• About Us
  • Contact us
  • Editorial Policy
  • Terms & Conditions
  • Privacy Policy
Wednesday, February 8, 2023
SUBSCRIBE
London Daily Post
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports
No Result
View All Result
London Daily Post
No Result
View All Result
ADVERTISEMENT

How business leaders can make the right decisions during uncertain times

Editorial Board by Editorial Board
September 19, 2022
in Business News
Reading Time: 4 mins read
0
How business leaders can make the right decisions during uncertain times


I once took a leadership course at Yale University in the US, which included a series of group exercises that tested our skills.

One of the exercises involved a scenario about a possible dispute that could arise between members of management over a limited number of parking spaces at their workplace. The teacher asked us to find a solution that would satisfy all members of the management.

One of my colleagues instantly responded that, as CEO, he didn’t need to consult with his colleagues; he would make the decision and everyone had to agree.

Factors such as our cultural backgrounds, personalities and the environment in which our companies operate affect decision-making. I witnessed this during the course at Yale and also among my team members.

But if there’s one thing that affects decision makers, regardless of their backgrounds, it’s making the right decision in times of uncertainty.

I can’t remember the number of times in the past two years that my acquaintances and I have discussed making difficult decisions.

As efficient as I was at making decisions, navigating a business during the Covid-19 pandemic slowed my decision-making process.

I would find myself taking a little longer to think through a situation and make the right decision. I would consult more people and conduct additional research.

During these times, I thought even more about how each decision could affect my business, my team, and our overall performance.

I remember how one of my business acquaintances decided to take a year off because she was so overwhelmed with the decision-making process that she thought it was better not to make any decisions and wait for the pandemic to end.

Of course, he had the luxury of being able to put his business on hold, something many business owners can’t afford.

But as I navigated the pandemic, I found that the one thing that helped me get through tough times was thinking about how every decision I make aligns with the mission and vision of my business.

We would begin each decision-making exercise with a series of questions: Is this decision aligned with our mission and goals? How will it affect our team and our customers?

We don’t know what the next few years will bring, but if we establish the right decision-making processes and culture, making the right decisions will be easier.

Manar Al Hinai

Another helpful approach was making sure we created a culture where employees felt comfortable making suggestions.

We usually hold monthly meetings where everyone is invited and our team can raise questions and suggest ideas.

But my business acquaintances and I realized that not everyone felt comfortable sharing suggestions. Some would feel shy about speaking up in a large group, while others didn’t want to seem like they had a different opinion than their managers and team members.

To receive the best suggestions and make the right decisions, it was necessary to structure spaces where employees felt they could make suggestions without fear of judgment.

This could take different forms, such as an open-door policy where employees could approach business leaders directly, via emails or hold online meetings.

We don’t know what the next few years will bring, but if we establish the right decision-making processes and culture, making the right decisions will be easier.

Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi.

Updated: 19 September 2022 at 04:00





Source link

Share this:

  • Twitter
  • Facebook

Related Posts

Business News

Britain to be worst-performing major economy this year, warns IMF, despite brightening global economy – business live | Business

January 31, 2023

Introduction: IMF forecasts UK recession this yearGood morning, and welcome to our rolling coverage of business, the world economy and...

How business leaders can make the right decisions during uncertain times
Business News

The return of Business Expo, book sale | News, Sports, Jobs

January 28, 2023

“No man is an island, whole by itself; each man is a piece of the continent, a...

How business leaders can make the right decisions during uncertain times
Business News

Southern Colorado family speaks out after a fire destroys their business

January 25, 2023

COLORADO SPRINGS, Colo. (KKTV) - Trinidad Police have arrested Sherry Abeyta, 45, in connection with a fire that occurred last...

How business leaders can make the right decisions during uncertain times
Business News

Tri-state people in business: New hires, promotions, achievements | Business

January 22, 2023

country United StatesUS Virgin IslandsSmaller outlying islands of the United StatescanadaMexico, United Mexican StatesBahamas, Commonwealth of theCuba, Republic ofDominican RepublicHaiti,...

Next Post
How business leaders can make the right decisions during uncertain times

2022 could be a political watershed for Massachusetts women

POPULAR

How business leaders can make the right decisions during uncertain times
Tech News

Trapped by grief algorithms, and image AI privacy issues

February 6, 2023
How business leaders can make the right decisions during uncertain times
Tech News

Fighting pregnancy misinformation, and the ethics of organ donations

February 3, 2023
How business leaders can make the right decisions during uncertain times
Entertainment

Michelle Obama launching podcast based on ‘Light We Carry’

February 1, 2023
  • About Us
  • Contact us
  • Editorial Policy
  • Terms & Conditions
  • Privacy Policy

© 2022 London Daily Post. All Rights Reserved.

No Result
View All Result
  • Home
  • UK
  • World
  • Business
  • Politics
  • Finance
  • Tech
  • Entertainment
  • Lifestyle
  • Sports