Keys to Make the Right Decision

Making a decision without thinking or thinking too much to the point of not making a decision are lethal business situations.

Every entrepreneur has to be a decision maker, even if it is overloaded with information, or if it is too emotional employees, angry customers or competitors attacking from all directions. Making a decision without thinking or thinking too much to the point of not making a decision are lethal business situations. The challenge is to find the right balance and make good and timely decisions all the time.

It is a difficult challenge. According to an investigation by Paul Nutt of Ohio State, business decision makers fail half the time in the initial decisions for their businesses.

Much has been written about the mental process of the most successful decision makers, including Warren Buffet and Elon Musk. Some spend time every day to make thoughtful thoughts, regardless of how busy and busy their schedules are, while others apply sabbaticals away from the office on a regular basis to refresh their mind. However, everyone seems to have similar thinking habits in their daily decision-making process.

1. Stop thinking before making a decision.

It is tempting to make an accelerated decision based on our instinct or past decisions, especially in a period of crisis or when we are stressed. As leaders, the way you keep things under control and the way you make decisions will set the pattern that others will follow. Set the example so that you always think first and all actions are deliberate.

2. Focusing completely, but selectively, on problems that have consequences.

Trying to divide your attention among many issues at the same time does not work. First select the problems that are important to you and delegate the rest. Then dedicate to those things that you selected your entire attention to make timely and thoughtful decisions. But do not let too much thinking take you to the point of not making any decision.

3. Use the interaction from person to person to reaffirm your thinking.

Most of the decision-making problems in a business are complex enough to require the direct contribution of a key element or to test your understanding. Although text messages or emails may seem more convenient, they do not reflect the tone or non-verbal communication you need to take into account to make the best decision.

4. Assign time and contiguous processes for critical decisions.

Having many short dialogues separated by other activities in a chaotic environment does not facilitate deep thinking or lasting decisions. The cost of recovering from a bad decision can far outweigh the effort to manage the thought process with the right people, at the right time and place.

5. Think of an execution plan, beyond the potential decisions.

Planning the following steps before finalizing a decision will validate your thinking or may give you clarity about whether you need to work more on this. Decisions made without adequately considering the consequences of execution often trigger more serious long-term problems.

6. Discuss your thought process while communicating a decision.

The decisions that are said in the form of edicts are never satisfactory and can cause a negative response that contravenes a good decision. The most respected leaders have no qualms about summarizing their thinking process and take the time to effectively communicate the key points to the relevant elements in their organization.

7. Manage and monitor the resulting implementation.

Even the best thought process and a good decision can be weakened by events that you can not predict or by people who do not understand them. Small corrections on the fly that are made quickly and efficiently, coupled with a good follow-up, can prevent new and more serious problems and make your decision right from the start.

The ability to make good decisions in a timely manner is what defines you as an entrepreneur. It is not a talent that everyone is born with, but it is definitely one that you can learn to improve your habits over time. For new entrepreneurs, I recommend seeking assistance from a mentor they trust and not be afraid to ask for help from colleagues or more experienced counselors.

While new technologies allow you to act and react faster than ever, none of these tools replace thinking, deliberating and making your own decisions. In the end, all businesses deal with people interacting with other people. Your challenge is to convince them that they are the center of your mental process.