There is a saying that in business the worst thing you can do, is do nothing.
This is undeniably true.
Business is dynamic and to be ahead of the 8-ball you have to be agile and make decisions under pressure.
However, this is sometimes easier said than done. How do you nurture your thought processes and make decisions with strength, not fear?
For some it comes naturally. They just seem to intuitively know what to do in any situation and don’t spend too long overthinking things. For the rest of us, we have to work to improve our decision-making skills!
The good news is that anyone can become a more effective decision maker given a little work.
What constitutes ‘good’ decision making?
It’s important to note that while decisiveness is often seen as a good thing (with indecision perceived as a negative), the ability to make decisions can be seen as being on a spectrum.
Nevertheless, learning how to establish a strong decision-making process is key to preventing indecision from becoming a roadblock.
The key to a ‘good’ decision is being able to deliberate and reflect carefully on all relevant factors, and then choose between possible solutions to a problem. This can either be driven by your ‘gut’ (intuition) or via reasoning (using facts).
Why being indecisive is worse than making the wrong decision
Don’t be afraid of making decisions because often even bad decisions lead us to the right ones. This is how you flex your emotional-intelligence muscle.
Here’s why being indecisive can be worse than making the wrong decision:
If you give yourself too much time to consider options or outcomes or allow yourself to be consumed with fear, you give time for your competitor to jump ahead of you.
You’ll also risk missing out on new opportunities and a chance to grow the business if you remain indecisive.
Another issue can be that your mind gets a bit cluttered and overwhelmed. Concrete decisions free your mind to focus on other things.
Indecision means you are essentially handing the power to others to decide for you.
Another common mistake people make is they do make a brave and bold decision, but then they don’t execute their decision properly. This leads to doing nothing and falling behind.
Strategies for better decision making
I am proud of all my decisions; they may have not always been the correct ones, but I don’t allow my fear to stop me in my tracks and I have grown and evolved more than I could have ever imagined as a result of being brave and making tough decisions.
The way I like to navigate decision making is via 5 key steps:
Focus the mind
First, I ensure I have a clear head through meditation, making sure I am focused on the decision entirely. This helps to manage emotions and can also help us get clear on our goals, which is kind of an important part of decision-making! You need to know what your goals are and then let that help drive your decisions.
Determine what information you need to know to make each decision
This is about doing your homework and defining your values.
So, first you gather data and information, and consider other people’s experiences.
Then you also look to weigh up each option against your core values, to see which one aligns the closest with your priorities and the things that mean the most to you.
Weigh up the pros and cons
Consider the risks versus benefits and costs versus gains. Depending on your values though, not all items on your list will hold equal sway, so it can sometimes be worthwhile accepting that some things will just naturally hold more value when it comes to being a factor.
Feel the power of your own decision
There is power behind every decision you make. Being able to act decisively will empower you to move closer to your goals. But there will also be a chain reaction to any choice you make, so make sure you are aware of the power that comes from each option, power that might affect others.
Stick by your choice – for now
Once you have made your choice, don’t over think it - trust your gut.
Live with no regrets. Afterall, regret is a wasted emotion and it’s impossible to be creating your amazing future when you’re stuck in second guess mode.
Own your decision, put everything you have into it and if it doesn’t work out don’t be afraid to go through the process again and make a different choice which will help you move the needle forward.
Looking for direction in your business or clarification in your career?
I hope these tips have helped you to feel more confident in your decision-making.