People who are quite far from the business sphere and those who do not follow the recent news in this field hardly can compose a reasonable piece of writing on business decisions. During school classes, students address this issue in basic terms and have to write high-quality research papers, essays, and other assignments discussing the problem. But how? Thus, they often turn to professional academic writers and writing experts at AdvancedWriters, for example, a business paper writing service for help.
This way, they get custom assistance that guides them to compose a masterpiece. And, if you feel that some help is needed, this sample will be of much use.
Good Business Decisions – Example Essay
One of the most fundamental skills that every great leader should possess is the capability to make good business decisions. Business leaders are tasked with making numerous decisions every day which have either a direct or indirect impact on the success of the organization as well on the customers and employees of the organization. For a business leader to develop good decision-making skills, they need to be well trained, educated, have good intuition and reasoning capacity (Preston, 2014). A major reason as to why leaders and consequently businesses fail is due to bad decision making or put differently, poor choices on their part. The situation becomes worse if the bad choices made are followed up by more bad decisions. Leadership and decision making cannot be separated, neither can the success of a business from decision making. As a matter of fact, most business leaders who eventually become C suite executives get there by consistently making good business choices. Ironically, while it usually takes a long time to build a successful business through the practice of continuous making good decisions, it only takes one bad decision to destroy a business. One of the aspects of good decision making is the art and science of critical thinking. Critical thinking involves reasoning that is both deductive and inductive in nature so as to arrive at the best solution or decision.
Following a major lapse in the sales of company X, (1, Premise) it was necessary for some major decisions to be made so as to improve the situation and save the company from a possible downfall. The main decision that was made was to focus on the key goods that the company was dealing with and do away with the other products that were not so profitable. (1, Conclusion). The business decision, though hard to make, was the best decision for company X at the time. The alternative would have been to continue dealing with numerous products which were not performing so well. The business decision was good for the business due to a number of factors.
The decision to focus on a few profitable products and drop products that were unprofitable is a good business decision. For starters, this decision will enable the sales and marketing team to focus their energy and resources on the products that are paying the bills for the company and keeping it going. As a result, the sales for the profitable products (2, Premise) will increase and the revenue for the business as well. It is a common trend for businesses to drop unprofitable business ventures which are only breaking even or causing losses for the company. Another reason why the business decision is a good one is because focusing on the profitable products will enable the company to observe the performance of the products and make the necessary decisions to further propel sales.
The decision to focus on profitable products is a good decision because it will accomplish the goal of increasing sales and revenue. (2, Conclusion) Another characteristic of the decision is that it can be executed. The ability of a decision to be executable is key because it determines whether or not the decision can lead to the success of the business venture. The decision is also systematic because it was made after evaluating a number of possible alternatives and arriving at a few choices and further narrowed down to the best possible alternative. The decision is also a good business decision because it has an aspect of accountability due to the fact that the outcome of the decision is measurable. If the sales and revenue increase, then the decision will be a proven success and vice versa (Spetzler, 2016).
For purposes of the situation in which Company X is in and the consequent decision that was made, it is important to define what “good” means in this case. The word good in this case refers to the best possible decision that was made which would be able to solve the problem at hand in an efficient manner (Spetzler, 2016). Good here also means a decision that will not lead to any unwanted and adverse consequences for the company but will instead achieve the desired results which in this case are an increase in sales and revenue. Good decisions, as compared to bad decisions, consider the wellbeing of the organization above all else. Like in the above example, dropping the unprofitable products may not be in the nest interest of the sales and marketing team, due to the fact that some employees may have to be let go, but it is the best decision for the overall profitability of the company.
Good decisions must also incorporate critical thinking which employ both deductive and inductive reasoning. As in the example above, deductive reasoning was employed where the decision that was made was as a result of the premise. In other words, the need for an increase in the sales and revenue informed the decision to focus on the profitable products. Inductive reasoning was employed where the main goal of the company was identified as increase in sales and revenues and therefore the conclusion or solution was to focus on what was profitable for the organization.
Preston, T. (2014). How to figure things out: Inductive reasoning versus deductive reasoning. United States: ePub Wealth.com.
Spetzler, C. S. (2016). Decision quality: Value creation from better business decisions. Hoboken, New Jersey: WILEY.