OVERCOMING DECISION INERTIA
In The Paradox of Choice: Why More is Less, Barry Schwartz states that, while increased choice allows us to achieve objectively better results, it also leads to greater anxiety, indecision, paralysis and dissatisfaction.
Every day we are faced with virtually unlimited access to information. Rather than empowering us to make better decisions, this vast amount of information often leads to greater fear of making the wrong decision, which in turn, leads us into a seemingly inescapable cycle of analysis paralysis.
Over analysis of a situation, anxiety, and self-doubt decrease the amount of working memory you have available to complete challenging tasks, causing your productivity and decision-making ability to decrease and will ultimately affect how you manage your business.
Managing analysis paralysis
In order to manage analysis paralysis, it is important to realise that not all decisions are of equal importance. Deciding on what toothpaste to buy or what to make for breakfast are less worthy of deliberation than determining a strategic direction for your business.
A study published by the National Academy of Science found that each decision we make draws from a limited supply of willpower. When we agonize over a decision we deplete our limited supply of willpower, causing us to feel exhausted and overwhelmed.
It is for this reason that most successful people structure their day to cut down on the amount of decisions they need to make. They address their most important task first thing in the morning when their willpower reserves are at its fullest and try to make small decisions as automatic as possible, thus building strong habits and routines into their day as a way to conserve willpower for more important decisions.
Set clear goals
Having a clear goal can simplify your decisions and actions for any project. To avoid analysis paralysis, set clear goals and know what your main objective is, personally and professionally. Write your goals down and review it regularly. Then, when you encounter a tough decision, ask yourself which option aligns best with your goals or values.
Limit your information intake
For every problem, there is a virtually limitless supply of information we could delve into to find a solution.
Beware of collecting and analysing more and more information to try and overcome the uncertainty that comes with taking on big risks.
Successful people don’t wait for a magical time to make decisions, they start before they feel ready and figure the rest out along the way.
Make your decision the right one
All too often, we forget that making the decision is only the first step. Doing research is pivotal when it comes to forming new working relationships, but, as a busy business owner or manager, your time is valuable.
Accountability offers our Members the ability to vet potential business partners, as well as potential employees, via our easily accessible web service, providing you with the information you need to make decisions quick and easy.
By becoming an Accountability Member you will reduce your business’s credit risk by eliminating mismanaged credit systems and replacing them with decisive and practical risk mitigation solutions, assisting you in avoiding analysis paralysis.
