Making decisions is among the salient aspects of human beings, and it cannot be underestimated. We as people are faced with different situations on a daily basis that forces us to make decisions. Making the right decisions is one of the surest ways of succeeding in life and the opposite results to failure. Therefore, it is of utmost prudence that we as human beings develop the proper mechanisms that will enhance proper decon making in our lives and lead to prosperity. This paper talks about some of the key factors that you should consider before making decisions as well as the right approach that you should rake in managing your business. It also delves deeper into some of the roles that organizational culture plays in decision making and ethics in a company.
In my daily endeavors, I strive to ensure that I take into consideration all the underlying factors before I make a decision. I think of all the people who are going to be affected both positively and negatively by my decision. Similarly, I also consider how they are going to be affected by the decision that I am going to make. Decision-making process is often a critical issue, and one needs to think logically and emotionally and view the available options and look at them from different angles before making a decision. Ona daily basis, people are faced with various scenarios that warrant the making of a decision, whether the decision is a big or small one. Indeed, the process of understanding how people arrive at their decisions is an area of cognitive psychology and has received attention from many quarters. There are a wide variety of ways in which a problem can be solved, and one should ensure that he/she exploits all the available options before making a decision. Many experts have worked themselves as they seek to find out the factors that influence people in the decision-making process and to explain the process through which people make their decisions. Some of the major factors that affect effective decision making are elaborated below.
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The first things to consider before you make a decision are rationality. It is often advisable that you run the decision that you are about to make through the rational part of your mind before you do any other thing. It is advisable that you make a list of the pros and cons of your options and weigh the impact that they are going to have on your life as well as the lives of others. For example, if you are about to make a decision as to whether you should take up a new job, you can weigh the available options and see how it will affect your life. The new job may rob you of the much needed time that you need to bond with your family. It may also make you spend less time from home even if you are making more money (Honeysett, 2017) .
Additionally, the cost is the other thing that you should consider when it comes to decision making. You should not ignore the costs that are involved in your decision making processes and how it is going to affect your finances. You should be thoughtful enough to consider the resources that you are going to use in executing your new decision while at the same time not disregarding the time that making the new decision is going to cost you. For example, if you are a business executive and are wondering whether you should introduce a new product in the market, you should first think critically. Consider the amount of money that it will cost you to build your new product or whether you would hire a new team of professionals to popularize the product as it enters the market.
Often, managing a business is a delicate task and the methods that an industry leader adopts in running the business affect the overall success that the enterprise would have. Business is an entity that should be run with dedication, resilience, and passion if good outcomes are to be expected. A manager or CEO needs to think critically when deciding the best principle that he/she should adopt in running the business. The main aim of a business is to make profits while at the same time adhering to the stipulated guidelines that have been enacted by the authorities. A company should adopt a “concern for others” principle in its day to day operations. This is because every business should care about all its employees as well as the surrounding neighborhood in which it transacts its business. A “concern for others” principle will realize the most profits for companies while at the same time giving it a good reputation.
Every organization has its own unique cultures and code of ethics that guides each employee. Whether yours is a small business or a big corporation, adhering to the set code of ethics matters a lot to the success and longevity of your business in the long run. Disregard for ethical principles has led to the fall of corporations that were once thriving just because they relegated the aspect of ethics in their operations. Executives who have massive ambition and intelligence but no moral compass have led to the fall of previously thriving organizations like Arthur Andersen, Health South and Enron (Josephson, 2015) . The modern business world is extremely competitive and high tech, therefore, cleverness without character and charisma without conscience is a sure recipe for personal failure of unfathomed proportions. Ethical principles provide the much-needed guide to decision making and also establish the criteria by which other people will judge your decisions.
Therefore, employers should take it upon themselves to train employees to have ethical behavior that will drive their businesses to unimagined levels of success. This is because, in the line of business, people, especially your clients and your competitors judge you by your character since is the basis of trust and credibility. Unethical behavior can destroy the vital assets and lead to the eventual collapse of your business, much to the agony of your employees and to the joy of your competitors. It is therefore important that business executives be concerned with both their character and reputation.
Honeysett, A. (2017). 8 Factors You Need to Consider Before You Make Any Big Decision. Themuse , 112-117.
Josephson, M. (2015). 12 Ethical Principles for Business Executives. Global Leadership Bulletin , 67-73.