Why You Shouldn’t Trust Your Gut Feeling in Business Decisions
Some people believe in the power of their gut feeling. They decide based on what they feel is appropriate to the situation. It might work in some instances, but it’s a terrible idea when used in decision-making for businesses. Here’s why you shouldn’t trust gut feeling and consider data before deciding.
You can’t rely on fate
Using your gut feeling is essentially relying on fate to dictate your company’s future. It’s not a good idea since you won’t always be lucky. There’s an excellent chance that fate won’t be in your favor and your business will start going downhill. Be in control of your company and rely on concrete facts.
There are consequences
If you make wrong life decisions, you might not feel the extreme repercussions. It’s not the same with businesses. A small wrong step can have ripple effects. Before you know it, the company you built from scratch is over. You will waste everything you’ve worked hard for.
You don’t have to
Just because you can use your gut feeling doesn’t mean you should. You have data to back up your decision. You can also use previous experience. You don’t even have to decide alone. Your employees can help you decide if they know more about the process. You will feel more confident with how things will turn out if you take it cautiously.
You will keep relying on fate
Sure, you could be lucky and make the right choice. However, it doesn’t mean you will be fortunate again next time. Who knows? Your next decision will have the extreme opposite results. You will also get used to the idea of tossing a coin to know where you’re heading.
You won’t learn
Making decisions for your business is hard. You won’t always get things right. However, you learn from the process. If you used everything at your disposal and still got it wrong, it’s not a problem. You can avoid making the same mistake in the future. If you always rely on luck, there’s no growth.
You become more confident
Feeling nervous when deciding what to do next is natural. There’s a lot on the line. When you keep relying on your gut feeling, you might believe there’s a 50-50 chance of succeeding. The truth is it’s far lower than that possibility. It could be worse. Relying on data and accurate information increases the chances of success. If you encounter similar problems in the future, you already know what to do. You won’t have second thoughts. You can even predict the potential outcome if you go either way.
Hopefully, you learn not to count on fate to decide what’s best for your company. You should also not give up even if you made the wrong choice. You will continue to improve as more difficult decisions are thrown your way.
Photo Attribution:
1st and featured image from https://scitechdaily.com/images/Business-Thought.jpg
2nd image from https://www.forbes.com/sites/chipwilson/2018/06/14/trusting-your-gut-is-the-best-business-tool-youve-got-if-you-can-listen/?sh=190fcd904b16
