How to Make Quick Decisions Without Being Impulsive

How to Make Quick Decisions Without Being Impulsive

Imagine being in a situation where a decision must be made quickly. Not necessarily a small decision, but a decision that will have some consequence. For example, you begin to have car trouble and stop by a mechanic’s shop, only to learn that the repair will cost about $3000. Here is the decision, do you make the repair or do you use a portion of that and get a new vehicle?

Here’s another example. Say you have a job that is… well… okay. It is not great, but it is stable. You could, if you wanted, remain in the job for the rest of your career. One day you are talking to someone and a new job opportunity becomes available, but you have to act quick. The new job is in your field of interest and you will be doing what you really enjoy; however, it is double the drive to work and it is a start-up. What do you do?

Impulsives

When it comes to making these types of decisions, most of us tend to fall into one of two categories. The first category are the “Impulsives.” They make a “gut decision” immediately with very little planning or forethought. They tend to go with the first thing that comes to their mind.

This method of decision making has some benefits. Those who make impulsive decisions tend to be less stressed, at least as it relates to the decision making process. In fact, to these individuals, the decision is not really stressful at all. The choice is there, a decision is made — done. Another benefit is that with a quick decision comes quick resolution. Once the decision is made, you can move on to something else. No reason to fret or worry.  It is a done deal.

Which leads us to the negative side of impulsivity, unforeseen consequences. Sure with quick decisions come quick resolutions, but those resolutions often bring more decisions. With the job offer example above, if the impulsive person decides to take the job (and the impulsive person probably would, if for no other reason but because it was new and shiny), he would likely quit his current job the next day. After all, the opportunity is available NOW, so I must quit NOW. This, of course, results in burned bridges and damaged relationships. So in three months, if/when that new start-up is struggling to make payroll (which is not an uncommon experience for new businesses), the impulsive person may find himself in a very difficult situation where he will probably make another impulsive decision. Unfortunately, he will likely be unable to return to his old job. So, as a result of that impulsive decision, he is now left looking for work.

Researcher

The second type of decision makers are “Researchers,”  These individuals tend to be more considerate. They will weigh their options and take their time in making a decision. They may take their car to another shop for a second opinion. They tend to take months to decide what type of car they should buy, weighing the statistics and value of each choice. These individuals tend to prefer stability, so they hesitate, attempting to ensure that the first choice is the right choice.

Of course there are risks and benefits to this decision making style. As suggested, Researchers tend to make sure that the first choice is the right choice. They do not make a decision until they are certain that it is the one with the best possible outcome. They tend to be pleased with their decision and their ultimate choice is usually one that they can live with.

The risks, of course, are missed opportunities. The job situation mentioned above would be extremely difficult for the Researcher. Attempting to make such an important decision with very little time would be uncomfortable, to say the least. But when you add in the inherent uncertainty of the start-up, the Researcher is going to want to take his time. Unfortunately, time he wants to take is not an option. As such, Researchers are at risk for missing what could be a positive, life changing opportunity.

Finding The Balance

Ideally we should find some balance between these two extremes. We need a method to make a quick decision that is still thoughtful and wise. Here are a few steps to consider when you find yourself in this type of situation.

Step 1. Get as much information as you can. Seems obvious, but when the mechanic says it will be $3000, you should ask him as many questions as possible to ensure you fully understand the situation. How long can the car make it as is? What happens if you drive on it for another week? another month? Can part of the repair be done now, and the rest next month? Is this a common repair for this make/model of car?

For the job situation, it would be important to know by when a decision would need to be made. Do you have a day or a week? What is the business model, the 5-year plan? Is a transitionary period a possibility, where you keep your current job, but work at the new job in the evenings and weekends for the next few weeks (ensuring the opportunity to put in a 2-week notice in your current job, while getting started in the new. Sure it may mean working a lot over the next few weeks, but you are protected on both sides)? What are the benefits/hours/expectations?

Asking these types of questions help you better understand your situation and will inform your decision. They must be asked.

Step 2. Now that you have more information, figure out how much time you have and set a deadline for your decision. Creating a timeline will help take some of the initial psychological pressure off by structuring your process.

Now that you have a schedule, use your time wisely. If you have a week, know what information you want to collect each day. Using the job example, by the end of day 1 you may want to have reviewed the start-up’s business plan. By day 2, it may be good to know how other, similar start-ups have been doing in your area. By day 3, you may want to know what the need is, in your area, for such a start-up. Collecting this type of information, in a systematic manner, reduces stress while providing valuable information for your decision. Structuring what little time you have is critical for good decision making.

Step 3. Consult with others. As part of the information gathering process, it is crucial that you talk to others. Perhaps you have a friend who knows about cars and can help you save a lot of labor cost in the repair. Maybe you know someone who knows someone that is business savvy and can tell you what questions to ask before you accept a new job. If you are in a relationship – married or not – you may want to talk with your partner. The new job doubles your commute, which will affect your partner’s life as well. Is that going to be OK, or does that put more work on him/her? Again, information you need in order to make a sound decision.

By the time you finish Step 3, you should have enough information to make a confident decision. While you may not know as much as the Researcher would want, you certainly know more than the Impulsive. And the more information you have, the better.

Making decisions can be difficult enough, but when we add the pressure of time limitations, we often find ourselves in a losing situation. Either we run the risk of making an impulsive decision that will lead to unexpected consequences, or we take too long to make “the right decision” and end up missing out on important opportunities. It is possible to take the strengths of each style to try and make the right decision in a short amount of time.