How to get better at decision-making
We make decisions all day, every day.
We decide what to eat for breakfast and if we skip breakfast, that’s also a decision.
We decide what to wear and if we always wear the same clothes, that’s also a decision.
But in business, we’ll often be faced with decisions that will impact not just our business, but our team, our customers and our suppliers.
And we often have to make decisions quickly if we’re to benefit from them.
This is when we can run the risk of falling into decision paralysis where we simply struggle to take action.
The risk of not making swift decisions and taking action in business can mean we:
-??????? miss out on opportunities
-??????? lose our competitive edge
-??????? fall behind
3 reasons for decision paralysis
1.???? Where the decision involves significant change, we may prefer not to upset the proverbial apple cart. This is a form of cognitive bias known as “status quo bias” where we prefer to keep doing things we’re familiar with.
2.???? Often we’re afraid of making the wrong decision. The fear of failure is a biggy in business and is the number one thing that holds businesses back. We fear being judged, of screwing up, of biting off more than we can chew. We ask “What if the worst happened?” rather than wondering “What if the best thing happened?”
3.???? Sometimes there’s simply too much choice that can lead to overwhelm. The idea of Christmas shopping in a vast shopping centre may fill some with delight. Personally, I stay away!
How to get better at decision-making
Sometimes we can rely on our “gut instinct”, our intuition, to make decisions that we just feel are right. Where more complex decision-making is needed, however, you may find the BRAIN model useful.
BRAIN is an acronym:
Benefits
Risks
Alternatives
Information
Nothing
Just work through each of these 5 areas to help you choose the right option for you, as follows.
Benefits
Ask yourself what are the benefits to you and your business of taking the path you’re pondering. Write down all the benefits of each of the options you have. Perhaps it will save you time, make you more money, or give you more resources.
Risks
Next, consider what are the likely risks of taking the path you’re considering.
Alternatives
Are there any other alternatives to the options you’re considering?
Information
Is there other information you need to help make the right decision? For example, if you found it difficult to come up with the benefits or risks of taking the path you’re considering, you likely need more information to help you make the right decision. You may have to do a bit more research or ask more questions.
Nothing
Finally, ask yourself what would be the impact if you just did nothing. If there would be no impact of doing nothing, do you even have a decision to make?
Decision-making and continuous learning
Of course, business is a continual learning experience. There will be decisions we make that don’t turn out so well. We need to be ready and willing to learn lessons from both successful and not-so-successful decisions and turn every experience into an opportunity for growth.
Ros Jones
Business Coach