When it comes to business, many people find it extremely hard to make decisions. But, as you know, running a business, or even starting a business, is full of big decisions. So, consider this approach.

With most big business decisions, when it’s time to act you’ll only have about 70% of the information. By the time you get 90% or 100% of the information, the business opportunity that existed is long gone. So, to succeed, you have to get comfortable with only having 70% of the information.

To do this, you need to become as efficient as possible, so you can make a decision. And you need to trust your process, and believe that with the information you had, you did the best that you could.

Here are some more strategies to help you make important decisions in the business world.

First, you need to define and clearly articulate the decision. That includes breaking the situation down into multiple, specific components, and – if you’re working with a team – be certain that everyone involved understands the objective. This initial step may take some time, but it will save you a whole bunch of aggravation down the road.

Next, you need to collect as much relevant data as you can … as mentioned, that’s probably no more than 70% of all the information. This could involve market research, financial analysis, and input from numerous departments within your organization. This solid foundation will help establish the basis for your decision.

From there, a good idea is to explore alternative options, and consider the potential risks and benefits associated with each alternative. These risks and benefits should be both short-term and long-term, and you should even consider how each option might affect the company’s reputation. This step involves brainstorming and creative thinking. It’s critical to be open-minded as you consider conventional and unconventional approaches.

If you have key stakeholders, it’s not a bad idea to involve them in the process. This includes the leadership team, department heads, and individuals who will be directly affected by the decision. Gaining diverse perspectives makes each person feel valued and ensures a more well-rounded view of the situation.

Next up, once the alternatives have been identified and assessed by the key players, you should prioritize the alternatives based on how they align with your established criteria. By ranking them in a systematic way, you’ll make it easier to focus on the most viable options.

Then, after putting in the sweat equity, it’s time to make a decision. Be confident and decisive, and clearly communicate the decision to your team.

I know it sounds like you’re done, but from there, the work isn’t over. You must monitor and evaluate your decision and learn from it so you can be adaptable going forward.

In conclusion, making bug business decisions requires you to be thoughtful, strategic, and decisive. By following a process and staying true to it every step of the way, you will increase the likelihood of a successful outcome for you and your company.