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Business Decision Making: Ideas Versus Objectives

Generate alternatives by considering what your overall objectives might beThere are many tools and techniques that can help with business decision making.  We will explore how to assess an idea and generate alternatives by considering what your overall objectives are.  

Anyone who likes variety will be attracted to a new idea purely because it is different and it is a novelty.  Enthusiasm is exactly what you need when you are putting new ideas into practice you need to harness that enthusiasm for a little strategic thinking, however, and you might just come up with some even better ideas.

So Take a Step Back

Often, we consider an idea in isolation, without taking a step back to think about what the objective is. Yet if you ask what you want to achieve with any particular course of action, you are then open to other ideas that might prove to be a more effective way of getting there.  Start by asking yourself…

Why am I doing this? And What are my Objectives?

For example: Say you run an events company and you see an opportunity to put on a series of corporate Christmas party events. Your initial budget shows you might make a profit of £10k, if all goes well. You will need two staff working on the project for the equivalent of 2 months each.

Consider Your Objectives

Possible objectives for running the party nights might be:

– To make £10k. In which case, you could then ask why this particular project is the best way to achieve that. Is it likely to be the most effective use of time and resources towards that end? Could those people be more profitable if used in other ways?
– To make contact with customers to whom you could then sell your other services. Ask why this would be the most effective way to do that. Might you find more customers by dedicating two staff members to other business development activities instead?
– To gain experience of this type of event. Again, ask why. In order to do the same again in future? In which case, back to Q1!

From Business Decision Making to Action

When you focus on the ‘why’ and the ‘what else could we do’ questions, you often generate a number of options to choose from. Weigh these up against each other and against doing nothing, your baseline option and you are much more likely to make business decisions that are exciting for all the right reasons!

Now you have reflected on your ideas you may wonder how to make sure your business ideas get actioned.   To get from ideas to actions need not be difficult, but certainly require focus and effort. When you’re ready, have a look at some ways to make this happen.

How Action Your Ideas

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