Decisions, Decisions, Decisions….
As we previously explored, decisions are basically “bets.” We have assessed the information we have, and based on that information, our goals, etc. we place a bet. We bet that if we do “x,” then “y” will happen.
Decisions are always, essentially, educated guesses – but in uncertain times – even more so. The risk of making a bad decision due to the difficulty of correctly guessing economic trends is high. This risk can also lead to analysis paralysis. Because it is hard to know the future, and if our confidence in any decision is low, we may just simply defer action. But, as we all know, no decision is also a decision.
Here is an interesting comment from a McKinsey interview:
“Early in my leadership career, a retired CEO told me, “You’ll generally make good decisions. But the more important thing is there are times when you just need to make the decision and then do everything you can to make it a good decision.” That gives me some confidence, even in uncertainty. Do you have alignment with your team, and can you execute? I’m sure in this moment—as always—I have not made perfect decisions. But you learn from them, and you adjust.”
Avoid paralysis!
Plan. Decide. Act.
And then, as in Mr. Fisher’s words, “do everything you can to make it a good decision.”
Decisively Yours,
Joel