Why does everyone always seem to be in a rush? Whether dropping kids off to school in the morning, trying to squeeze in a haircut during a lunch hour or tempted to open a new credit card just because a credit decision is promised within 60 seconds, people seem to always be rushing and often gravitate towards speed over taking things slow. In general, as a society time truly is of the essence. However, when it comes to the decision-making process, is quicker always better? There are those who make decisions quickly and those who prefer to take time to think things through to weigh the outcomes. Is one way better than the other? Quick decision makers often argue that point that they are decisive and know exactly what they want. On the other hand, more methodical, slower decision-makers may counteract those points by asserting that decisions need to be fully thought through in order to make a smart and effective decision, especially if it cannot be undone. It is pretty easy to see that these two mindsets completely contradict each other, but again which decision making process truly is better? Well, recent research has proven that slower thought processes usually do lead to better decisions in the end.
Decision-Making in Business
When it comes to decision-making in the business world, business owners and managers are under certain levels of pressure to use move quickly with decisions. However, even though some decisions can be made rapidly, it is important to recognize the decisions that may take a little more time to figure out. The ability to be able to stop and think should be available when needed. For instance, if a top business executive is faced with a decision to put forth a new product just because a competitor has chosen to do so, would it be in the best interest of the executive to give the go ahead to basically create the new product and move forward immediately? Or would it be wiser to take some time to think it through, check data and relevancy so to make sure that the new product will have the capability to generate favorable financial results for the company as a whole? The simple fact is that sometimes it’s best to take a step back from a decision so the possible outcomes can be evaluated before jumping in without a true understanding or workable plan. Many successful businesses develop some sort of understanding on how timing will impact decision-making so they will not act too fast or too slow.
Goal of Decision-Making
The ultimate goal of decision-making is to make the correct choice in order to arrive at a favorable and desirable outcome. If a wrong choice is made, either we may never arrive at the desired outcome or it may take a lot longer. In the business world, it is often best practice to first assess the decision and its context, and then to proceed with either a slower or quicker decision-making process depending upon the situation and circumstances.