The art of decision making
Decisions are made on an everyday basis. From day to day errands to crucial business decisions, we need to think through the decisions we are to make. It is a common belief that decision making is a difficult skill. Often people tend to question their decisions and end up asking one too many people.
But here are few points that can help master the art of decision making.
- Analyse and understand
- Dig deeper
- Avoid any obstacles
- Future outcome
Analyse and Understand:
Understand the problem you are trying to solve and start with your research. By research, it doesn’t mean going over books and preparing notes, but analyzing the factors that caused this situation and the (to-be) impact of this problem.
Identify the pros and cons of the problems and start understand what was it that led to this situation.
Start collecting information that will help you with make a decision. These facts can give you a better idea of what kind of decision can be made. Identify the sources that can provide valuable information for you to arrive at a solution.
It is in your hands to identify which of those information are relevant and reliable for you to make a decision.
You may feel like you have very few options to consider, but in reality you might not have looked into a lot of other alternatives. Looking into possibilities that you are already aware is not going to help in scaling and experimenting with options.
Many companies who are ready to accept change and adapt quickly have a better growth rate. With growing tech, companies that can adapt to strategies that work for the current market perform well.
Start writing down the decision(s), that you think are optimal. Don’t just stop there and look into the impact that decision might have later. Try thinking out of your shoes and trying out different perspectives.
Your past experiences with such situations could help you analyse perspectives you might have missed. Ask opinions on the outcomes of each decision. But, make sure your thoughts don’t get polluted with their decisions or suggestions.
Avoid any obstacle:
Avoid any emotional connect or ties you associate with your decision. Emotion can block your perspective. Say, you have a product that has not been giving you any revenue but is costing you a lot for maintenance. It is time to let go of emotions and decide on either to get revenue and compensate immediately or to shut the product down. There may be other ways, but the point is to let go of any emotions and attachments come in the way of decision making.
While making decisions, think of the long term impacts and short term impacts as well. It is called the 10-10-10 rule. What is there in 10 minutes? In 10 months? In 10 years?
Answering these questions will help you get clarity on the importance of your decision and the future impacts on doing so.