13 tips for making faster, better decisions for your business

In the business world, leaders often need to make quick decisions. However, because they are made during a time pressure, these decisions can be hasty – at least if not approached correctly.

Fortunately, there are ways to make decisions effectively while considering all the options. Below, 13 members of the Council of Young Entrepreneurs offered advice on how to speed up the decision-making process while maintaining quality. Follow their advice to learn how to make quick but thorough decisions.

Q. What advice can you give to speed up the decision-making process and still make sure you are making quality decisions?

1. Trust your intuition

It’s simple yet powerful! You often have the right answer inside and you know what to do, but when we don’t trust ourselves, then problems arise. Take time to stop, think, and notice which answer seems correct when you are in a place where you are not basing your decision on your initial reaction or what others are saying. – Diego Orjuela, cables and sensors

2. Make a list of pros and cons

Analysis can lead to paralysis, but you must also consider all possibilities. The best way to balance thoroughness and expediency is to make a list of pros and cons. This visual tool can help you see the benefits of your solution along with potential drawbacks. This ensures that every angle is considered, helping you quickly assess your decisions without losing sight of important details. – Brian Greenberg, True Blue Life Insurance

3. Look at the best and worst results.

I believe that I can make decisions faster if I quickly assess the best and worst possible outcomes for each situation. In most cases, the worst possible outcome is nowhere near as bad as we think it is. As a result, this mindset allows me to think about important decisions for longer and make quick decisions when needed. – Chris Kristoff, MonsterInsights

4. Decentralize the decision making process.

In any situation, I highly recommend decentralizing things. You become flexible with a decentralized structure. You don’t have to send everything to the head office to get approval. Teams make timely and informed decisions when they are empowered to make decisions, rather than getting multiple approvals first. Be sure to review the results for important decisions. – Solomon Timothy, OneIMS

5. Follow the 80/20 Rule.

As a small business owner, I lead my team to make decisions according to the 80/20 rule: 80% of the time I expect them to make the right decision, and 20% of the time I expect a mistake. This allows my team to move quickly, making strategic decisions based on their own reasoning without any consequences for making a mistake – and thus we are more responsive and take on more responsibility. – Ashley Sharp, Live With Dignity

6. Summarize each option

Relieve stress by writing down the advantages and disadvantages of each option. Summarize each side, and then think about which one will be most useful to you in the future. Before making your final decision, take some time to think about what made you hesitate or whether you need both right now. This can provide a critical insight into these difficult choices. – Mark Stallings, Casely, Inc.

7. Ask if the solution is reversible.

Reversible decisions are made quickly and easily. There are no permanent solutions. You can make decisions very quickly when they are reversible, because you can always change them if new information emerges. Permanent decisions require more thought. With this tactic, you can dramatically speed up the average decision time. – Cody Candy, Bounce

8. Anticipate decisions

Rarely are important decisions you need to make come up at the last minute. Often times you know or should know that they will come. By anticipating, you can buy the extra time it takes to make the right decision. – Andrew Schrage, Money Crashers Personal Finance

9. Ask someone to “filter” your decisions.

Someone on my team is filtering my solutions. This person will research all the important aspects and document everything so that my decisions are easy and quick. Helpful when it’s on an appropriately filtered worksheet, detailing each selection I’ve narrowed down and details I might need and consider in the future. – Daisy Jing, Exile

10. Put it in perspective

If a decision does not have serious consequences for my life or business, I try to put it in perspective. It is usually best to make a quick decision based on intuition or available evidence and treat it like an experiment. Procrastination is often worse than making the wrong decision. The best way to approach a decision is to value decision making more than making the right one. – Kalin Kassabov, ProTexting

11. Know your goals and priorities

Effective decision making is essential to your success. But in order to make the right decisions, you need to know what your goals and priorities are. When you know these things, it becomes easier to make the right decision, because then you know what really matters to you. – Josh Kolbach, Wholesale Suite

12. Define your limits

The key to making quick decisions is knowing your limitations. There are times when something pops up and you don’t know what to do next. Recognizing that you are making an informed or uninformed decision can help you accelerate when it comes to making quicker, less important decisions, while maintaining quality when making important decisions. – John Brackett, Smash Balloon LLC

13. Create criteria for decision making.

The main thing is to have a clear set of criteria that you can refer to when making a decision. If you spend more time figuring out the standard you need to set, you will quickly walk through the actual decision-making process. For example, if you’re trying to choose between tools, make a list of your needs and compare features to them. You can make the right choice faster. – Blair Williams, MemberPress

These responses are provided by the Young Entrepreneurs Council (YEC), an organization of the world’s most successful young entrepreneurs, by invitation only. YEC members represent nearly every industry, generate billions of dollars in revenue each year and create tens of thousands of jobs. Find out more at yec.co

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