Decisions, decisions, decisions. Thousands, millions and even trillions of decisions are made each and every day, some good, some bad, some great. Decisions are made that could shape the future of you and your family, or of society in general. With huge consequences depending on these decisions, how do you go about making sure that each decision is the best possible decision for the circumstances? How good are your decision-making skills?
Here are 7 must-have decision-making skills that, if mastered, will ensure you’re always in the driver’s seat!
Make sure you haven’t already decided!
If you have a predetermined idea of what you want the result to be, then a level playing field is not being given. Among my group of friends there is one person who when faced with a decision makes it sound like this: “We can do something rubbish or we can do what I want to do!” You’ve already decided what you want to do, but you pretend you’re going through a decision-making process that includes everyone else. This is just to legitimize a choice that has already been made. As for decision-making skills, this is pretty poor!
So before you start choosing, be honest with yourself. Have you made your choice yet? If so, you should go back and reconsider all options more carefully.
do your research
People often rush into a decision because they think they know what to do. In fact, gathering all the information you can and doing your research is often very helpful because, in the absence of information, you can draw unwarranted conclusions about your situation. For example, you see what seems like a great bargain on a home, but what are the average property prices in that area? How many of the same type of property are on the market? What could be the expected rental value of the property? How much would the mortgage be? What would the rental yield be? When a new opportunity or situation presents itself, don’t panic and make decisions before you know all the facts. Double check what you’ve been told, as others may be reporting rumors.
Information is the most precious asset when making a decision. So invest heavily in collecting as much information as you can. Investing in the right information always pays dividends and can greatly improve your decision-making skills.
Imagine the consequences of your decisions.
Many decisions we make can shape our future, so it’s vitally important to imagine how those decisions might affect you later. The result may seem great in the short term, but don’t forget to look at the big picture and also consider how your decisions may affect others.
You see an awesome sports car, 0-60 in 5 seconds, soft top, leather seats and the noise it makes when you turn the key and hit the accelerator is electrifying. You must have it! You make the decision at that moment; you do the paperwork and sign on the dotted line. You drive home, the long way, and you stop in the driveway grinning from ear to ear. The wife exits, unsmiling, her arms folded and a look of dismay. You can’t understand why she’s not as happy as you are, why she doesn’t want to be taken out for a walk right now. And then she says, “Junior is going to college next month, how can we afford that car and tuition?” How would you feel if you couldn’t afford those tuition fees?
Think ahead and don’t make hasty decisions without considering all the possible ramifications.
Consider all the alternatives
It is very rare when making a decision that there are only two options. For example, you are looking to get on the property ladder and only have a small deposit and home prices in your desired area are high. You could look at a different area a little further from your desired location. You could buy a property that would need renovation and live in it while you remodel it. You could look into shared ownership options with government-backed schemes. You could invest in a house and rent a room to help pay the mortgage. God forbid, she might even move back in with his parents for a short time to allow him to accumulate a larger deposit!
There are always alternatives, you just need to have an open mind and explore each and every one, marking the advantages and disadvantages of each one before going ahead and making your final decision.
Get help!
Sure there are some matters that are private that you would not like to discuss with other people, however, if you can share them, please do so. Very often your family or trusted friends will shed light on things you may never have considered. Additionally, through discussion it can help unlock areas where you have personal biases that are causing you to have preconceived ideas. Getting help will hone your decision-making skills.
What decision-making skills do good decision-makers have?
Good decision makers are not always obvious. For example, if you are having trouble running your own home business and you know someone who is in the same business environment as you who seems to have a better standard of living, even though they don’t appear to be a business expert, it could be that they are making better decisions than you. Maybe you could learn something from them. Part of the reason successful people in any field achieve well is because of their good decision making. What do they take into account before making decisions that you are neglecting?
Do not obsess
There are some people who become so obsessed with making the wrong decisions that they put off making decisions for an extremely long time, or even forever, particularly important decisions about their lives. They often prefer to delegate decision making to others rather than take responsibility for mistakes.
Mistakes are inevitable in life since no one has perfect foresight; there is no crystal ball or time machine that allows us to see the future. Instead, keep in mind that once you’ve taken the precautions outlined in the steps above, you’ll have done everything you can to safeguard your decisions, so go ahead and take them!
You can only learn to make better decisions in the future by taking the bull by the horns and really making decisions in life. Remember, if you make a couple of decisions that fail, then don’t be negative about it and don’t put off making decisions in the future. Use the experience as fuel to improve your decision-making skills and your options moving forward.