Making decisions that have a huge impact on your business isn’t easy.
But making decisions an extremely important part of running any business.
You need to be able to think on your feet and make key decisions both quickly and decisively.
How do you do that?
There is a great deal to learn from studying CEOs and how they make decisions.
Decisions Based on Data and Experience
A CEO knows everything that’s going on in their company and in the market.
They know the numbers.
They also have accumulated experience and knowledge from the past.
All this information is at their fingertips at any time, and they can access it when needed to make decisions the right way.
Along with data, a CEO makes decisions with a good dose of instinct and intuition.
They have a gut feeling that they have honed through years of experience.
Learning gained from missteps they’ve taken in the past.
A good leader also has high emotional intelligence (EQ).
A high EQ allows a person to judge a person’s character at first glance with great accuracy.
Strategic Planning and an Eye to the Future
One reason CEOs can make decisions so quickly and decisively is that they’ve already considered that the issue at hand might arise.
CEOs think strategically, always calculating what could possibly happen, and how to react.
With a plan already in hand, they can make snap decisions for greatest benefit with the least amount of risk.
CEOs think proactively, not reactively.
They make decisions not from a defensive position but based on what they want to see happen in the future.
Unafraid to Make Mistakes
CEOs aren’t ambiguous or wishy-washy.
They don’t hesitate and ruminate.
The possible downside is that a CEO might make the wrong decision on something important.
Rather than fearing failure, a CEO makes that decision based on the best information available.
If the decision turns out to be wrong, the CEO then accepts the mistake as a great learning opportunity.
Even failure is better than indecisiveness.
Don’t Make Decisions Alone
Although a CEO looks like the strong individual leader of an organisation, they are nothing without their team and network.
A good CEO is acutely aware of what they know and what they don’t know.
When they need help making a decision, they’re not afraid to ask.
Good CEOs rely heavily on the expertise of trusted partners and team members.
Make Decisions with Core Values in Mind
One of the unique roles of the CEO is protector of the company’s core values.
They need to keep these values in mind at all times and make each decision so that it’s in line with them.
You don’t need to be the CEO of a company in order to make decisions like one.
Whether you’re leading a team, running a small company, or simply working for yourself, learn to make decisions like a CEO and lead your business in the right direction.