How to enhance decision-making?
At our coworking and coliving spaces, we welcome many individuals with their own projects, whether they are entrepreneurs or freelancers. One common aspect they all share is the responsibility and doubts they face when making decisions. Most of them are working on their projects independently and don't have anyone to consult with regarding the best course of action.
For this reason, we've gathered some tips and tools used by our colivers and coworkers when making decisions, which can be of help to you.
Gather all available information
Most decisions are not black and white. Many factors and variables come into play. Take your time to gather all the available information to consider every aspect.
Have clear objectives
If you have well-established goals, it becomes easier to make a decision. Many people have not clearly defined their objectives, so when making various business decisions, they can often be contradictory. Knowing the direction you want to take will help bring coherence to each step you take.
Map out different scenarios
Try to envision all possible options and their consequences. By foreseeing all possible scenarios, you can evaluate the pros and cons of each one.
Build a trusted network
It's essential to build a network of trustworthy individuals you can rely on for support. Often, the early stages of entrepreneurship can be quite solitary, so working in a coworking space can provide you with a network of people with whom you can discuss your decisions and learn from their opinions.
Don't be afraid to make mistakes
The most significant learning comes from experience, and mistakes are a part of it. Sometimes it's better to take action, make a mistake, and learn, rather than not deciding at all. After each decision, it's an opportunity to analyze the reasons and consequences of each and identify areas for improvement.
There are various techniques and tools that can facilitate decision-making. We've compiled some that will help you have a clearer understanding of information and organize it effectively.
SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
This technique helps you analyze and organize all the information in your external and internal environment. It provides a broad perspective on what you need to consider, making decision-making easier.
Cost-Benefit Analysis
Although it can't be applied to every decision in a business, it's a very useful tool when you need to make an investment or expenditure. It allows you to study all possible scenarios, taking into account what you need to invest and the benefits you will receive. This way, you can see the opportunity cost and make the most coherent decision for your business situation.
Decision Matrix
Having all the options visually helps you understand what each of them entails better. To do this, we recommend using a decision matrix. In each of the options, you should list the factors involved. This tool will help you quickly compare the risks and benefits of each scenario of a decision.
Decision-making is not always easy, so being surrounded by other professionals is always an advantage. If you are coming to live and work in Barcelona, check out Viu's spaces and join our community.
