Economic Downfalls – How Do Hasty Decisions Harm Businesses?
Keywords – Hasty Decisions – Economic Downfalls
Recently, there was an article on the Telegraph by Natasha Bernal. In the article, Natasha talks about how hasty decisions over the regulations surrounding AI in Europe will have economic repercussions.
At Marketing Voice, we thought we can extend this topic to businesses in general. Hasty decisions in business lead to economic downfalls.
Misconceptions Connected with Decision Making
For some reason, businesses think that they need to make decisions on the spot. In most cases, if you keep your calm, there are always options.
And, there is data to support this statement. Only 1 in 10 decisions are urgent. And, merely 1% of decisions are actually related to a crisis. Everything else is just in our head.
If you still think that you need to make decisions on the spot, look at it from a different angle.
Hasty Decisions & Mistakes
Where are things more likely to go wrong – a thought out strategy or a hasty decision?
Hasty decisions simply lead to more mistakes because of a lack of clarification. As a result, you end up spending more time fixing the problems created by this so-called solution to the previous problem.
And, we have ample examples of this.
From the endless tech blunders in the 80s and 90s – this can be a blog in itself – to the downfall of industrial giants, for instance Ford and more recently, GM, hasty decisions end up resulting in economic downfalls.
But, there is nothing to worry here if you are willing to keep learning.
Decision Making & Experience
Have you observed a recurring emotional maturity that comes with experience?
The more experienced a businessperson gets, the calmer they get. This calmness comes with the realisation that there is more time than we first thought we had.
In other words, hasty decision making is like a bad habit. Once we understand this, we take the right steps to overcome the “problem”. And, it takes time to do so.
Patience is a virtue, for a reason. It saves you from endless problems connected with minor issues that look bigger because of proximity.
We are in way suggesting to take months to make a decision. You will end up on the other side of the problem. Like everything in life, a balance is key in making decisions.
As a business leader, your role is to make the decisions for your team. But, make sure that you listen to your team and consider their intake. This will help you make the right decisions, most of the time.
And, these right decisions will act as the catalysts for growth.