Today we’re going to discuss making decisions in times of crisis. Well, I have a video [that] I published a few months ago about the easy way of making decisions. And all the tips in that video, which will be linked up here and down here are still relevant today and are still relevant in times of crisis.
But there’s also one extremely important principle and one mistake that so many people are making that is simply killing their businesses and killing their lives in times of crisis regarding making decisions. And I want to give you the most important principle on how to avoid the most deadly mistake regarding making decisions in times of crisis. It’s super relevant for now and it will continue to be relevant forever. Because if we’re discussing a business crisis, what’s happening right now is simply that many businesses have crises. But every single year, every single month, your business might be in crisis anyway. So you probably should understand those principles, not just for this time, but for every time, every time you have a question.
So what is the number one most deadly mistake about making decisions in times of crisis and it’s to overthink things and to be afraid of making a decision. Well, being afraid of making a decision is always a bad idea. It always wastes your time. It always wastes your energy. It’s always a bad idea. But in times of crisis, overthinking, being afraid to make a decision, postponing, procrastinating a decision might kill you.
I’ll give you an analogy from marriage. If your marriage is in crisis, maybe you think to yourself, “Well, what’s the right thing to do? Maybe I should go to this marriage counselor. Maybe I should go to this coaching. Maybe I should take this course together. Maybe we should have more date nights. Maybe we should have this conversation. Maybe we should do all those types of things.” And you can’t decide what’s the right thing for you to do today. If you procrastinate this decision, your marriage is over, it’s dead. Because by the time you make the decision, it will be too late.
So the most important thing and it’s also true in business, the most important thing about making decisions in times of crisis is making, of course, logical, good decisions but making them fast and making them powerful decisions. By the way, it’s also about the first principle.
The number one most important principle that we’re going to discuss is that it’s better to over react to a crisis then to under react. If, for example… We’ll go back to the marriage analogy. If we say, “Okay, I don’t know, what’s the right option for my marriage. I’ll go to this marriage counselor. I’ll go to this coach. I’ll take this course. We’ll have this date. We’ll have this conversation.” Well, maybe you spent too much time and too much energy on your marriage. But you’ve just made sure that the highest probability is that you’re going to save your marriage.
And you also want to act the same way with your business. You want to see all the options. Maybe when it’s time of crisis overreact in your business and especially if those decisions are reversible, you can take them back later and most business decisions are reversible. Do it. Go all in. Take it full power and overreact. Do as much as you can. Don’t procrastinate, make quick decisions, make powerful decisions, make fast decisions, and make them work and stick.
And in order to do that, you have to embrace uncertainty. You have to understand that things are going to be uncertain. It’s a time of crisis. You don’t know what’s going to happen. You don’t know if the crisis is going to last two weeks, four weeks, six weeks, 10 months, whatever. No one knows. But you have to embrace it.
You have to understand, “Okay, I’m facing the unknown. I’m facing something that I don’t know what it is.” And this is something that we all have to face every single day as business owners, we have to face uncertainty. But in times of crisis, it’s like 10X. It’s 10X uncertainty and this is the time where true leaders unveil themselves. This is the time where true business owners unveil themselves. When they have to make hard, difficult decisions in times of crisis. And I trust you, I believe in you, you can totally do it.
Do whatever it takes to save your business, do whatever it takes to grow your business and right now, in this time, in times of crisis, it’s always a time of great opportunity. And there are so many videos around YouTube and I’ll try to film one for this channel as well about taking business opportunities, about taking powerful business opportunities in times of crisis. But for now, think how you are going to take this time of crisis. What decisions are you going to make to make sure that you won’t only survive this crisis, but to get out of it even stronger?
Hey, it’s Gal Tzhayek. Thank you for watching this video. If you liked it, please press the thumbs up button. And you can also subscribe to the channel. Make sure you get notified each and every time a new video is uploaded. I’d like to hear your questions and review in the comment section below. And I’ll see you in one of those new videos.