One problem I’ve heard very recently and really also consistently over the years is the fear of making a bad decision in business. In other words, being stuck and not being able to move forward because you don’t know what the “right” decision will be.
So one example is if you want to invest in a new technology for your company, but you aren’t sure whether you should or not. And the reason I use new technology is because it’s applicable for new and existing businesses alike, since technology tends to become obsolete rather quickly and needs to be upgraded over time. Now I’ll give you three ways to overcome this example of indecision:
1. If you have to make a decision on anything, Ben Franklin on Steroids is the way to go. What you want to do is create a pros and cons list for this new technology you’re unsure about. That’s Benjamin Franklin. What I call “on steroids” is just the Entre Results approach. You put a numeric value next to each pro and con that denotes how important each specific point is. With a technological investment, maybe a pro is you believe that it’d increase your revenue by a certain percentage, which might be an 8 out of 10 in terms of importance. Maybe a con is you have to dip into your savings to invest in the technology, which could be a 10 out of 10 on the importance scale. So you do this with all the pros and cons you’ve listed, and then you add the numbers up for each. The resulting values make it easy to see what decision you should make.
I’ve used this coaching methodology to help our clients get through countless decisions. Again, it’s called Benjamin Franklin on Steroids. Give it a try.
2. Seek counsel or a support team. Obviously as coaches, we provide support to our clients. If you don’t have a coach, choose two or three people you trust to talk to. Get their feedback and advice. There’s no point being a complete loner on this. In other words, don’t avoid sharing your doubts with other people simply because you’re stuck. Talking to people you respect can be very helpful, especially since they can offer some fresh new perspective.
One of our coaching tools is a support team. We want to make sure everyone has a solid support team in place because yes, there are repercussions to making a poor decision. When you have more people involved helping you, that risk is reduced.
3. But all that being said, be sure to make a decision! Usually, the worst decision is no decision. There are exceptions to this obviously, but analysis paralysis oftentimes leads to the worst outcome. Considering the time and energy wasted, it’d be better if you just decided yes or no and moved forward. I’ve seen so many people get stuck for so long that they end up losing revenue and
I hope these three tips will help! Be sure to take action, and have a great day.