Running a construction business is like navigating a complex maze of choices. From choosing suppliers and subcontractors to managing budgets and timelines, decision-making is the cornerstone of success in this industry.
In this blog post, we’ll dive into the most common misconceptions of decision-making and how to make faster, better decisions like a CEO.
Decision-Making Myths Debunked
There are a lot of wrong beliefs when it comes to decision-making. And these myths and misconceptions could be holding you back.
Here are just a few of them that we’ll dispel in this blog post.
1. He who is higher on the organizational chart is better equipped to make the decisions.
Most construction businesses are set up in a way that decisions come in too slowly. This is because most of us expect those higher on the organizational chart to be better equipped to decide. Therefore, the boss is better equipped to make decisions. But is he? Who exactly should you get feedback from before making a decision?
It turns out that the people closest to the problem and with the most extensive knowledge, experience, and perspective on the issues at hand are the best equipped to make the decisions. These are generally those who work at the lower level in the organization.
Remember: The most powerful people in your company are rarely on the ground doing all the site work. So, seek advice from team members closest to the action.
2. Decisions need to take time.
The truth is most decisions don’t take that much time. In fact, most decisions can be made in minutes. You’re just procrastinating by saying you need more time to make a decision.
Many leaders procrastinate in making decisions because they’re afraid of making mistakes or, worse, not being liked. This could be a red flag.
Procrastination can lead to missed opportunities, increased stress, and even profit bleeds for your construction business.
So, you don’t actually need time to make better decisions; you need good data, focus, and urgency–the ultimate weapon in beating procrastination.
3. I have to make the decision alone.
While consensus-seeking should never be your goal, this doesn’t allow you to decide all by yourself.
For a decision to be properly formed, you need to involve the right people on your team who can contribute meaningfully. This doesn’t mean you have to seek out everyone’s opinion. The right people with the relevant expertise in your team articulate their views so they can help you, the accountable decision-maker, to broaden your perspective and choose the best decision.
4. My ideas are the best.
If you’ve ever found yourself clinging to this belief that your ideas are the best, it’s time to reconsider. Remember, you’re part of a team. By holding on to the “my way or the highway” mentality, you’re essentially blocking innovation and collaboration, which are vital for a business’s success.
5. Putting a decision off is better than making the wrong decision.
How many times have we heard people say this? This misconception that putting a decision off is better than making the wrong one can often lead to a paralyzing cycle of indecision. The longer you delay a decision, the more stress and anxiety it can generate.
Not only that, but indecision also means you’re missing out on opportunities that could have arisen from taking action earlier. Because the reality is, in every decision you have to make, there is a cost of inaction. And in most cases, no decision is more risky than the wrong decision.
So, instead of striving for perfection, aim for a well-informed and thoughtful choice. Accept that mistakes are a part of your learning experiences.
As a construction business owner, your decisions shape your company’s future. By addressing decision-making problems and learning how to make faster, better decisions, you can steer your construction business to greater heights.
To get an in-depth understanding on how you can make faster, better decisions like a CEO, listen in or watch the full episode HERE.
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