One Simple Life Hack for Making Faster Decisions is an article by Al Pittampalli. You can read the whole article here.
Pittampalli points out in the article that Pareto’s principle estimates 20% of your decisions make 80% of the difference in your life, your career, your business. So he suggests we spend lots of time on the important decisions, but flip a coin for the rest. To help distinguish between the two he suggests asking yourself “what’s the worst thing that will happen if I get this decision wrong?” can help you discriminate the major from the minor.
Flipping a Coin Prevents Second Guessing
Flipping a coin provides us with choice closure. It also allows us to let ourselves off the hook if the choice turns out not to be as good as we had hoped because we deferred the decision to chance.
He also provides a great analogy we have all experienced when one stalled car creates a mile long jam on a highway. Think of how that happens in your business. Each decision has tens, maybe hundreds of downstream decisions awaiting the choice you or one of your leaders make.
Generally speaking, failing quickly is a better follow up to a decision made quickly when contrasted with delayed market entry, slow product roll out, lost client acquisition, etc. Decide quickly – yes, even flip a coin, and then decide what the expected outcomes should be, when they should occur and what you will do when they do or do not occur.