What is a Good Business Decision?
A good decision resolves an issue or responds effectively to an event. A good decision considers those who must implement it. A good decision anticipates negative consequences and aims for a preponderance of benefits. A good decision does not require that everyone be happy with the result or agree with the decision-maker. A good decision reflects the integrity of the decision-making process. In short, good decisions work.
Integrity is a big word. Commentators routinely bemoan the absence of integrity, whether in the form of CEOs’ and political leaders’ shortcomings, celebrities’ moral lapses, or the media’s repeated violations of public sensibilities. Few who use the term “integrity” define what they mean. Most speak only about the space left when integrity is missing in action. Without it, any decision is incomplete and more likely to fail.
First, decisions made with integrity are whole. A building has structural integrity when all necessary supporting components are present, solid, and connected, from the foundation to the roof. An important decision requires similar attention if it is to stand and endure. The foundation stones for all significant decisions are our values. A decision is whole and sound when we’ve done the homework and understand what is involved.
Second, decisions made with integrity are coherent. Coherence comes when the reasons we give for our decision actually align with the decision itself. Coherence is not accidental. We create it. When we deliberately integrate our beliefs and actions, we walk our talk. There is more to good decision-making than facing difficult situations with courage, acting with resolve, and believing that doing so is sufficient.
Finally, good decisions are transparent. Without direct, on-the-level communication, integrity suffers. Accountability and trust rest on openness and honesty. When we speak directly and candidly to others about our decision and its impact, we become accountable for our choice. Integrity requires telling the truth, including the hard parts.
It is difficult to achieve integrity in decision-making by ourselves. Reflection and careful consideration benefit from different perspectives. Our challenging, important choices become more solid and complete when we engage others. Even when we can, or must, make a decision alone, our action reaches beyond us. Consulting others can strengthen the decision and increase the chances of successful implementation.
Being transparent and close to staff without interfering allows for interaction and gives staff the feeling they have contributed to a decision. This is beneficial for both staff and managers. I read a another good article over at Barclays Website called “Leading in a recession”
Have a look over at: http://www.barclays.co.uk/commercial/turningthecorner/guides/
I completly agree, integrity is a defining factor in a what is and isn’t a good business decision. It is also a quality that one needs to encompass if they are to succeed in business all togethor. Steadfast adherance to ones beliefs, whether it is in a decision or in general practice, shows strength of character, you cant go changing your views or decisions, you will come across as weak, which will reflect in your decisions and business practice.
This is really interesting article. Here they have said about what is Good Decision in Business. In an organization, lot of managements will be there. In that the Business Management is the top most one to control all other departments available in the organization. Decision Making is related to business management team. The decision taken by them will be too good and without fail.
http://www.GlobalPerformanceForum.com
http://www.gsmiweb.com
A good decision, well contemplated, taken on time and yielding the requisite results is the jewel in every business crown.
I really appreciate your site. Thank you for your insights and guidance.
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Again, the quality of these, and the MEANING emparted makes them
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Great article and blog and we want more :)