Do’s & Dont’s to decision making

QUESTION: I am in a position of authority that requires me to make hard decisions that directly influence the success of our business. My fear of making a wrong decision causes me to procrastinate. What do you suggest?

ANSWER: It has been said that a bad decision is better than no decision at all. While this may sound counterintuitive, there are lessons to be learned from a decision gone wrong.

As the manager or owner of a business, it is your responsibility to steer the ship. Your employees and customers depend on you to make decisions.

Do not let yourself fall victim to “analysis paralysis.” This is a disease caused by overthinking every decision. This is not to say that you should forsake the due diligence necessary to, hopefully, ensure a favorable outcome. By all means, do your research, hold meetings with your employees, and consider opposing points of view. But in the final analysis, you are the one who must make the hard choices.

As human beings, we all want to avoid making mistakes and failing. None of us has all the right answers. I would be less than honest if I told you I never made a bad decision. However, I will tell you that once I determined my mistake, I set about to make the best of it and never make the same mistake again.

That we will make some bad choices is inevitable, but this is all part of a learning process that leaders must endure.

To ensure the best outcomes, consider the following:

• · Thoroughly research the issues and try to focus on results: If the pros outweigh the cons, go for it. Great decision-making is a complex skill. It takes good critical thinking skills, the ability to evaluate your own biases, and the willingness to seek out the information that will help you make the right choice.
• · Try to avoid stress: Stress causes one to doubt and overthink. When anxiety kicks in, stop what you’re doing, go on to something else, and come back refreshed. While science shows there is plenty of value in thinking about your options, overthinking your choices can be a problem. Weighing the pros and cons for too long may increase your stress level to the point that you struggle to decide.
• Reflect on past decisions: Take pride in the ones that went well and remember the lessons learned from those that did not. Just make sure you don’t dwell on your mistakes for too long. Rehashing your missteps over and over again isn’t good for your mental health

The right techniques and tools can help you make the best data-driven decisions for your organization. SCORE’s decision matrix, pros-and-cons list, SWOT analysis, and more can help you sift through crucial data and understand potential outcomes. To access the SWOT analysis form click on https://www.score.org/resource/template/swot-analysis-worksheet

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Gray Poehler is a volunteer with the Naples Chapter of SCORE, Counselors to America’s Small Business. To ask a question or request free and confidential business counseling, call 239-430-0081 or log on to https://www.score.org/naples/local-mentors