends, then it will surely bring you success and growth.
✓ Decisions made on expert advice always bring success It might happen that the decision you are going to make has already been implemented in the past, but you might not be aware of its outcomes so, in this scenario, an expert’s advice can help you. They can predict the outcomes of any decision and due to extensive experience they can advise intelligent decision steps that can increase your business growth.
✓ Quick decisions in times of need can prevent business loss
Some business situations require a quick and intelligent decision at a perfect time. When you know business conditions are according to your decision, then a smart decision can save you from business loss.
✓ Decisions made on consideration of employee opinion often prove fruitful
Your employees are your well wisher because their success is dependent on your success, so taking their opinion and incorporating them with yours would bring you your desired goals.
Every entrepreneur or businessman once in a life makes a bad decision, but with proper planning you can make up for it. Now, let’s see how bad decisions can undercut a business.
✘ Hiring the wrong employees will lead to loss
Your success depends on your employees’ efficient performance and hard work. If you hire unprofessional people, then due to lack of desired skills and talent they can tatter your business.
✘ Ignoring cash flow can decrease your growth
Whether your business is on a small or large scale, a close eye should be kept on its cash flow. Cash is your asset and you must be aware about where it goes and from where it comes. Ignoring the cash flow can result in business destruction as you cannot operate without it.
✘ The decision to expand rather than to make a profit can lower your progress Many entrepreneurs want rapid growth and to achieve that they take decisions of rapid business expansion involving new hiring and resources, but often these decisions do not meet the objectives and they suffer in profitability. Choosing expansion over business profitability is not a wise decision and often results in lower progress.
✘ Skipping marketing strategies If you don’t create effective marketing strategies, then there will be no increase in your sales. A wise decision is to allocate a team to work for your product marketing.
If you can avoid the above mentioned bad decisions, then you can keep up with the business market and by practicing smart decisions, you can bring growth and future success to your business.