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business decision making

One of the fundamental principles of business and economics:

T A N S T A A F L

or in other words...

There ain't no such thing as a free lunch

When making a business decision, it's important to determine if a proposed option:

  • falls in line with the strategic objectives
  • maximises the net benefit for the resources that will be used;
  • HAS a net-benefit
  • has achievable timing considerations
  • has acceptable ethical, moral, and/or legal implications
  • does not affect cash flow in an unmanageable way
  • has an acceptable risk and/or return (particularly in relation to external factors)
  • feasibility study

    In any business planning activity, a feasibility study is an effective tool to assist in making a considered decision on the best course of action. The feasibility study can include a cost benefit analysis to evaluate the feasibility of proposed options on technical, economic, and organisational grounds. In so doing, the net presnt value of all options need to be accounted for, with an estimate of the period of time for which benefits will be returned from the initial investment.

    cost-benefit analysis

    There are more than purely perceived up-front financial considerations when you make a business decision. For example:

  • the value of lost sales due to a cheaper, but delayed, delivery
  • the extra administration tasks as a result of poor training
  • your time that could be better spent on the golf course
  • With a thorough cost-benefit analysis of the possible options, the business decision can become suddenly blindingly obvious.

    further information

    For more information about help with making business decisions, contact us now.


     
     
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