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Analyze these factors and make a decision.
Analyze the situation and plan corrective action. Never loose hopes, stay focused, stay Enthusiastic, stay Positive. Carryout regular reviews and act accordingly.
Concentrate on the real problem, put priority, kepp calm and resovle step by step all problems sharing experince with all team. Very important to keep positive atmosphere in the company
Thanks for the invite ,
The business criticality can be a single factor or multi dimensional , It can be financial , operational , market related , matured product leading to decline in sales etc ...
It is pretty much essential to identify the root cause and the other affecting factors (cause and effect relationships) to find out the problem area(s). Since there is no one size fits all approach to problems , especially in business , appropriate experts both within and outside the company can be brought in to provide views and the ways to mitigate them.
The more effective way is to keep up with the business happening from both the past and the present , This could sometime help us with views in which others in different business have approached the problems that they have faced in the business.
Business should always have effective strategy in place to ensure the criticality is detectable at an early stage , where it can be handled in an efficient way and the turn around time is less.
To make the best decisions possible, you need to think critically and quickly to pick out any flaws in your processes that might harm your business.
When you think through a problem, your thought process is naturally colored by biases, such as your point of view and your assumptions about the situation. Each of those biases affects your reasoning. If you let your biases drive your thought process and overlook blind spots in your logic, you’ll unwittingly make decisions filled with holes.
"Critical thinking is a way to intervene in your thought process," says Linda Elder, an educational psychologist.
Try these three strategies to help you think through a problem effectively.
1. Identify your purpose.
Every time you face a decision, there is a purpose attached to that choice, or a goal that the decision will help you achieve. For example, if you are expanding into a new market, your purpose might be to choose the one with the greatest growth opportunity.
Once you identify your purpose, it should inform every step of your decision process. First make sure that you're clear about what it is, articulate it for yourself and your team and make use it as a starting point, not an end point. “With critical thinking, it is essential to go beyond the basic skills like gathering information," Elder says.
2. Examine your biases.
When you face a problem, it's common to view it from only your perspective and to overlook how your clients, customers, or co-workers might see it. Considering the situation from only one point of view, however, can lead to products that flop or unnecessary spending. The goal of critical thinking is to bring those biases to light so they don’t obstruct your decisions.
To do that, articulate your own viewpoint. Ask yourself, what do I believe about this situation? What is important to me? Next, look for any assumptions you might be making about others' thoughts or behaviors. "Irrational thought is often unconscious," Elder says. "When we articulate our thoughts, we have a better chance to detect distorted thinking."
3. Consider the implications of your options.
Every choice has consequences, and you can improve your decision-making by anticipating what those might be. To do that, approach the problem from many different viewpoints. Imagine yourself as each of the stakeholders, and consider how they might feel and act in response to each option.
If you do make a choice that backfires by upsetting clients or hurting sales, take a deeper look at which implications you failed to think through, and why. "Common reasons are that people were intellectually lazy, didn't want to consider a given viewpoint," Elder says. Knowing what you missed and why will help you avoid that issue in the future.
I think most have already answered the question.
I think 'Critical' varies upon Actual Impact. (Determines either sustainable or non -sustainable)
On ideal situation the company should conclude with an 'Feasibility' study to determine the position the company is before taking future steps.
Thus, based on Feasibility study, the company would fairly determine it's position, market value, reasons for failure, cost centers etc
Based on this, the company may change some products or services or entire category or division which is obstructing the 'cash flow' or carrying out losses.
Then, company should change the outlook & based on the cost center's & how efficient it can carry forward to determine to reduce costs & increase revenue thus to sustain.
Each company over it's life span may had it's effect (Either long or short span) & measure, practices, restructuring measures followed determine "Success" or "Failure" of the brand, its products or company as a whole . :-)
