Making good decisions takes a multi-faceted approach. It requires self-awareness, humility, patience, and the ability to make a timely decision. Leadership requires us to set aside our preconceived notions to consider and accept we do not have all the information we will need to make a decision, nor will all the information we are given be accurate. To exist in an incomplete, ambiguous, dynamic environment takes skill. Here’s what works:
Leave your ego at the door (Reynolds, 2022). Recognizing the decision-making process is about making the best decision possible for the patients, clients, and customers while also being good financial stewards of business resources. There are no heroes when it comes to good decision-making. It’s about valuing the team’s input and trusting that together we will make the best decision possible at that time.
Don’t get attached to decisions made. Make a decision, and if the results are less than desirable, it’s clear it was not the right decision. What’s the next best thing to do? Make a different decision. Many times what happens is we want to make something work. It could be a new hire. It could be a new electronic system. We keep investing resources into something even though it may be time just to call it and make a different decision. Sunken costs are resources spent that cannot be recovered, but instead of just accepting the sunken costs, people want to justify why their decision was the right one to make. An example, you buy a concert ticket. The day of the concert you get sick. You already spent the money on the ticket, so that is a sunken cost. However, you go to the show anyway because you spent money on this event, and you are going to go no matter what. Here are some additional costs you incur: the time spent, the gas, the fact that you will probably be sick longer because of staying out all night instead of resting, and the aggravation of being around people when you are sick….all of this counts because it takes time and energy (and probably a little more money). Accept sunken costs are part of making a different decision.
Understand something is missing when a decision is being made. Because of this, it is essential to ask, “What else are we missing?” Doing this allows everyone to take a moment to review everything one more time.
Having our eyes on the short game is a recipe for disaster. Our decisions generally do not just impact us; they also impact others, such as community members, and other departments. We must look at the long game (Reynolds, 2022). If we want to know why we are in the situation we find ourselves in, it will require looking upstream. Sometimes decisions made by leaders take months for the results to come to fruition, good or bad. Jumping to the first conclusion will often lead you down the wrong path.
Be aware of groupthink and be sure the input received comes from a diverse group of individuals. Being surrounded by yes people is dangerous. Holding space for intense, respectful dialogue can be incredibly valuable, and yes, it does take time, but so does having to clean up poorly made decisions.
Play it out (Reynolds, 2022). If this decision is made, who is impacted? What message does this decision send? What is the cost versus the benefit? When will we know we have been successful? While none of us have a crystal ball, asking these questions makes us pause to consider all stakeholders involved.
In a non-crisis time, making a list of familiar stakeholders is an important exercise. Keep this list in plain sight. Keep a copy in your wallet or in your phone so when the urgent strikes, you are can take the list out and run through it to ensure you have considered all involved. This is also a great way to ensure you are communicating with all parties, as having a no-surprise culture is appreciated by all.
Check what emotions are at play when deciding (Whitener, 2018). Be clear about what the problem is, and then notice what emotions arise as you consider the issue. So, if it is fear, acknowledge fear is there. By naming our emotions, we can better notice their influence on us. This self-awareness is key, especially during urgent times.
Making decisions is part of being an entrepreneur and leader. It’s part of life. However, the way you make decisions is up to you.
