Story of the Week
Why Decision Speed Matters More Than Decision Quality
Here's what I've learned the hard way: In business, a good decision executed quickly almost always outperforms a perfect decision executed slowly.
The math is simple:
- If you make ten decisions in the time it takes someone else to make one "perfect" decision —
- And even if only three of yours succeed, while their one perfect decision succeeds —
- You're still 3x more effective
This isn't about being reckless. It's about understanding that in today's fast-moving business landscape, the cost of delay often outweighs the cost of an imperfect decision.
I recently heard this concept articulated brilliantly in an interview with successful entrepreneur Alex Hormozi. He framed it in terms I hadn't considered before: The closer you can get to immediate action after making a decision, the more potent you become as a business leader.
How to Accelerate Your Decision-Making
After reflecting on this insight and my own experiences, here are four strategies I've implemented to speed up my decision-making process:
1. The 70% Rule: When I have about 70% of the information I think I need, I make the call. Waiting for that last 30% rarely changes the outcome, but always delays the result.
2. Set Decision Deadlines: For any significant decision, I now set a firm deadline. "By Friday at 3:00 PM, I will decide on the pricing structure for our new offering." Having this deadline prevents endless research loops.
3. Create Decision Frameworks: For recurring decisions, I've created simple frameworks. For example, when evaluating new opportunities, I ask:
- Does this align with our core mission?
- Can we execute this within 30 days?
- Will this generate revenue within 90 days?
If the answer to all three is "yes," we move forward immediately.
4. Practice Small Decisions: I deliberately practice making small decisions quickly throughout the day — what to eat for lunch, where to hold the next team meeting, and so on. The more you practice decisive action on small things, the easier it becomes on big things.
The Hidden Benefit Nobody Talks About
Beyond the obvious advantages of moving faster than competitors, there's another benefit to rapid decision-making that rarely gets mentioned: psychological momentum.
When you make decisions quickly and follow them with immediate action, you create a sense of forward motion that becomes self-reinforcing. Your team feels it. Your customers feel it. And most importantly, you feel it.
This momentum is the antidote to the entrepreneurial dread that comes from having too many open loops and unresolved questions hanging over your head.
Your Decision Speed Challenge
This week, I challenge you to identify one significant business decision you've been postponing. Maybe it's hiring a new team member, launching a product feature, or restructuring your pricing.
Set a 48-hour deadline to make the call. Then, immediately take one concrete action to implement it.
Reply to this email and let me know what decision you made and what action you took. I'd love to hear how it goes.
Here's to closing the gap between thinking and doing!
