We make decisions every day. The consequences of some of the choices you make — like what to order for lunch — are minor. But other decisions — such as which candidate to hire or whether to form a partnership with another advisor — can have a profound effect on your business.
When you make a snap decision on an important issue, says Joshua Zuchter, a business and life coach in Toronto, you risk making mistakes that could cost you business.
Here are four tips to help you avoid making hasty, ill-considered choices:
1. Do a little research
When you must make a business decision, do your homework first.
Research the idea, Zuchter says. Look into every detail to find out the risks and opportunities involved.
Use all available resources, Zuchter adds. Learn all you can by looking online and talking to other advisors who have had to make decisions about similar issues.
When possible, discuss the issues with some of the people who will be affected by your decision. If, for example, the decision is related to an event, Zuchter says, talk with the manager or organizer of that event before making a commitment.
2. Get a second opinion
Feedback from others can help you avoid making a snap decision you’ll regret.
Talk to a neutral third party about the opportunity, Zuchter says. For instance, you might speak to a business coach or a mentor.
Speak with someone you trust and who will give honest, unbiased feedback about the opportunity.
3. Consider the commitment
Before you make any decision about your business, make sure you understand what you’re getting into.
If , for example, you are considering taking on a new project, consider the time commitment involved. As well, don’t forget to think about your team and how the decision will affect them.
If you are considering making a significant purchase for your business, examine the financial commitment as well as potential benefits and risks.
4. Give it time
Avoid letting emotions cloud your decisions. One way to take emotion out of a decision is to delay that decision.
When people make decisions based on their emotions, good or bad, Zuchter says, they usually make mistakes.
If possible, he says, give yourself a couple of days before making a decision. Even if you don’t have to do any research about the issue, giving yourself some space will help ensure you make the best choice.