As leaders in the corporate world, we understand that every outcome traces back to a decision. Our organizations are built on the choices we make, both big and small. This underscores the primal nature of decision-making and its profound impact. The path we chart for our companies stems from the judgment calls we make each day.
What products do we can or take to the market? How do we enter this new market? When do we react to an impending regulatory change? The art of decision-making is a skill that can make or mar any organization. Each decision, whether small or monumental, will have an effect that reverberates across the organization. Mastering effective decision-making is the bedrock for success in any enterprise and might very well determine the longevity of your business. It is a process that involves strategic thinking, analytical skills, and a deep understanding of the business environment.
Decision-making starts with a clear vision and mission for the organization. CEOs must have a deep understanding of where the company is headed and what it aims to achieve. This clarity provides a foundation for making decisions that align with the long-term goals and values of the company.
Data is also a powerful tool CEOs should utilize to enhance decision-making process. Making decisions based on accurate and relevant data can significantly enhance chances of success within and outside the organization. Utilizing analytics and market insights to inform your decision ensures that they are grounded in facts rather than intuition alone.
The best decisions often emerge from diverse perspectives. It is always best to encourage an inclusive decision-making process within your organization. This involves carrying everyone along including key stakeholders, employees, and subject matter experts.
Let me share a little secret – During the deployment of our POS terminals, an employee had suggested the need for our terminals to have a unique sound which would be indicative of the fact that a successful transaction had occurred. Today, that distinctive ping, has become one of Moniepoint’s identity markers in the marketplace, bringing smiles and succor to many people who would have hitherto been detained till the merchants got a confirmation.
Having an inclusive decision-making process makes it easier and also fosters creativity within the team. It ensures that decisions are well-rounded and you get to hear from various points of view.
We must also keep in mind that the industry is always evolving. Adaptability and flexibility should come as second nature to everyone, including CEOs. You must be willing to adapt to changing circumstances. Flexibility in decision-making is crucial for staying ahead in a rapidly changing market.
The ability to make decisions in a timely manner is a hallmark of effective leadership. While it’s important to gather information and consider various options, a CEO must also recognize the value of decisiveness. Procrastination can lead to missed opportunities or an ineffective response to challenges.
Finally, bear in mind that not every decision will lead to the desired or positive outcome. Successful CEOs view mistakes as teachable moments and learning opportunities. You need to analyze and understand the reasons behind a suboptimal decision that can pave the way for continuous improvement and growth.
Mastering the art of decision-making is an ongoing journey for CEOs. The ability to make effective decisions is not just a skill but an art, and like any art form, it requires practice, refinement, and a dedication to continuous improvement.
Tosin Eniolorunda is Group CEO, Moniepoint Inc.
