Business Skills
Consideration of all key factors and alternative approaches
Before reaching a business decision it is necessary to consider all the factors and look at alternative approaches. The most obvious decision is not always the best one. Research, analysis and evaluation of the information before reaching a decision is essential.
Consideration of risk when making final decisions / recommendations
There is a risk involved in every decision but careful consideration of the risks can lead to decisions being made that reduce this risk as much as possible.
Legal risk
A business will need to ensure that its decisions do not contravene state legislation. This could mean ensuring that activities do not violate existing laws or modifying activities to comply with new laws.
Reputational risk
Business decisions can affect the way people see the business and their feelings about the business. This can affect whether they choose to purchase or use the products and services of the business.
Financial Risk
Business decisions must be financially secure. They should be fully costed and businesses should ensure they are profitable or give value for money.