Never allow yourself to be overcome by the feeling that you do not have enough information. Instead, get used to it because a business environment is uncertain almost by definition. The opposite can be harmful, too: when we are overloaded with data, it paralyses us. We are then lured to believe that, given a few minutes more, we will find the missing and crucial piece of data that will allow us to choose the best option. According to the businessknowhow.com website, the key is to recognise when there is already sufficient data available in order to make a reasonable decision.
Set up a clear process for decision-making
An appropriate critical thinking process can save you much time that you would otherwise need in the absence of any such process. You look for more data, ask more people and do more research before you can finally arrive at a decision. With a clear thinking process you will know when you have gathered enough information. You need to know what is going on, generate some possible solutions and select the most suitable one. The last step is to get the approval of all key stakeholders. Having taken all these steps, you will know the decision is right.
Be comfortable with uncertainty
In business you rarely know everything with absolute certainty. You have to be able to make certain assumptions and predictions about what might change and in which direction. There may be new competitors entering your market, customers' needs can evolve at great pace … in other words, many doubts are to be expected. Do not hesitate too long: even with limited information, you can still make the best choice. Decide quickly as usually there will be other matters that also require you to make a decision. Quickly, however, does not mean rashly.
Finding the optimum solution is worth investing some time
Life is fast: we text and reply to e-mails all the time. The pace is frenetic. We travel, attend meetings and meanwhile still have to make correct decisions on whose basis we are evaluated every quarter. But these decisions are too important to be made in haste; there definitely should be room for discussion and some focused thinking. Profound research does take time but a few hours of thinking about an important issue may prove to be the most effective type of activity you could possibly have engaged in.
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