Have you ever wondered how successful entrepreneurs and leaders make accurate decisions faster than most? The more experience you gain in life, the more you understand the science behind decision making. Most successful leaders have failed many times before perfecting the decision-making process, and in this blog, I’m going to explain my process of faster decision making.
Today, changes happen so quickly that being a second late can have a significant impact on our life or business. Making decisions at the same rate can become very challenging as some decisions require a more complex thought process, and more research into the problem before making decisions. Sometimes we have too many alternatives to choose from, and that causes delays in decision making. Also, we need to analyze risks associated with the consequences of our decisions before we make them, and that can require a considerate amount of time.
Firstly, we need to understand that accurate and agile decision-making skills are not innate or natural to a person. It requires experience, and many learned lessons before perfecting the art of decision making. I want to share with you a simplified framework that I use to make my decisions faster and in most cases, accurate (if not all).
I try to solve complex problems as fast as possible to have a competitive advantage. To solve any problem, I think in two perspectives:
- The impact or the consequence
- How easy or difficult it is to implement
This gives me a reasonably decent accuracy rate of being right (most of the times). For instance, let’s say I need to decide on hiring a digital marketing manager. To make this decision, I will first see the impact this person will have on my social media strategy. I will look at his/ her experience, performance history, and success stories to analyze this. Secondly, I want to know if both of us can agree on the budget I have for this position. Now, if both of these are in my favor, then I will say yes with my eyes closed. To spend more time on analysis might help a little more, but the disadvantage of the delay will outweigh any positive that I get with spending more time on it.
On the other hand, if the person does not impress me, and I feel he/she is asking for more than what I can afford, then I will ignore the whole thing. And stick to tweeting by myself. I will not go against my odds and say yes to hiring anyway (to fill the spot). That’s a precise lose-lose scenario.
However, if I feel that only one of the two is not in my favor, and the other of two is. I would then try to bring that one into my favour as well before I say yes. So, it’s not a yes until then. It’s a “maybe.”
By following this framework, I have made decisions much faster than before, and most of the times correctly. I want to know what you think of this framework and if you think this can help make better and quicker decisions.
About the author:
Nitesh is an innovator and entrepreneur with 10 years in business leadership. He is an expert in all aspects of business: formation, operations, finance, marketing and management.