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Business leaders make decisions every day, all day long. Some decisions are made in split seconds; others are agonized over for weeks or months. The act of decision-making is a cognitive process resulting in a selection of a belief or course of action among several possibilities (thanks Wikipedia).

Generally speaking, when making a decision you are trying to mitigate an issue or capitalize on an opportunity. It may be in response to what’s happening within the company 鈥� an employee performance issue or a process breakdown; or it may be in response to a trigger outside of the company 鈥� a new RFP on the streets or a change in health care laws.

For many people, this time of year is when next year’s road map is planned. Decisions are made as to how the business will grow and what priorities will be. Essentially, folks are problem-solving and strategizing.

A simple decision-making process:

1. Identify the issue or opportunity. What is the issue you are trying to resolve? Is it the root cause or just the symptom? Establish a framework for what you are trying to achieve. By visualizing and articulating what the ideal outcome would be, you gain clarity about what decision needs to be made.

2. Gather and analyze the facts. Capture the essence of the situation and determine what you need to know to make a decision. What’s relevant? Who can be of assistance in the process because of their expertise, experience, familiarity or objectivity?

3. Develop and evaluate alternatives. Take off the blinders of habitual responses and open up some creative thinking. Practice 鈥渨hat if鈥� scenarios to build out ideas and possibilities. Examine the potential benefits and pitfalls of your options 鈥� consider the reverberation of unintended consequences.

4. Make your decision.

5. Act on it. Decisions need to be communicated to all parties impacted. How you do this will impact effectiveness of implementation. Be clear on what was decided and why, as well as who is responsible for what. This provides clarity and direction. It also builds credibility.

6. Mitigate risks and keep learning. Our work worlds are fast-paced, dynamic environments. We need to make the best decisions we can with the information we have. If we appropriately analyze the alternatives, we are in the best possible position to mitigate the anticipated risks. Not all things can be anticipated; we need to keep sharpening our skills 鈥� paying attention to what works and what doesn’t.

Independent or group decision-making?

Knowing when to make a decision unilaterally and when to include others in the process can be critical to its success. Not everything requires a group discussion! However, by involving other team members in the decision-making process, you increase their buy-in, sense of ownership and their connection and accountability for the results. It fuels the sense of team and camaraderie that is so vital to productivity. It also opens up the discussion for new perspectives and potentially better thought-out solutions and consequences. People want to contribute and often have great ideas to share.

The potential downside of group decision-making is that it can be time-consuming. In an attempt to please everyone, the solution may get watered down and be less effective or meaningful. There’s also the danger of 鈥済roup think鈥� 鈥� where momentum is created in the wrong direction or individual responsibility and creativity is inadvertently discouraged. The desire for cohesiveness and a quick decision may lead to a less-than-ideal decision. Finally, group decision-making may create a perception of ineffective leadership.

What hinders good, timely decision-making?

鈥� Doubt; uncertainty about one’s capacity to make the decision.

鈥� Fear of making the wrong decision; the belief that the perfect solution has to be made up front.

鈥� Too many choices; with the plethora of options in our world, it’s easy to see how we can become overwhelmed and slip into the 鈥渁nalysis paralysis鈥� trap.

鈥� Overcomplicating it; making it harder than it needs to be.

鈥� Accepting our assumptions as the 鈥渢ruth.鈥�

鈥� Overanalysis; exceedingly long phases of planning, information gathering with little to no added value.

鈥� Uncertainty about our authority to make decisions.

鈥� Too much emphasis on consensus building.

鈥� Over-reliance on one’s own perspective and resistance to contributions from others.

鈥� Rigid, formal or bureaucratic organizational culture that is overly reliant on process and does not value risk-taking.

鈥� Lack of preparation; while it is good to be able to be agile, lack of thoughtful planning can sabotage good decision-making.

I asked a client who I see as a confident decision-maker on all things related to his business, 鈥淲hat makes an effective decision-maker?鈥� His reply? 鈥淪omeone who is willing to take the risk and make a decision. Once the decision is made, don’t look back but immediately go into risk mitigation mode.鈥�

Ultimately, you are making a decision that you deem is good for the health of your company. How does your decision impact profitability, long-term resiliency and employee engagement? Is it aligned with your core values? Does your decision reflect these considerations?

Take the K Challenge: What decision are you avoiding making? Walk through the decision-making process. The cost of not making a decision can be more expensive than making an imperfect one.

Karen Natzel is a business therapist who helps leaders create healthy, vibrant and high-performing organizations. Contact her at 503-806-4361 or [email protected].