Indecision is a Bad Decision

How often have you found yourself waiting on a decision or leaving others waiting on your decision? Take too long to make a decision and that becomes the decision, and quite often that means this indecision is a bad decision. Rather than making the best decision based on the facts at hand, there may be a tendency to hold off until certain of the decision. By then it may be too late. As Geoffrey Chaucer said, “Time and tide wait for no man.”

There Is Competition

How many companies have debated making changes to their product offerings, only to be left behind when the competition acted first? Not only does time wait for no man, neither does the competition. Fail to make a decision and you actually make the competition even more brutal. In essence you have aided your competition.

Competition

Why No Decision?

In the posting Decision Gridlock we looked at some reasons why decisions are delayed or not made at all. Chief among these is the desire for more information. In reality, this is just a fear of making the wrong decision. But the bottom line is, we are human and as such not every decision we make will be the right one. But I’d rather make a mistake than to leave the decision to a default. Why? Simply because I believe indecision is a bad decision.

What to Do

To avoid the default mode where others (like the competition) force decisions upon you, take action. Make a decision even if you are not completely certain it is the right one. Few decisions cannot be reversed. For example, you can test the waters for a new product with limited spending, leaving you the ability to change course if necessary. But, to just sit there twiddling your thumbs is a non-productive activity and leaves you out of control.

Don’t forget that indecision is a bad decision since time marches on and a decision will be made one way or the other, whether by you or someone else.

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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