Entrepreneurs are natural problem solvers. Today, problems are getting more and more complicated because of a shortfall when it comes to common sense. Strategic thinking and decision making will help you get through smoothly.
In this post, I will unpack why you need these two essential skills and how you can work towards becoming a pro at it in days! Or, you can always sign up for strategic planning courses.
Before anything, let’s understand the two concepts.
Strategic thinking is a very valuable tool, irrespective of your company type, industry and so on. It’s all about developing critical skills at another level. To sum up, strategic thinking is all about creating a strategy which suits your business objectives and needs. Furthermore, not stress anyone at work but, definitely upscale revenue and related aspects.
Decision making is a very basic yet, essential skill which you need in the personal and professional level. It’s all about making hard decisions; decisions which nobody could ever make but, you can! It requires a set of skills like people skills, critical thinking skills and more for optimum success.
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Why strategic thinking is important for successful business outcomes?
Strategic thinking at work involves a strategic plan, mostly annually. The prime objective here is to ensure that the company follows the strategic thinker’s guidelines. Also to see the amazing change in your brand visibility and revenue and organizational climate as a whole.
Let’s look at why strategic thinking is required for your company:
Manage Resources: There’s always a scarcity when it comes to quality human resource, money, time and space too! Strategic thinking, as a skill can enable you to figure out how to use limited resources effectively, keeping in mind all aspects in place. Help your company avoid major costs like opening a new office due to lack of space in your current office.
Change Organizational Climate: Change is constant and all companies face it, even yours. Strategic thinkers like you need to take it positively. Think smart and ensure you be proactive and keep the organizational climate very desirable; based on the market, company revenue and other pointers.
Grow Immensely & Be Consistent: It’s not difficult to grow, it’s difficult to maintain that kind of growth. Consistency is the key and when you have strategic planning done amazingly, you’ll get the solutions to keeping stable and grow at the same time. Plan well in advance and be innovative with your operations. In fact, you can come up with your trends, based on your company for the best outcomes.
Help in Achieving Company Vision: It may seem lame but, your company’s vision is what you truly need to achieve, especially as a strategic thinker. Set the right vision and work towards it till the end; that’s what truly, in a quality way, defines your work and company.
Improve Decision Making Process: Although decision making is another skill I’m going to discuss soon, strategic thinking goes hand-in-hand with this. Businesses are successful only when these two skills come together. Develop the aptitude to recognize subtle changes in the organization and amongst your competitors; see what they have missed and work on your strategy. A good strategic thinker will never jump to conclusions; observations regularly along with an amazing understanding of the marketing is what is needed.
Why decision making is important for successful business outcomes?
Decisions are taken by practically everyone daily. But, why is it that we all fail to make good decisions? Why is it that today, one of the 21st-century skills include bringing a good decision maker? This is because, now is when we’ve realized its need, importance, and possible positive results, if developed.
Let’s look at why decision making is required for your company:
Prevent delays: Simple decisions are always fun. It’s even more fun when you have a checklist and you keep ticking them off. But, what about the tough ones at work? You take over and get paid for it, already! Companies today are looking out for decision-makers who are strong, prompt and very reasonable. Be that man. This can also be done while you’re working as a finance manager – devote about an hour on this skill development via constant analysis of the outcomes of the decisions you make.
Ego and Emotions can be Ignored by One: A true decision-maker will never take petty or workable issues to the CEO of the company. He’ll sweep all the dirt out of the house and ensure everything’s alright. Remember to not take things too personally and not be over-invested in the situation. Make a list of your potential causes, put your emotions and ego aside.
When I say, “Be a good decision maker” it is all about generating enough revenue and happy employees at the same time. Facts over emotions are the key here. If you can’t do it, it’s alright. There is decision making skill development courses available online.
Expert Advice is Needed: Do not be the only expert who is making all the decisions. The beauty of this skill is that you can train people to be a little like you and reduce your burden in the long run. Come up with a blended approach when it comes to decision making; involve subordinates in important meetings and ask for their opinion. Work is all about teaching and training, at the end of the day! Be an approachable man; that’s the best decision you can ever make!
To Question your Data: It’s alright to not have all the data required to make your decision. Your job is to make the right decisions via trend analysis. There’s no point in waiting for data. Start questioning the existing data and find out how you can make future decisions with this. Research reports, industry trends and expert advice are top sources of data. Don’t forget to trust the right people, though.
Plan for the Worst: Understand the risk or consequences of your decisions. You may get sued or, affect your company revenue. I’m not saying that keep revenue first, it’s more about deciding what’s better of a loss over the other sometimes. For example, whether a layoff is better or another month of analysis; both choices have their risks – it’s up to you now!
Obviously, these two skills have their awesome benefits; both at the personal and professional levels. But, how to work towards becoming a pro at the skills?
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Check out the ways of becoming an awesome strategic thinker:
Observe, know and seek trends: Before developing this skill, you need to know your industry trends, business drivers and related aspects. This can be done by making a daily routine when it comes to exploring and synthesizing the latest trends, internal trends too
Be very proactive, understand company needs and report them in writing. Respect the information you received and gathered. Your corporate strategy is based on that.
Think and ask yourself the tough question: Ask yourself questions like, “Can the company become a billion-dollar company with this strategy?” If your answer is a NO, be bold and work towards it. Be bold, thoughtful and honest to yourself. Develop writing skills, it’ll help you express your decisions better Practice before building upon your main point.
Make time to think and embrace conflicts: It’s alright to think of yourself and embrace conflicts. It helps you think better the next time. However, don’t forget to not overthink!
What about decision making? Let’s look at how that can be improved:
Indulge in CBA: Also known as Cost-Benefit Analysis, this awesome strategy has helped several make the toughest of decisions. Figure out the pros and cost to ensure you’re making the right decision. Look at the opportunity cost as well. Ask yourself, “what is it that I’m losing if I don’t do XYZ?” and don’t forget to be honest!
Reduce options: Try making decisions after you cut down your available options. A good decision is taken with only two desired options; it’s challenging and very critical!
No stress, please: Sit down, think with a cool head as to what you really want. Do it daily, do it peacefully; remember, no stress!
Above all, do your research at all times. Irrespective of which skill you want to develop, keep reading, keep learning and don’t forget to sign up for strategic planning courses online; decision making too. Keep your learning crisp on the outside and smooth within for most blended humane and practical business outcomes.
It’s difficult to develop these skills and it may take months altogether to become a pro. However, you’ve got to try. Make note of comments when people ask you to think for strategically or that you need to have a strategy in place. Being strategic in nature is important. Being a decision-maker for yourself sometimes, others are also very essential.
Be the change today so that you can see it sometime soon!