Decision Making – Financial and Emotional

Just make a decision! OK, so it is not that easy. Decision making is a test of our critical thinking skills, impulse  control and preparation skills. We all make decisions every day. In our professions we ask our clients to make or consider multitudes of decision in minutes! Decision making can be extremely emotional and physically taxing. Some decisions are required to be made almost instantly: others need extreme caution.

Let’s  look at financial  and emotional decisions that small business consultants and coaches have to make:

Financial Decisions

Consider the financial decisions we, as business owners, are required to make. When we select the type of phone service, internet or directory advertising or even a logo design, we are making financial decisions. These business operating decisions can be costly and complicated. For example, deciding to have a cost-per-click advertising campaign can be a potential drain on your annual profit or a successful marketing maneuver. Further more, financial decisions can be complicated if we are unfamiliar with a subject or need to educate ourselves about the process. Many of us take a long time making decision when entering uncharted territory, because making the wrong decision may take us on the road to cash depletion.

Emotional Decisions

A second major area which influences our decision making is the emotional experiences involved. We may fear making the wrong decision. We may feel that we do not have enough information about the subject to make the decision. Perhaps the decision involves working with someone or something new which may not be in our comfort zone. Emotional reasons are a common factor in postponed decisions.

I’ll be following up more on this Decision Making Series with Time Decisions, and Life Changing Decisions.

This article is an adaptation of The Productive Professional Series by Terry Prince  published in the early 2000’s.

Advertisements

2 Comments

Filed under Business Marketing Strategies, Caregiving, Goal Setting, Productivity, Terms, Thinking

2 responses to “Decision Making – Financial and Emotional

  1. Dan Pedersen

    Well said, often a quick decision is the best decision and defeats procrastination.

  2. Pingback: Decision Making: Time Value, Life Changing « Terry's thinking!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s