A key topic that is becoming increasingly important in CEO coaching sessions is the question: "How can I, as a CEO, make difficult decisions even in times of uncertainty?"

The approaches to this are on three levels:

• The information base
• The decision-making process
• Your personal level

Making difficult decisions under uncertainty

Influencing factor: Information base

Ensure reliable data

Reliable data is the be-all and end-all of sound decision-making. Make sure that you have a central source from which your company data comes. Supplement this data with reliable external sources if necessary.

Combine data with your intuition

Intuition is a valuable quality for managers, especially when it comes to making quick decisions in times of uncertainty. Leaders often develop this "business intuition" through years of experience and recognising patterns in similar situations. Consider when to combine your intuition with data-driven analysis to correct blind spots or bias.

Influencing factor: Decision-making process

Analyse the risks within an appropriate framework

Of course, it is crucial that you as a managing director have a clear idea of the business risks associated with a decision. It is important that you focus your data and risk analysis on the specific issue and define threshold values that help you to make a decision that is "good enough for now and save enough to try".

Thinking in scenarios and simulations

A proven method for better understanding the effects of various decisions in order to derive the decision is the definition and mapping of scenarios. This technique helps you to design several possible future scenarios and play through how your company could react to various developments.

Bring diverse perspectives into the team

You should not make difficult decisions in isolation. Often, input from a diverse team can help you make a better decision. Different backgrounds and perspectives lead to a broader view of the situation and can eliminate blind spots. In addition, involving your team offers the opportunity to utilise different areas of expertise that you cannot cover on your own.

Focus on short decision-making cycles

In an uncertain world, it is important to be able to react flexibly to new information and developments with decisions. You should therefore focus on short decision-making cycles and regularly check whether the decisions are still valid.

Influencing factor: Personal level

Accept uncertainty as the new normality

The first step in dealing with uncertainty is acceptance.

Uncertainty will always be a part of business life. Instead of avoiding or fighting it, managers should accept it as a given. Uncertainty does not necessarily mean that a decision is bad - it simply indicates that not all variables are known at the time the decision is made.

Release personality patterns that underlie insecurity

One of the biggest challenges for managers is the fear of the consequences of a wrong decision. This fear can lead to decisions being delayed or not made at all. However, successful leaders recognise that taking responsibility for decisions is an essential part of their role. They understand that mistakes can happen, but these should be used as learning opportunities rather than feared.

Conclusion: "Good enough for now and save enough to try" instead of "perfect and for life"

Uncertainty is unavoidable in the modern business world. As a managing director, it is your job to remain personally capable of acting and to ensure your organisation's ability to act.

It is important that you work with reliable information, utilise risk analysis and scenario planning techniques and incorporate diverse perspectives into the decision-making process.

Furthermore, an agile mindset is important in a rapidly changing world. Decisions are good enough for the current situation and the current state of knowledge. If changes require a new decision, this must be made.

The combination of these three levels of action enables you as a managing director to make appropriate decisions for the benefit of your company, even in complex and uncertain situations.