Advertising
Advertising

5 Techniques To Make Better Decisions

5 Techniques To Make Better Decisions

How can I make better decisions?

I browsed the web and ended up on Qoura reading the most popular answers. People often suggested, “just do it,” “ignore fear of failure,” and “never turn back.”

I thought it over and really considered it. If I simply ignored the “fear of failure” and just “did it”, would that really be making a decision? Absolutely not!

“Just doing it” results in even more failures and even more regrets. Imagine if general George Patton just ignored his “fear of failure” and recklessly charged straight into enemy lines without a plan! Image if you, or your family and loved ones ignored all risk and “just did it” instead of taking the time to make a well informed decision.

Imagine if we applied those same results for:

– Buying a house

– Quitting your job

– Having kids

– Investing in a new business venture

– Getting Married

Advertising

– Having a vasectomy

– Plastic surgery

It probably wouldn’t end up so well!

Instead of flipping a coin, using your magic 8 ball, or “just doing it”, here are 5 techniques to make better decisions.

1. “I cannot decide on what I do not know!”

Hal wanted to quit his job. After his workday was over, he sat down with a pen and paper and came up with a massive list of pros and cons. He wrote out everything he wanted to do and how he was going to make money. He imagined over and over the freedom and excitement that he would gain after leaving. The next day Hal walked into work and quit.

This may sound great to some but, the problem with Hal was that he did not know enough to make a good decision yet! He rushed what he actually had plenty of time to do.

Everything that he imagined and dreamed about was blurry. All the “facts” that Hal used to make his decision were NOT verified facts, but rather bits and pieces that he heard from his friends or picked up on from the far corners of the internet. Hal is extremely jaded.

Hal then replayed the same facts over and over in his head (thinking they were real). No new information was being added to the equation to allow him to make a better decision.

We often jump to conclusions when making difficult decisions that require serious thought and planning. We must first gather more information because:

  1. You do not know what you do not know!
  2. You cannot decide on what you do not know!

If I asked you to solve the following equation A + B + 2Z – 10X = P could you do it?

Advertising

Not right away because there are too many unknowns! You could guess or use trial and error but that takes too much time and a great deal of effort in real life. We need to go out and collect more information to make a better decision.

We do not have all the answers

2. “Maybe you can help me?”

The quickest way to gathering more information to make that tough decision is to go out and ask other people. However, there is a trick. Ask the people who have already done it! Stay away from the people that don’t have any experience but seem to know everything.

This year, while I complete graduate school, I wanted to participate in applied clinical research. More specifically, I wanted to design and develop medical devices from a clinical need.

Instead of “just doing it,” I decided to reach out to a respected faculty member to see if it was a good idea. I went to him and poured my heart out. He looked at me like I had 2 heads and shunned me away!

I took the advice to heart and sulked a bit. Instead of just quitting, I decide to gather even more information! But this time, I reached out to other schools including MIT, Stanford, UMN, and Johns Hopkins. The information and feedback I got was amazing.

Why? Because all these schools were actually DOING IT! That had already developed over a hundred medical devices in the same fashion I wanted to do. Not only that, they had specific programs to help people like me who wanted to do that kind of research and design.

On the other hand, my school was not doing it and the professor I reached out to wasn’t either.

-Ask the people who are doing it or have already done it to get more information.

3. Seek the Devil’s Advocate.

As human beings, we are self-confirming. We naturally seek out information that we already agree with and tend to ignore information that we disagree with. Skepticism and denial can be good in some instances, but these characteristics must not be confused with being hard-headed.

Advertising

Imagine 2 documents sitting right in front of you, one with information you agree with, and the second with information you disagree with. Whether you are right or wrong, or whether the information is right or wrong, you will pick the document that you agree with first and consider that information more seriously. Obviously, whether you are right or wrong, you will pick the document containing information you agree with first and take that more seriously.

Let’s go back to the “should I quit my job” example. You probably already REALLY want to quit your job and have already made up your mind. Now, instead of making a decision, you are just confirming your existing desire to quit, by collected confirming evidence. This confirmation bias blinds us from the obvious and has lead to some of the worst business decision ever made (for example, Quaker Oats‘ aquisition of Snapple).

To counteract this, reach out and collect information that opposes your existing viewpoints.

Good businesses use this process all the time. When Fortune 500 companies make big time investments (like acquiring another company, investing in new ventures, downsizing, re-sizing, etc.), they hire a completely separate team to investigate the opposing viewpoint, and then seriously consider the opposite.

Remember, “De-Nile isn’t just a river in Egypt.”

4. Beware of the sham options.

Everything seems great in comparison with something crappy.

The other day I was watching HGTV’s Home Hunters Abroad. A couple was shopping for a beautiful island home in Caruso. They required two things: it had to be less than $400,000, and it had to be rent-able.

The couple contacted a real estate, who I now realized was skilled in the art of sales. He lined up 3 beautiful houses. House number 1 cost $399,000 and was perched on top of a hill overlooking a magnificent clear blue bay. The couple fell in love with the view and was seriously considering buying the house until they found out the new construction would get in the way of their ocean view.

After seeing how the couple reacted to the ocean view, the real estate agent quickly changed his sales tactics. He showed them house #2, which had a stunning ocean view and a white sand beach a few steps from their back door.

The only problem was the house was $489,000 – a full $89,000 over budget. The couple was so angry at the real estate agent that they considered replacing him.

Advertising

Finally the last on the list, house #3, had no view, was not rent-able and was $10,000 under budget.

Which house did they chose?

The couple went with house #2 that was $89,000 over budget! They made a poor decision and broke the bank because they were not aware of the sales trap the real estate agent set.

House #2 seemed like the best option in that context, compared to the shame option of house #3. In a different context, going an extra $89,000 over budget is a bad idea.

What they should have done was not buy anything and waited until something else showed up. However, when you are in the middle of a difficult decision, sometimes it’s hard to gain that kind of perspective.

5.  Factor in the opportunity cost

How could the previous couple in the home buying example snap out of the mental trap set by the real estate agent?

The couple needed a change in perspective. When dealing with big number numbers like $400,000 and $486,000 the difference might not seem that much, but let’s take another look and consider the opportunity costs.

What is another to $89,000 to you? Well it’s another 2 years of saving every single cent of your paycheck (assuming you make ~$60,000 before taxes). Which means you cannot eat, buy gas, go out, or do anything for 2 entire years. You must save every single penny of your paycheck to afford the difference!

Here are more examples of what they could have bought with the amount the went over budget by:

Conclusion

Next time instead of jumping to conclusions and “just doing it”:

  1. Take some time to gather more information. You don’t know what you don’t know.
  2. Get more information people who have already done it, not the people who are trying to sell it.
  3. Seek the devils advocate and seriously consider what they have to say. You might be just confirming yourself!
  4. Beware of the shame option. All other options seem great in context to a crappy one.
  5. Gain a greater perspective by considering the opportunity costs.

Featured photo credit: thinker / Dan Mckay via flickr.com

More by this author

5 Techniques To Make Better Decisions 5 Proven Unconventional Strategies To Make Your Mind Peaceful Again

Trending in Career Advice

1 10 Essential Career Change Questions To Ask Yourself This Year 2 10 Job Search Tools Every Jobseekers Need To Know About 3 10 Websites To Learn Something New In 30 Minutes A Day 4 50 Great People To Follow On LinkedIn, No Matter Your Industry 5 If You Have This Key Behavior, You’ll Be More Successful Than 90% Of People

Read Next

Advertising
Advertising
Advertising

Published on March 25, 2019

How to Find New Growth Opportunities at Work

How to Find New Growth Opportunities at Work

Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up. You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out.

But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

“If you’re not moving forward, you’re moving backward.”

It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

Make a Point of Positioning Yourself as a Rising Star

As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

Employ these other useful tips to let your rising star qualities shine:

1. Promote Your Successes to Your Higher-Ups

When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

Advertising

Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

2. Cultivate Excellent Listening Skills

Listen well, and ask great questions. Realize that people love to talk about themselves.

But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

3. Go to All Office Networking Events

Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

Take the Extra Step to Show Your Value to the Company

Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

4. Show Initiative

Commit yourself to whatever task you’re given, and make a point of going above and beyond.

Advertising

Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

6. Go to Every Company Meeting Prepared and Ready to Learn

A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

Accelerate Your Career Growth Opportunities

A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

Try to see yourself from your boss’s position and evaluate your promote-ability.

Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

These qualities will place you front and center when growth opportunities arise.

Advertising

Use these strategic tips to escalate your opportunities for growth:

7. Find a Mentor

With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

8. Map out Your Own Growth Opportunity Chart

After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

9. Set Your Professional Bar High

Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

Advertising

Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

Let integrity be the cornerstone of all your interactions with clients and co-workers.

The Bottom Line

Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

“Half of life is showing up.”

The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

Remember, your career is your business!

More Resources About Ever-Growing

Featured photo credit: Zach Lucero via unsplash.com

Read Next