Ensuring strong leaders with correct leadership abilities is crucial for being successful. When we are placed as leaders, a lot of responsibility rests on our shoulders. Out of which one of the most essential and rewarding tasks is decision making. Without a clear leadership vision, we are not likely to make decisions to shape our career or keep track of our business or the team members working with us. Decisions can either make it or break it before the opportunity slips away. Effective decision making should create clarity out of ambiguity. Dan Brown, an American author, once said, “Life is filled with difficult decisions, and winners are those who make them.”
Decision-makers continuously have to face high pressure, complicated situations, deadlines and opportunities, too much or too little information and many other conflicting conditions. Hence effective decision making evaluates risk and opportunities to make a robust approach towards achieving the goals and maintaining the company’s vision.
Decision making in critical situations is never easy. Below-mentioned are the nine essential skills of decision making that can help to be a successful leader.
- Identify Critical Factors Impacting Decisions
Effective decision making inline with brilliant analytical and comprehensive skills are essential to make the best out of a situation. These skills are also helpful in processing and addressing implementation phases of decisions.
- Evaluate Options to Establish Priorities
Effective decision making requires assessment of various alternatives.
- Navigate Uncertainty and Risk
Effective decision making is judged best with clarity in inferences drawn from a risky and uncertain situation. The future is always unpredictable irrespective of the information given, and an assumption is not a foregone conclusion.
- Quantitative Analysis
The example of decision making lies in analyzing, interpreting and evaluating the information in various tables, charts, texts or graphs. Leaders must understand what the numbers refer to and how it impacts their options.
- Develop Your Leadership Skills
Effective decision making helps a leader to understand their attributes and limitations. Self-improvement strengthens your ability to make the right decisions and be an effective leader.
- Make Timely Decisions
For a leader, it is imperative to make informed decisions quickly. Speeding up with good problem-solving, decision making and planning tools will strengthen you to lead your team.
- Be Tech-Savvy
An effective leader is always one step ahead of its peers. No need to be an expert in everything, but you should identify the opportunities and challenges moving your business from the point of view of technological innovations.
- Take Integrity for Your Actions
Creating a productive workforce by providing guidance and inspiration while taking your business to new heights reflects a good leader. However, when things go wrong, take corrective and decisive actions. It will allow you to show an example of decision making and being a good leader. By displaying enthusiasm and confidence,a leader is likely to tackle each task effectively.
- Know Your Team
You should be aware that your team is made of individuals with different abilities and outlooks. What motivates one, won’t necessarily motivate another individual. One of the critical skills is matching people with tasks. Keep your team informed. Assertive communication is an integral part of being a good leader.
Having the decision making skills, as mentioned earlier, is a requisite of being a good and successful leader. Critical thinking skills can be improvised. Therefore, the IIM MBA courses offer a proven suite of communication skills, analytical skills and enrichment modules focused on improving employees’ decision making capability.