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7 Tips to Improving Your Cash Flow
Copyright 2005 Pam Newman
Cash is King…That is what everyone tells us and it is true! You cannot function successfully in any business without proper cash flow. So if this Cash Principle is so well known, then why is it that so many businesses...
Getting The Most From Your Customers
As business people we look at many propositions that will help us take that next, much desired growth step. We hear that we must "brand" ourselves and be easy to do business with. The list of ideas goes on and on.
THE GOLD MINE IN YOUR...
Learn The Five Key Debt Reduction Steps You Must Take Immediately!
Step 1. The purpose of this first step is to bring you back to reality. You must know exactly how much money you owe and to whom you owe it. * Collect all of you unpaid bills and any other evidence of your outstanding debts. * List each...
The Hawk and the Mouse - Retirement Saving
There once was a hawk, ferocious and swift. He was young and agile with many years of life to hunt the open ranch lands. In a nearby field, a mouse scurried about the ground. The hawk saw the hurried motion and swept speedily toward the rodent. ...
You Are Weird!
I have decided that you are weird. But, don't worry... it's a good thing! ;-)
Please, let me explain... I promise there's a great marketing lesson in here somewhere... ;-)
Throughout my life, I've been called "weird" on more than...
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Many options yield better decision making
Are you option starved when it comes to making decisions? There are a lot of factors that contribute to good decisions. Problem definition, background data, situation analysis are essential elements in decision making. However, the critical element is having a wealth of alternative options from which to make a final decision. If you would like to improve the quality of your decisions, develop your skill in listing exhaustive alternatives. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Do you make decisions after considering only two or three alternative options? How often are you forced to say, “If we had only thought of such-n-such would we have made a better decision?” Increase that ‘two or three’ to ‘at least, ten.’ and note how quickly that improves your decision making ability. Also, notice how much easier and pleasurable your decision making becomes.
The alumni of my management classes continue to thank me for improving their ability to make good quality decisions. Seldom do these grateful persons recall the agonizing struggle they suffered when they were first introduced to our decision making discipline. Nor do they recall the moment they first discovered decision making was simple and easy once they had ample alternative options or solutions.
When management students submitted papers on case studies, projects, proposals, business plans, or any exercise requiring a final decision they were required to evaluate 14 alternative solutions. We arbitrarily set the number to 14 for consistency and fairness.
How many are best for you? Base your own quota. on whatever is comfortable yet challenging or is commensurate with of your task. Your personal development is the important issue. Habits resulting from the discoveries and discipline
are rewards that remain with you for the remainder of your managerial life..
Some ways to create alternatives: (1)Start your list with the mandatory but, oft overlooked, option to do nothing. (2)Include whatever pops into you mind. The seemingly unrealistic, even ridiculous, ideas can always be deleted later or they may be refined to being viable. Experts in brainstorming tell us to avoid discounting ideas as they are first presented because that interrupts the flow of ideas. They might stimulate your sub conscious to create those great innovative solutions. (3)During the follow up exercise of listing the advantages, disadvantages, possible outcomes and consequences for each alternative new options will come to mind. (4)Consider the opposite action for some alternatives. (5)Include all forms of action. Example: for buy, the options are rent, sell, lease, borrow, share or contract. (6)Form combinations of one or more single alternatives.
The bottom line – what’s in it for you? A wealth of alternative options yields decision dividends by improving the quality.
Enjoy the excitement and self esteem resulting from your creativity.
Avoid the stress of indecision.
You’ll have an increased desire to make more and bigger decisions.
Gain greater confidence.
Discover that the key to working smarter is making better decisions.
Ask yourself, “what other business activity earns more money than decision making?”
Invest in good decision making with numerous deposits of alternative options – today!
About the Author
Gerry added practical wisdom to his college and univeristy courses by owning and operating small businesses. That wisdom is now online at www.UncleMaxSays.com
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