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Do You Make These 3 Decision Making Mistakes - Insperity

https://www.insperity.com/blog/do-you-make-these-3-decision-making-mistakes/

insperity.com

Do You Make These 3 Decision Making Mistakes - Insperity
Your business is at a crossroads and it's up to you to pick the next move. What do you do? Do you go with your gut or lay low and hope it all blows over? Or, maybe, you stay up for a week straight agonizing over every last detail before making the call.

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Rushing to conclusions

Rushing to conclusions

It’s sometimes necessary to make decisions quickly. But if you’re frequently skipping steps, you could be misdiagnosing problems and making decisions that don’t solve anything.

Take the time to step back and collect the facts. Make decisions that address the root cause.

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Dodging the decision

Sticking your head in the sand and just hoping it will go away isn't wise. Procrastination only causes problems to fester and possibly grow bigger. 

For example, if you have two feuding employees, you may avoid confronting the issue in the hope they will work it out on their own. If they don’t, the conflict may grow and boil over.

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Over-analyzing information

Over-analyzing information

To overthink a decision may cause you to miss time-sensitive opportunities.

Whether it’s due to fear or perfectionism, being indecisive and taking too much time to gather information not only affects the productivity of your business, but it also damages your employees’ confidence in you as a leader.

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3 steps that can help you make timely decisions

  1. Focus on the outcome. Decide what your goal is. Be able to describe it, in detail. 
  2. Look at problems systematically. Consider the problem from all angles, including process, expectations, and resources. Talk to credible and reliable sources. Often, the people closest to the problem have additional insight that makes it easier to choose the best solution.
  3. Get to the heart of it. Make a list of the vital information you need. Once you have the information, prioritize it based on how it relates to your desired outcome.

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SIMILAR ARTICLES & IDEAS:

Accept your emotions

Recognize what happened and how you feel. Suppressing your emotions will get you nowhere. It’s important to first focus on how you feel.

You can also journal your emotions or speak with a clo...

Focus on the facts

Take a step out of the emotions and stress to really look at the facts of the situation. Try to look at the situation objectively and seek ways to work productively toward solving it.

Get an outside perspective, if you struggle with getting the facts in an objective manner.

Don't let it consume you

Once we’ve made what we’d call a bad decision, we give it a lot of meaning it does not inherently have.

So try to mentally separate yourself from the decision. Doing so can help you strip it of its power.

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Decisions Using Our Instinct

Decisions Using Our Instinct

Business leaders often make important decisions that defy any logical analysis. This process may be termed as a gut instinct, a hunch, or an inner voice.

Our emotions and feelings may b...

Patterns In Randomness

Our gut instinct or intuition can come in many forms, like detecting patterns in places where other people only see randomness or having a sudden flash of brilliance which goes against the grain but feels right.

Gathering enough data to make a rational decision also takes up a lot of time, and in today's fast-paced world, by the time one procures all data, the decision becomes antiquated.

Subconscious And Conscious Brain

Our subconsious mind continuously processes information, even when we sleep, which our conscious mind finally learns or infers, lighting a bulb inside us.

We know the gut feeling is true because our 'right brain'(intuition and emotion-based) already knew the revelation that our left brain (logic and consciousness-based) now has come to know.

Decision-making errors

Most decision-making errors boil down to:

  • logical fallacies (over-generalizations, comparing apples and oranges, circular thinking)
  • limiting beliefs (underes...

Confirmation Bias

If you already have an opinion about something before you've even tried to figure it out, chances are you'll over-value information that confirms that opinion.

Think about what kinds of information you would expect to find to support alternative outcomes.

Attribution Bias

The “fundamental attribution error,” is when we excuse our own mistakes but blame other people for theirs.

Give other people the chance to explain themselves before judging their behavior.