Decision making can be downright paralyzing. But it doesn’t have to be. There is a vast assortment of information available. Therefore, we can develop the DM process that works for our unique way of doing business.
I was fortunate to work 11 years at an organization that continued to evolve in the DM process, Additionally, every employee had access to training. This is one of the best recipes for success!
SBA.gov has an excellent write-up about decision making. One of my key takeaways was about common decision making mistakes. Particularly this one “Not listening to your feelings or gut reactions.”
Being the analyst that I am, I would normally have difficulty with the gut reaction part. I mean, where is the data? But I like to consider myself well-balanced in regard to my analytical/emotional state of being. Om.
As a matter of fact, my gut check played a major role in deciding to leave that amazing organization and launch my business. I learned to be extremely conscious with what did or did not seem right. This form of decision making was apropos to my start-up.
Therefore, in this week’s blog, I am sharing my tools for Decision Making.
Identify the problem
Easy enough right? Well not always. Sometimes problems like to play hide & seek behind everyday nuisances. Take some time to fully analyze the situation and you will find your problem.
Establish decision criteria
-$$$ – How much will this cost and is it feasible? Will you save money and if so, how much?
-Total investment time the overall duration. Will the end result save you time?
-How much effort will this take and will this reduce further effort?
-Is this going to cause unnecessary stress or will this bring forth “good stress”? Will the stress be worth it? A key item to look at is the potential stress reduction once your conclusion is determined.
-Will you lose out on another potential business goal or have to put one aside for a while?
-Who benefits from this? You and your staff? Just your staff? Just you?
-Does this choice align with your core values?
-Company ability to accept risks in regard to this decision.
-Identify if this is a logical or emotional decision.
Weigh decision criteria
Using a weighted-average method is beneficial to your determination.
Generate alternatives
List ALL potential alternatives.
Evaluate the alternatives
Identify what will, might, or will not work.
Choose the best alternative
You will find this step quite simple to do after doing the above steps.
Implement the decision
Whether you decide to go or no-go, it is now time to put it out there.
Evaluate the decision
Schedule a time in which you will review your decision and if it has made an improvement to your daily business functions. You can use the Established Criteria list as your benchmark.
Are you struggling or have you struggled with making choices? What has worked or not worked for you? Talk to me – E