Do you feel like you float from day to day, never really in control of making decisions? As a business owner, it is easy to let anxiety creep in and cloud your decision-making. The following steps will help you boost your decision-making confidence.
1. Gather information
In most cases, making the right decision is as simple as being informed. It isn’t necessary to have the complete answer right away. However, it is important to gather enough information so that you feel confident making your decision. Don’t be afraid to ask lots of questions before taking the next step.
2. Take a step back
It can be tempting to rush into a situation because you feel pressure to make a decision right away. The world we live in today is hard to keep up with. From ordering food to making purchases online to buying a cup of coffee, technology has raised the expectation that everything must happen now. It’s important to realize that you can take time to “sleep on it” and make decisions when you feel ready.
3. Enlist a team of mentors
One of the best ways to boost your decision-making is to surround yourself with other business owners. Find business owners at a similar level who are committed to helping each other grow. You should also seek out business owners and industry experts that have years of experience who are happy to offer advice and guide you.
4. Ask for feedback
As a business owner, it’s easy to feel that you are wearing many hats – a lot of times you are. When you add making decisions concerning people and finances into the mix, making the right decision can feel paralyzing. This is where it is important to turn to your mentors, team members and other trusted friends and ask for their feedback. Again, making sure you have all the information will help you make the best possible decision.
5. Focus on facts
When you allow anxiety to take over, it can cause you to develop repetitive non-productive patterns of behavior. To avoid this, focus on the facts not the fantasy of what might happen. You can also try making a list of (1) a pro decision (2) a con decision (no decision or delaying a decision. Sometimes it helps to see your options written out in front of you.
6. Weigh all your options
You can take this another step further by drawing a matrix of all your options. Most decisions in business and life are not going to be this or that; most decisions have many more options. As you create your detailed list, include columns like Pro, Con, Cost Known Consequences, Potential Unintended Consequences, etc. Then, reflect on your list and choose the option that best forwards your goals.
7. Have alternative solutions
Another effective method is to develop several alternative solutions and then compare to select the best option. Consider business funding, for example. If you compare several alternative solutions like a business loan, personal loans or get a business cash advance, it will help you make a timely and accurate decision that will help your business thrive. Each option is not created equal. Comparing them ensures your business takes on the least amount of debt and secures the quickest working capital.
If your business needs help making a decision when it comes to business financing, consider working with the specialists at First American Merchant. We can help you secure the cash you need in as little as 24 hours, so you get back to growing your business.