The Art of Making 'As-Informed-As-Possible' Decisions for Business Advancement

In the inaugural edition of Web Summit Qatar, I had the opportunity to host a roundtable speaking about maintaining customer-centricity whilst growing the business, and I gave the opening remarks on the Growth Summit stage. And I wanted to share with you one of the ideas I shared during both speaking opportunities that is related to decision-making.

In the dynamic world of business, one of the most vital skills for any entrepreneur or leader is effective decision-making. And, I'd like to explore with you a principle that has been instrumental in both my professional journey and academic research – the concept of making 'as-informed-as-possible' decisions.

Understanding 'As-Informed-As-Possible' Decisions

This approach is born from the understanding that complete information is rarely at our disposal in business. Yet, the imperative to make effective and timely decisions remains constant. 'As-informed-as-possible' decision-making entails using the best available information to make strategic and adaptable decisions. Further, you can have all the relevant information today, yet tomorrow something happens in the external world that impacts your decisions of yesterday, such as devaluation, conflict, new tax laws, or any other factor that has an effect on your business directly or indirectly.

Causation vs. Effectuation: A Balanced Approach in Decision-Making

In my doctoral research, I explored two primary decision-making logics: causation and effectuation. Causation is goal-oriented, where decisions are aimed at achieving predefined objectives. Effectuation is more adaptable, focusing on utilizing available resources and responding to evolving opportunities. Integrating these approaches allows for decisions that are both goal-focused and flexible, suitable for the unpredictable nature of business.

Implementing 'As-Informed-As-Possible' Decisions

1. Information Gathering: Begin by collecting relevant and accessible information, such as market trends, customer feedback, financial data, and competitive insights.

2. Balancing Goals and Resources: Match the gathered information with strategic goals (causation) and evaluate how current resources (effectuation) can be most effectively utilized.

3. Decision Execution: Make your decision with the understanding that it's the best choice given the current knowledge, but remain open to flexibility and adaptability. 

4. Outcome Assessment and Strategy Adjustment: Regularly review the outcomes of your decisions and be ready to adjust your strategies based on new information or changes in the business environment.

Applying Business Wisdom to Everyday Life 

Throughout my career, spanning various corporate roles and the founding and growth of multiple businesses, I have found this decision-making framework invaluable. It has empowered me to navigate uncertainties, seize opportunities, and learn from each outcome.

Lastly, I believe this approach to decision-making can be applied just as effectively to our everyday lives. Like in business, life often presents us with incomplete information and demands swift, yet thoughtful decisions. Whether it's personal or professional, the 'as-informed-as-possible' decision-making framework can guide us to make better choices, learn continuously, and grow from each experience.

Your Experiences and Strategies 

I invite you to reflect on your approach to decision-making. What strategies have you found effective in balancing information gathering with decisive action? How do you handle the complexities of business decisions in your field? Your experiences and insights are invaluable, and I look forward to learning from them if you are willing to share.

Here is to making prosperous as-informed-as-possible decisions!