The Vegan Business Tribe Podcast Episode 119: How to make decisions

You could say that doing business is really just making a series of decisions one after another, so if you’re the sort of person who over-analyses each decision and agonises about if it’s the right one or not, then you’re always going to struggle to move your business forward. 

But if you are worried about making the wrong decision, let me tell you that not making a decision at all is far worse. That’s when decisions become barriers – by deciding not to decide, you stay stuck at the crossroads.

In this episode, David explores why we find making decisions so hard as vegan business owners and the different frameworks you can use to help you decide what option is the best to take.

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With huge thanks to our amazing vegan sponsors:

Vegan Accountants
Use an accountant that understands your ethics and mission as a vegan business www.veganaccountants.co.uk

The Vegan Publisher
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MAD Promotions
The vegan PR agency. Dedicated to getting your vegan business in the news www.mad-promotions.com

Mindful Wealth
Mindful Wealth is different, and by working with us you’ll make a difference with your money www.mindfulwealth.uk

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Key take-aways from this episode:

  1. Business is really just making a series of decisions one after another – and if you’re the sort of person who over-analyses each decision and agonises about if it’s the right one or not, then you’re always going to struggle to move your business forward.
  2. Not making a decision at all is far worse than being worried about making the wrong decision. That’s when decisions become barriers – if you simply decide not to decide, you stay stuck at the crossroads.
  3. But the big secret is that, usually, there is no such thing as the wrong or right decision. A good decision that you took in the past might have turned out just as good if you’d chosen another option instead. Your role as a business leader is to be able to take a decision so that you can move forwards, and THEN make it the right decision.
  4. If you’re struggling with a decision, then bring someone else in to make it for you. Pay for a few hours of an expert’s time or call up a friend that you know has more expertise than you do in this area, or even get a mentor to help you.
  5. There are also frameworks you can use to help make decisions. They range from flipping a coin (and again, maybe not the best advice you’ve ever got from me but sometimes it’s the right thing to do!) through to using pros and cons lists, SWOT analyses and cost-benefit analyses.
  6. If you analyse a decision using a decision framework tool, it’s also important to analyse the pros and cons of NOT making a decision using the same tool. Just picking a winning often isn’t enough for you to actually then make that option happen – sometimes you need to face the consequences of what might happen if you don’t go ahead on implementing a decision too.
  7. Use ‘Worry Time’ to really work through any negative potential outcomes of your decision if that’s what’s worrying you. Work out what you would do if they actually came to pass. Knowing that you have a plan ready to deal with them means you will likely find that they are not as negative as you think.
  8. And finally – the more you make decisions the better you get at it. You develop a sense of what decisions will move you towards our goal and which options won’t and you can start to be lead by that.

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