Strategic decisions is an everyday “breakfast” in most organisation either at their needs or want.
Are we making the right decision?
What exactly, it is strategic decision?
Why do we need strategic decision?
Therefore, learning Analysis of Business Problems (ABP) from Lagos Business School will make anyone make the right strategic decisions, anyday, anytime…
Herewith checklist of what implore most executives use to improve on strategic decision making:
- We must first establish a clear decision-making framework via the objectives has been thought at the LBS Analysis Problems of Business (ABP): By having a clear and well-defined framework for making decisions that will aid that decisions being made consistently and effectively. Hence, we should define the criteria for making such decisions, identifying stakeholders who need to be involved, and establishing a timeline for making the decisions.
- Executives are advised to gather and analyze data not just narratives only rather data to explore and explain better. The executives must ensure that data are gathered are simple to analyze as a relevant data and impact on the decision making. This tends to include market trends, products benchmarking, competitor analysis, and other internal data in our organizational use for Key performance Indicator (KPI).
- Executives must properly engage with all stakeholders Involve in before making a strategic decision. Executive(s) engagement should be both on external or internal stakeholders, such as employees, customers, and suppliers, can help to gather valuable insights and perspectives that can inform strategic decision making.
- Executives must consider alternatives as stated being part of what we learnt by using the Analysis of Business Problems (ABP). The executives should consider various alternatives before strategic decision making. Hence, this will really helps ensure that the best possible solution is selected and that unintended consequences are identified and addressed appropriately.
- Executives do make strategic decisions based on organization short- term and long-term with shared perspective. As executives we should strive to make decisions based on short- term and long-term perspective, considering the impact that such decisions will be based on the organization structure and what the future entails.
- We pride ourselves as good executives, to continuously monitor, peruse and evaluate decisions because once a decision has been made, executives should continuously elicit, monitor, peruse and assess its effectiveness and make adjustments as necessary.
In conclusion, strategic decision-making is crucial to effective leadership and management and I will appeal that every executives make use the above simple techniques based on Analysis Problems of Business framework as derived during the Lagos Business School (LBS) knowledge sharing sessions. Following these steps, makes executives work seamlessly towards making better strategic decisions that will be more impactful and yield greater support for the organizations’ short term and long-term success respectively. However, executive would have made a good work to showcase organization competitiveness. By understanding the importance of this process, executive’s will be a able to make better judgement on dealing with market expansion, resource allocation, or organizational restructuring, having a clear understanding of the strategic decision-making process and the factors that impact its success can help our executives make better decisions and achieve more goals.
