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    1 Reply Latest reply on Feb 26, 2016 12:01 AM by Vilnius Industries

    Are You Making Good Business Decisions?

    SteveSmith56 Scout

      The ability to have a well run, profitable business is largely dependent on being able to make better business decisions.  Unfortunately, making business decisions on a timely basis can be difficult enough regardless of whether or not they are good or not.  So your confidence level for staying ahead of important business matters takes a huge hit if good decision making is not one of your stronger skills.

       

      Our lives and our businesses are driven by making decisions.  We make them every day; some routine, some important, some far reaching.  Our decisions usually solve some problem or provide a course of action like deciding who to call for roadside assistance when we have an accident and need the car towed to a particular service center.  In business, making good decisions often impacts the results you get from various things like revenue generation or cost containment.

        • Re: Are You Making Good Business Decisions?
          Vilnius Industries Tracker

          First let me say I totally agree with Steve and admire his accomplishments as founder of his own venture. Now that Steve has set the table I would like to provide a suggestion on how businesses owners can gather the intelligence required to make those good business decisions Steve has written about.

           

          Be mindful of sector specific and industry specific indexes and indicators that are relevant to your business, for example if you are in the home building industry you can follow the monthly permits and construction and prices indexes which you can find in a web search, if you are in a different industry you just search for things germane to you.

           

          Now let's remember that many indexes are national and some are by state, and some are by other geographical regions so make sure you study the details.

           

          Finally, I want to suggest that you use two or three series of indexes or indicators and make your own decisions based on more then one producer of data, you can make a folder in your bookmarks and have the links of all you indexes, this makes it easy to view the updated data on a weekly or monthly basis.

           

          All this is just a small part of gathering intelligence for making good business decisions.