Are you ready to dive into what effective decision making is and how it's significant to your growth? I mean, I am pretty sure you already have a grasp on what it is but once you read this blog post, you’ll gain more insight filled strategies and unleash the power of understanding the process. So let's get to it!
In this blog post, you’ll learn about the definition of effective decision making and the steps. The factors which will guide you through the process, and the consequences.
What is Effective Decision Making?
Well, first we must understand what it is before we discuss it more, right? Often, you may overthink when deciding because there are many factors involved and that noise we hear in the background from everyone else. But, it’s up to you, ALWAYS!
Effective decision making is deciding what’s best for you and your business. You want to make smart decisions that lead to great things. It doesn’t have to be this mundane task that’s on your to-do list, so make it fun! Have confidence in what you’re doing. If not, it’ll lead to burnout and in the end, you either made the wrong choice or nothing at all. Whatever you do will affect everything.
So by definition, effective decision making is making an informed and logical choice that’s going to lead you to a desired outcome. You’ll face challenges and to get over those, you must lay out everything and decide how to proceed. Imagine you have this tool box and it’s filled with some information but in order to get everything, what do you do? You research, talk to other people, get feedback from past and current clients. Once you gather all of this, you can then come up with your decision.
Now, let's break the steps down:
Identify and Define the Decision: Start by understanding the decision you need to make
Gather Information: This is where research comes into play
Identify Alternatives: Make a list of the alternatives to consider. Brainstorm different solutions that can address the problem.
Evaluate the Options: What are the risks? What are the benefits? Compare it all!
Make a Decision: Based on what you’ve gathered, choose the option that aligns with your goals
Evaluate: After you have made the decision, track your progress. How was the outcome when you came to the decision?
As you follow these steps and put them into action, you’ll be solving decisions in no time!
Factors that Affect Decision Making
There are many factors that affect how you decide. You have many things to consider along with the many hats you’re wearing and it’s not just the title of an entrepreneur, business owner or CEO. Look at everything around you!
You are on this ride of life, the ride of a lifetime called entrepreneurship. As you decide, it’s going to affect everything around you, so you must think through it but remember it does not have to be this long drawn out process. Just go back to the steps to get you going.
As you decide, there are factors to consider that are going to help you or deter you from deciding. So watch out! There are time constraints, your personal values and beliefs. Now add a team on top of that, what do you consider when making your decision? You’re now “thinking” for others just like you as a family. The decision you make is going to affect everything and everyone around you. This is something to prepare yourself for.
There's so much in the mix. This is not to scare you but to make you think! Now, let's look at those factors.
Emotions
This can be good or bad, but what to consider is to not let your emotions cloud your judgment. We can go on and on about the emotions that come into play, especially as women, because we’re built differently, but what I have noticed is that you must not let your emotions get in the way. This is business!
You are running the show. If you feel as if your emotions are getting in the way, reach out for help, even if it’s just talking to someone. DO NOT decide in the heat of being upset because this can break your business.
Personal values and beliefs
Your personal values and beliefs strongly influence your decision making. If you’re working with someone that does not align with you, then it’s time to let them go! And I mean this! I have heard stories from others who worked with clients or team members that were not on the same level and this caused too much drama, to say the least. Think of it like this: you would not surround yourself with someone in your personal life who devalued you or discarded you as a person. This goes with business!
Time constraints
The pressure is on! Well, that’s what it seems like. Time constraints make an influence on your decision making, often acting like a balloon ready to pop. You feel this pressure as if you have to make it now because you don’t have the time. Time seems to be an issue everywhere. When you’re faced with limited time, you feel as if you’re rushed and need to decide right now without fully considering all the information at hand.
Look at the deadlines you have for your projects. Are you feeling rushed? Therefore, completing them halfway. This is not good. Why do you feel rushed? It is your clients, your team, your family; what is it?
Don’t be that balloon and pop because you feel as if there isn’t enough time. This means you need to reevaluate what’s going on. Because if you don’t, your business will go down the drain.
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Ultimately, time constraints can trigger fatigue and the inability to make a good decision. Your mental energy is going to suffer. Let me ask you this: What are you going to do now?
Consequences of Ineffective Decision Making
What happens if you don’t use the steps above? What happens if you let your emotions play the main part? What if you just decide without thinking about it? The world won’t end, but it may seem like it. Remember being a kid and you got into trouble? You had consequences, right? Things taken away, had to stay home for the weekend; whatever it was, you made the choice without thinking and had consequences.
This goes along with your business. As an entrepreneur, you’re constantly making decisions but here's the thing, if you make the wrong decision, you will face the consequences.
What are those consequences:
Missed Opportunities
I get it; you have got a lot going on and now you have to make another decision. It’s as if it never ends; well I am going to tell you right now, it does not end. Imagine this: You’re doing great business and are booming, but you’re ready to up level, ready to start another venture such as a new service, starting a blog or podcast.
Whatever it is, you know you want to; you know you should. These are new opportunities for your business to grow. Now, as we look back at that factor of time constraints, you may think, “Well, I just don’t have the time.” If you keep telling yourself this, your opportunities will pass you by, then another year and then some.
If you make this decision to not move forward and stay where you’re at, then there it is, your consequence of missed opportunities.
Wasted Resources
There are limited resources and you must use them effectively. But when you poorly use those resources, it’s all wasted. These resources include money, time, people, energy, and everything you buy for the business.
You and I both have wasted money, too much! You see this “thing” you must have for your business, get it and come to find out it was a waste of money. This is aggravating. If you’re new, you want it all. But here’s the thing: you need to do your research before you waste that one thing; MONEY! (Do you need help with money management, I’ll get you into contact with someone) Seriously though, you have overhead, you have a team, etc, so the next thing you do is NOT buy something that will not be of benefit to you!
Put time, effort and your energy into the mix…. How much time have you wasted because you felt stuck or you’re not using your resources? Think about what’s in front of you right now instead of wasting time trying to do double work and just going in circles. There is a strategy to it and that’s not reinventing the wheel!
Recognizing and addressing the wasted resources is going to help you optimize efficiency and achieve what you want.
Let's stop wasting!
Are you ready to Master Decision Making without overthinking?
Now you know the steps and what happens if you don’t decide. By deciding the effective way, you’ll embrace this approach, open doors to new opportunities and navigate the challenges head on!
Factors may deter you from making the right decision but it's up to you what you do!
You know once decided, if it's right for you.
What decisions are you faced with? Are you overthinking it? It doesn't have to be tough. Contact me and let me know what's going on because you do not have to do it alone!
PS. Don't forget to check out the latest Podcast EP on YouTube!