Friday, January 24, 2014

Collaborative Decision Making in Small Businesses

Decision making in small business can differ substantially from making decisions in a large corporation. In a corporate setting, no individual has the freedom to make major decisions that impact a business's growth and development. All ideas must be filtered through the appropriate channels and considered by upper management. 

In a small business, decisions can be made instantly. While this provides substantial freedom, it also brings its own problems: Specifically, reaching a consensus can be a challenge when multiple business partners each have a say in what happens next. It's important to take the collective intelligence of your staff into account when making decisions that affect your business, but smarter decision making doesn't have to be time-consuming. 

A Swift Solution to Gathering Information 

The tacit knowledge of your partners and treasured employees is a valuable resource, but taking the time to individually discuss every decision is not always the most efficient choice. It's possible to come to a standstill easily when too many opinions are discussed and considered. A smarter and faster solution is crowdsourcing decision making, which allows you to take advantage of the team's tacit knowledge without spending time deliberating over every decision. 

When crowdsourcing decision making, you call upon the collective intelligence of your group members. They pitch ideas, which are then gathered and submitted to subjective evaluation. In this way, you can get a clear survey of exactly where everyone stands without actively debating a question. Subjective evaluation allows you to sort through the responses given and quickly see where a consensus is reached. 

Tools to Expedite Information Gathering in Small and Medium Businesses

To make this process faster, our app Ranktab will aid in collecting and assessing information. It will provide a visualization of data to make it easier to see at a glance where a consensus lies. Visualization tools can streamline the decision-making process and allow business owners to pursue the best course of action without spending hours tied up in meetings. This frees up more of your time to implement these decisions and mind all of the other important aspects of running your business.

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