5 Key Decision Making Skills to be a Successful Leader
When we are placed in the role of a leader great responsibility rests at our hands. Out of which one of the daunting and yet most rewarding parts of leadership is decision making. As a leader, we are supposed to take many decisions which are to shape not only our career as a leader but also that of the company and the team members as a whole, who are working along with us. These decisions can make it or break it and sometimes it can get very dicey to make the right decision before the opportunity slips away.
Dan Brown who is an American author best known for his thriller novels, including the Robert Langdon novels Angels & Demons, The Da Vinci Code, The Lost Symbol, Inferno and Origin.
“Life is filled with difficult decisions, and winners are those who make them.” – Dan Brown.
We may constantly have to encounter high pressure, complex circumstances, deadlines and tempting opportunities, and many other conflicting situations with too little or too much information about it. Hence in the capacity of a decision-maker, we should be able to develop clarity out of ambiguity and must know how to calculate risk and opportunities to make a robust decision to move towards our goals and achieve them as well as maintain the vision of the company.
Leadership requires exceptional decision-making skills so to refurbish the decision making qualities here are five Key Decision-Making Skills that can help us to be a Successful Leader.
Identify critical factors that will affect the outcome of a decision:
Being an exceptional leader requires to be a skilled decision-maker which has brilliant analytical and comprehensive skills to decode the situation and make the best out of it, based on the many of the variables available in the given circumstances. This skill can be very helpful in the process of determining and addressing the issue in various phases such as the deliberative and implementation phase of any decision.
Evaluate options accurately and establish priorities:
Evaluation of options and establishing the priorities can go a long way in assessing the quality of the various available alternatives along with presenting the reasons behind the evaluations we make. This also makes up an important quality of an effective leader.
Anticipate outcomes and see logical consequences:
It is one the best quality of a Dexterous strategist to draw logical and rational inference from a complex and critical situation. And defining it in a concise and precise manner to see through all the implications of the factors which may influence the decision making or curb it. This may comprise of factors such as Government regulations, policies, basic assumptions, core principles, and protocols
Navigate risk and uncertainty:
To decide with clarity in risky and uncertain circumstances the best thing we can do is make the probable and best-justified inferences from that context of uncertainty,
Reason well in contexts requiring quantitative analysis:
This Skill demands us to be able to analyze, interpret, and evaluate the presented information in various charts, graphs, text, or tables. We must able to bring out a conclusion from what the numbers are insinuating and in what ways it is going to impact our options.
Having such decision-making skills is a prerequisite to being a successful leader and practicing the aforementioned Key Decision-Making skills can exponentially increase our chances to succeed as a leader. For instance, we can look at Mr. Reza Satchu who has substantial experience as an entrepreneur, leader, and investor. Reza Satchu has co-founded, built, and managed several businesses from inception including Alignvest Management Corporation; KGS-Alpha Capital Markets, the U.S.
Fixed-income broker-dealer with over $10 billion in assets, that was sold to Bank of Montreal for over $400 million; Storage Now, which became Canada’s largest self-storage company before being sold to In Storage REIT for over $100 million; and Supplier Market, a supply chain software company whose investors included Sequoia and KKR that was sold to Ariba for over $900 million. This all becomes possible owing to his exceptional analytical skills and robust decision-making skills as a leader.