Author Napoleon Hill once remarked that: “Decision distinguishes high performers from mediocre performers.”

This assertion cannot be overemphasized especially in these times when the global economy is reeling under the uncertainties brought about by COVID-19.

Quality decisions now matter more than ever if any enterprise or organization is to survive.

And on the African continent where, according to Lobbing Africa (2019) blog, poor decisions are a top predator of businesses, decision-making is critical.

As the world recovers from the impacts of the pandemic, strategic decision making is a new goldmine for businesses to exploit post-COVID-19.

Human Capital International (HCI) understands that African SMEs have limited information and data to support quality strategic decision making for business growth and profitability.

Investment in data analytic tools that gives a better understanding of the customer, and how to attract and retain them, should therefore be a priority.

HCI believes the following strategies could guide all SMEs to recover from the impact of COVID-19.

Focus on the most profitable products/services of your business

This article will interest you: What are SMEs leaders in customer experience doing to satisfy customers and drive growth?

A clear post-COVID strategy for small businesses is to identify their most valuable products and services and invest in such areas adequately.

This strategy is essential to help the SMEs have enough cash flow and also meet overhead costs which are vital for the day to day running of the business.

This is also a period in which you can’t afford to lose any customers as spending power is dwindling.

Hence, there is a need for SME owners to deepen the relationship between their businesses and customers. Reach out to them and cement your relationship with them through quality customer care, products, and services.

Engage and involve the right people 

Gone are the days when the owner of a business or a manager was the sole visionary.

Globalization, training, and exposure have equipped even junior staff to have enterprise turning ideas.

Because we believe in people as the biggest asset of your enterprise, part of your recovery strategy should be to recruit the right team and ensure that they are involved in the operations and decision-making processes of the business.

Before you make any decisions, we recommend that you adopt a participatory leadership style, where team members can debate and come up with clear decisions specific to post COVID-19 recovery.

According to McKinsey 2020 blog, SME leaders who centralize decision making to themselves during times of uncertainties, risk making wrong decisions which could cost their business.

A study conducted among 500 managers and executives by Erik, L., (2017), concluded that 98 per cent of companies’ failures are due to poor decision making.

What this means is that being the sole participant in the board room without the involvement of junior staff who interface with clients, may lead to loss of first-hand information that may turn out to be harmful to your business.

Focus on teams and encourage healthy debates

Recommended article: How to build efficient teams among SMEs in Africa

Most SMEs’ focus during these uncertain times has been on cash flow management. Now that life is creeping back to normalcy, with most restrictions having been lifted, the focus should be on driving efficiency among teams.

Every member of the team must now prove their worth through productivity and the quality of ideas they generate.

Most times, business leaders seek help from “experts”, and at exorbitant costs, and yet what they need may be right under their noses.

A study by Andrea, A., Aaron, D., & Leigh, W. (2020), advises entrepreneurs to abandon the hierarchical model of decision making which proved efficient in ordinary times, and instead involve many more stakeholders and encourage different views and debate.

Avoid emotional decision making

The most common devourer of SMEs’ sustainability and growth in Africa is emotional decision-making.

The world has become so competitive that there is no room for weak, complacent, and emotional decision-makers.

According to Francesca Gino, a contributor with Harvard Business Review in 2015, said, your emotional reactions to the choices you make, may be useful in directing your attention and energy toward what you feel. Yet, intense emotions may lead a person to make misguided decisions or outright disastrous ones.

Therefore, as the leader during this uncertain economic business environment, you need to be very objective, and ensure that all decisions made are based on mental clarity, calmness, and rational thinking.

Learn extensively about your options

“Learn, unlearn and relearn”, says the renowned author, Alvin Toffler.  The only way to survive as a business is by innovating and availing product options to customers.

And the only way you can be innovative is by being a life-long learner.

According to OpenStax blog, most leaders limit their ability to make the correct decisions because they lack comprehensive information.

Therefore, become a lifetime student of enterprise, gleaning as much as you can from the knowledge which abounds especially in this digital age, and see your business soar past the negative impacts of COVID-19.