Here are 3 essential decision-making tips for retail professionals to try this week.
In the fast-paced world of retail, decision-making is a daily challenge.
When I start working with clients they often say to me they:
Are stuck and can’t make the right decisions to move forward
Feel overwhelmed by their next steps
Are confused about what they should be prioritising both personally and at work
Balancing trends, consumer demands, and internal goals requires quick thinking without compromising accuracy. If you’re a retail leader, improving decision-making is one of the most impactful ways to elevate you and your team and get ahead to meet your business goals with ease.
Here are three simple yet powerful decision-making tips, supported by research, that you can try this week to make more effective choices—without overthinking or second-guessing.
1. Apply the 80/20 Rule to Focus on High-Impact Decisions
The 80/20 rule, also known as the Pareto Principle, suggests that 80% of results come from 20% of your efforts. For retail leaders, this rule is incredibly helpful in cutting through the noise and focusing on the choices that will create the most value. Whether you’re deciding on a promotional strategy or selecting the next product line, applying this rule can help you identify where your time and resources will have the greatest impact.
Why It Works: Research on the Pareto Principle in business contexts supports its relevance in decision-making. A McKinsey study found that businesses often generate 80% of their profits from 20% of their products. In retail, focusing on core, high-return products or strategies can yield similar results. By zeroing in on the most impactful 20%, you can streamline decision-making and avoid wasting time on options with minimal returns.
Try It This Week: The next time you’re facing multiple decisions, list out your options and identify the one or two that are likely to deliver the biggest impact. Commit to spending the majority of your effort on these key areas, and let less impactful options receive less attention.
2. Trust Your Instincts—but Back Them Up with Data
Retail is both a science and an art. Sometimes, gut instincts and years of experience are a retail leader’s most valuable tools, yet data is equally critical for supporting or challenging those instincts. Studies from Harvard Business Review reveal that leaders who combine intuition with data have the highest success rates in decision-making, especially in fast-paced industries like retail.
Why It Works: According to a study by Bain & Company, companies that use data to validate their decisions are 6% more likely to outperform competitors. In retail, data can come in many forms—sales metrics, customer feedback, and seasonal trends all offer insights that can strengthen or refine your instincts. When you trust your gut but verify with data, you’re essentially creating a safety net that can enhance the reliability of your decisions.
Try It This Week: Before making a big decision, pause and ask, “What does my intuition tell me?” Then, seek out data that either supports or challenges this instinct. For example, if you feel a product will be popular, check customer feedback or recent trends. Trust your gut but verify it with facts to feel confident and well-rounded in your choices.
3. Use a 5-Minute Decision-Making Hack to Save Time
Time is often a luxury that retail leaders don’t have, and lengthy decision processes can add up quickly. A simple yet effective decision-making tool is the “5-Minute Rule,” a technique to help you make decisions quickly without compromising quality. By setting a timer for five minutes, listing pros and cons, and committing to a decision, you can avoid overthinking and free up mental space.
Why It Works: Psychologist Herbert Simon coined the term “satisficing” to describe decisions that are “good enough” for the context—meaning they don’t need to be perfect, just effective. Research shows that satisficing, especially in high-speed environments, can prevent decision fatigue and allow you to stay agile without sacrificing quality. In retail, where there’s a constant flow of choices to make, satisficing can be a game-changer.
Try It This Week: For one decision each day, set a timer for five minutes, jot down a quick list of pros and cons, and commit to a choice by the time the alarm rings. This technique is especially useful for smaller, day-to-day choices—whether to test a new display layout, implement a pricing adjustment, or reorder popular items.
Final Thought: Start Small, and Build Confidence
Implementing new decision-making strategies doesn’t have to be an all-or-nothing approach. These tips are designed to be simple enough that you can practice them today, and each will build your confidence over time. Retail is dynamic and complex, and with these tools in hand, you’ll be better prepared to make impactful, efficient choices that propel you and your business forward.
So, which decision-making tip will you try first this week?
If you’re a retail professional looking to take your leadership skills to the next level, then coaching can help.
I am an executive coach based in Newbury West Berkshire. With over 25 years of experience as a retail buyer for market-leading companies including Disney, Waitrose, and Paperchase, I leverage all of my experience into my coaching practice. I deeply understand the world of retail and how tough the industry is right now against the backdrop of the cost of living crisis and ever-demanding customer expectations. I am trained and licensed to use the MTQ suite of mental toughness assessments and specialise in mental toughness in the context of retail as well as being a certified coach with the ILM 5 in Effective Coaching and Mentoring. I’m able to work virtually online or in person with individuals and teams.
Contact me on cara@bidiliretail.com for a free discovery call to see if we could be a good fit to work together for either you as an individual or with your team.
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