What was the last business decision you made that involved a reasonable amount of money?
Maybe it was joining a Mastermind or program.
You might have outsourced something.
Or maybe you even added someone to your team.
Think about the way in which you decided to do it.
1. A Decisive Purchase:
Was it a decisive purchase? One where you determine whether to do it based on whether it will help you to achieve your goals / aspirations, and is aligned with your values?
Did you check if it felt ‘right’ by doing a quick (or even subconscious) check in with your gut-feeling / intuition.
This doesn’t mean that you don’t second guess yourself or feel a mixture of elation and terror all at once (depending on the amount of money you’re investing). You just trust yourself to make a decision that is the best fit for the medium to longer term, and can handle the uncertainty that comes up when you do this.
2. An Impulsive Purchase:
If you spend money on an impulse, you are focusing on immediate gratification – something to help you to feel good now. This bypasses the longer term outcome and is often an attempt to sway your feelings. To make yourself feel better or cheer yourself up. This might be a new laptop that you purchase while you’re in JB, without looking into which one you want. Or signing up for a program that promises you the world, that just didn’t feel ‘right’ and you later regret.
This type of purchasing has a much higher chance of buyer’s remorse. Which is fine if you’ve bought some makeup from Trinny but is not a great way to make business choices.
3. Overthinking / Self Correction:
This is when you consider purchasing something but talk yourself out of it. This is usually fear- or doubt-based and (as opposed to decisive purchases) is where you can’t handle the uncertainty of a situation. You’re not 100% sure it will work out as you want it to, so you talk yourself out of it, or think about it for so long and research it so much that you can’t make a decision because you’re overwhelmed.
Even though it ticks all the boxes of what you want, you focus on thoughts like:
- What if I fail?
- What if I succeed?
- What action will I have to take?
- What will I have to do?
- What would I have to overcome?
And instead of focusing on the long term benefits, you focus on the short term perceived ‘pain’.
4. The ‘Fake’ Decision:
This is where you tell yourself you’ve made a decision but then proceed to take absolutely no action in line with this decision.
So for example, you decide you’re going to outsource something, but take no action to find the person that will do this for you.
Or you set a massive revenue goal but don’t take on a mentor, coach or trusted advisor to help you to overcome your mindset or strategy obstacles.
The classic health example is making a decision to get healthy in 2022, but never take action for this to happen. It tricks your mind into thinking you’re doing something, but you’re actually doing nothing.
It’s like when I talk used to talk to people who were interested in coaching but they’d say I’m going to wait for next month / year / later etc. (People don’t do that now, because I attract decisive people who trust themselves to know what they want and need and can handle the uncertainty of that decision).
Which one do you tend to use when making buying decisions for your business? Personally, I used to oscillate between impulsive and overthinking. Now it’s always decisive! (But my personal life is another matter, and that Trinny example is evidence of that!)
Identify which one will work best moving forwards (hint: it’s the decisive one!) and take action towards being that kind of business owner.
Kylie xBusiness Decisions Decision Making Human Behaviour Mindset for Business