LTM - 12. Making Tough Decisions

12. Making Tough Decisions

In the course of our lives we are faced with many important decisions. Do

we leave a secure job with an established company to take a higher

paying job with a new start-up company? Should I invest in starting my

own business? What home should we buy? Do we relocate to another

city? Do I stay in a difficult marriage? How should I invest my savings?

The outcome of any of these decisions will play a vital role in your

success and happiness. Make the right decision and life is good. Make

the wrong decision and things can get ugly in a hurry.

Ten years ago, I attended a leadership event where a former President of

the United States was interviewed. He explained how he makes his most

difficult decisions. Of all the decision-making processes I have learned

about and implemented, this one is the best.

A President’s Process for Decision-making

 Seek wise counsel. When he had a critical decision to make, he

brought together the highest-ranking, most valued members of his

team, including outsiders who had the greatest insight into the

situation.

 Understand the facts. With this group, the key facts of the

situation were clearly outlined so he and everyone on his team

would have a complete understanding of the challenge at hand.

 Discover all options. On a large board, the team listed every

realistic option available to addressing the situation.

 Reduce the options. After considering all available options, they

narrowed the list down to the best and most obvious choices.

 Explore the pros and cons of each option. The team then made

a list of the pros and cons of each option. After completing this

step, the top two or three options became clear.

 Focus on the cons. They dissected and discussed each con (not

the pros). The President wanted to have a plan in advance for how

he and his administration would handle each of the potential cons

if and when the situation would arise.

 Make the decision. After going through this process with his

most valued advisors, the President removed all emotions and

made his decision based on the facts.

The President was asked, ―Do you look for consensus among the

members of your team in making these types of critical decisions?”

He acknowledged he would always seek consensus among his team. He

said, ―If I bring together my best people and go through this process, I

would like for us to collectively agree on the best solution.”

Since listening to this interview ten years ago and incorporating the steps

outlined, I have made very few bad decisions. This decision-making

strategy combined with my life experiences have taught me the

importance of seeking wise counsel, to plan for the worst-case scenario,

to remove all emotion from the process, and to make decisions based on

facts and logic.

LTM Challenge

Good decision-making is similar to learning any new skill—the more you

practice, the more proficient you become. While many of your decisions

may not require seeking advice of others, at the very least I encourage

you to consider all your options and the pros and cons of each. If you will

carefully consider the pros and cons of any decision you are making and

remove your emotions, you will make better decisions.

Your life is a reflection of all your decisions—

big and small, serious and insignificant,

short-range and long-range.