Four reasons why you shouldn’t delay decision making

How do you make a decision? First, you identify the problem and then gather the information that will give you options and alternatives.  After weighing the pros and cons, you decide, and act. Sounds easy, right?

And yet, for some reason, some of us tend to hold off on making that definitive choice. Whether in business or our personal lives, we all defer making decisions from time to time. It could be because you are afraid of what might happen, you figure you can hold off a bit longer, you are waiting for things to change first, or other times it’s easier to do nothing.  Sometimes, you just want to stand by and see which way the wind blows before you make a move.  Other times, you just avoid deciding altogether.

Now, I’m not saying that holding off on a decision is always wrong.  Sometimes, it gives you more time to gather information and think about your next step.  What is important is you don’t linger too long in indecision. Not making a decision is a decision, and it always has a consequence. That consequence might be use of a resource that’s important to you, such as time, money, the effort of your team. Or the cost could be an increase in something that you otherwise want to keep low, like stress or working outside business hours. The cost could also be opportunity and not being in a position to take advantage of one.

It’s my firm belief that it’s better to regret something you have done than something you haven’t. Time spent lamenting what could have been ‘if only’ is far too familiar and is a waste of time spent doing something productive.

People often defer their decision to return to it later. Something I learned the hard way travelling is if you see something and you like it… BUY IT then and there. I spent many an hour lamenting the best thing ever found on tour, then sold out after I went away to think about it. Anyone trying to buy a house now can’t afford to think about it and come back – it will be sold. The same goes for experiences. If there’s something you would like to do, make time for it. In the late 1980s, there was a TV ad for a theme park with the line ‘don’t say one day, that day will never come’. Truer words were never spoken.

For businesses, delaying investment in new systems and products isn’t always a great decision (see Counter-intuitive actions in times of crisis). The world is constantly changing; individuals and businesses need to adapt and be in the right position to meet the market’s needs.  The cost of not investing in your business can make you irrelevant in the future. Think Blockbuster, Blackberry (although they are making a comeback), and MySpace. These brands were at the top of the food chain, but they were too slow to up their game, and their businesses have gone the way of the caribou – extinct.

Putting off decision making can cost relationships, time, life, or money.  While gathering information is critical to making the right decision, you analyse and calculate the risks and then decide. The sooner you choose, the faster you will realise if you have made the right one, leaving time to pivot if required.

So what:

• We have our reasons why we defer making choices, but everything comes with a cost.
• While gathering your options, think about what it would cost if you delay or do nothing.
• If you find that you’re delaying decisions, reflect on what’s behind your reluctance. Not only will you learn something about yourself, but it might help you to develop some strategies to be more decisive.