Let Go of Analysis Paralysis Forever
In business, analysis paralysis can become a critical problem. We’ve all been there! It basically amounts to the inability to make a decision or take action due to the existence of too many variables and options. Needless to say, it can be a real hindrance to workplace productivity, despite your best intentions. Sometimes it can become so severe that it brings work to a standstill. That only creates overwhelm, stress and then more analysis paralysis.
The ability to create countless scenarios is useful, but is entirely futile if such effort can’t be converted into successful execution in a reasonable amount of time. It’s easy to see how analysis by paralysis can clog up the decision making process and hinder your business success. That’s why one of the most important traits of being a successful leader comes down to how you make decisions.
Tips for Better Decision Making
President Theodore Roosevelt once said: “The best decision is the right one. The next best is the wrong one. The worst is no decision at all.”
The idea behind this quote is that even if you make the wrong decision, by choosing a course of some kind you will keep the momentum going forward forward. The worst place to be is limbo.
- Don’t react out of emotion. Wait until the intensity dies down, talk with your coach and then take some time for inner reflection. Then make your move with a clear head. To run a business, you have to be able to divorce unnecessary emotion from the decision-making process.
- Ask yourself this question. How will you feel about this issue in 10 minutes, 10 months,10 years? This is known as the 10.10.10 rule and it’s a good way to assess the long term effects of a decision.
- Always have a Plan B. You have to have contingencies in place. Even if Plan A was incredibly important, it’s better to have a back-up plan, just in case. A Plan B ensures you will not completely fail and can still salvage part of your vision.
Big Decisions that cause Business Owners Analysis Paralysis
- Who to hire – The team you surround yourself will dictate the extent of your success. You have to be able to delegate important tasks to competent people. You can’t do it all yourself!
- Which customers to target – Research into target demographics and other customer metrics is Business 101, and entirely crucial to your success. Who needs or desires your product or service most? Who will get the most use out of your product or service? Who can afford to buy your product?
- What products to develop – No CEO on Earth has been successful without putting time and effort into carefully vetting the exact products and services her company will offer.
- How to market them – Once you’ve figured out your products and services, how are you going capture the essence of them and market them to potential customers in your target market? You need to develop a clear and consistent marketing plan. It’s often the last–and one of the most important–decisions made prior to a product line release.
Some of worst business failures came from CEOs getting trapped in analysis paralysis and not making decisions, or making very poor ones. Reassess your decision making process and make sure it aligns with your long term goals. You have big successes to achieve, so get started checking off those decisions today!
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Allison Maslan, CEO of Pinnacle Global Network, is the Wall Street Journal Best Selling Author of Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success, and create a more meaningful life. Pinnacle Global Network, a world leader in scaling companies and empowering business leaders has guided thousands of CEO's and Founders to success over the past decade. Allison’s been featured in Inc., Success, Fortune, Fast Company, and Forbes Magazines, is a regular contributor to Entrepreneur Magazine, and a featured expert on ABC, CBS, NBC, CNN, and Fox across the US. She is also the host and producer of The Scale or Fail Show podcast, and the Women Who Own it Podcast in partnership with WBENC, the largest certifier of women-owned businesses in North America.
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