We all are able to make high-quality decisions on a daily basis. All of us. Our brains were created for such ability. Making a high-quality decision can be difficult, and sometimes exhausting. Entrepreneurs can testify how hard it is. Especially at the beginning.
So, what if there is a process for better decision-making? And what if I told you that there are principles you can follow for your hourly decision making? Unknowingly, we sometimes apply such principles in other aspects of our lives. Here are the principles that I use for my high-quality decision.
Decision prioritization matrix.
As human beings, we are only capable of doing a number of things per day. Therefore, our brains are only capable of making a limited amount of decisions per day. I believe they are capable of making even less high-quality decisions each day. So why not optimize?!
I’d rather focus on distinguishing what important from what is urgent. The difference is explained in this post. Once I make that distinction, I only focus on what is important AND urgent. Here below is the prioritization matrix.
- Important and urgent: give it priority.
- Important but not urgent: schedule it
- Urgent but not important: delegate it
- Not important and not urgent: don’t waste your resources on it.
Conduct a mental FMEA
It is not uncommon at all to think of all the things needed for a decision to become a successful one. On the other hand, it is very uncommon NOT to think of what can go wrong when implementing that decision. Here is where a Failure Mode & Effect Analyses (FMEA) comes in.
In a previous post, I have exposed the principle of an FMEA. Basically, the principle behind this is asking yourself “if my decision results into a failure, what will be the root cause(s) of it?” This will help you assess the impact of your decision before acting on it.
Reversibility of your high-quality decision
During my chemistry classes, the notion of reversibility of some chemical reactions always amazed me. The same applies to decision making. Especially livelihood and business-related decisions. Some decisions are reversible. Others are not.
A reversible decision simply means the decision can be reversed so that the previous situation can be restore. An irreversible decision is a decision which cannot be easily reversed to its previous situation.
Ask yourself: “should I decide to do this, can the consequences of that action be reversed?” If the answer is “yes”, then decide quickly. If the answer is “no”, you ought to seriously weigh in the pros and the cons before moving forward.
What outcome?
It is of the utmost importance to understand and remember that human beings are fallible. Do not fall into the trap of thinking that a decision was good or bad solely based on its outcome. Keep that in mind that this is not an exact science.
Imagine you make a well-researched real-estate investment. But a month after, the worst hurricane of the decade hits. That was good decision with a bad outcome. This is an extreme example, but you get the idea. It manifests in subtle ways every week in most businesses.
A high-quality decision can sometimes lead to bad outcomes. And vice-versa: a poor-quality decision can sometimes lead to excellent outcomes. A human involvement implies there is always a risk of a bad outcome.
Factor regret in
If with all that process, you still do not know what to decision to make, then think about the long-term future. Ask yourself if you’ll regret not doing it or not. You will then be able to draw the line from the answer to that question.
Now you might think the regret factor is not a proper high-quality decision process as such. But regrets are personal and can affect your life. The way you handle them will depend on your personality, your core values and even your dreams.
My ultimate high-quality decision making weapon
As a believer in God, I strive to make Godly decisions. Decisions based on the bible. After all, there is nothing new under the sun. For every decision I am to make, I know God has the appropriate answer for it. I base myself on His word and on His wisdom.
Several times, He has given high-quality decision making to His servants. Including me. They have acted upon His word and the gifts He had given to them. An example I think of is that of King Solomon and the two prostitutes.
What about you? Do you have any more high-quality decision making tools you use? Did you have the opportunity to use any of those decision making process for your business or your life? If yes, I’d love to read your thoughts and the results you achieved in the comment section.
This post aimed to provide you with high-quality decision making process in business management. Feel free to comment and share.