Regret, as uncomfortable as it is, is part of life. To make a tough decision and then learn the better route was the opposite of what you chose can lead to many sleepless nights. And because of that, many business leaders try to avoid or delay making tough decisions. But research shows it’s not the errors of commission — making the wrong choice — that cause the most regret, it’s errors of omission — not making a choice at all.
In a study on the experience of regret, Thomas Giloviqh and Victoria Husted Medvec reviewed responses from people who were asked what they would do differently if they could live their lives over again. They examined the extent to which the responses represented a regret tied to an action or inaction. What they found was only 12 percent had regrets of action while 54 percent of regrets were tied to inaction — that they should have done something but didn’t.
Researchers have found that people attempt to avoid the possibility of regret typically by delegating, deferring or avoiding hard decisions. Gathering opinions from others such as managers, key employees, trusted advisers or even friends and family on how to handle a tough situation makes sense. But, ultimately, after weighing the facts and considering the consequences, leaders must plant their feet and make the decision they think is best for the organization based on the personal and organizational values of both. And when the decision becomes clear, pull the trigger — delaying a tough choice often prolongs the difficulty or causes more damage.
Tony Robbins says the fear of making the wrong decision allows the fear of failure to immobilize us and impede our progress. Don’t be afraid. As leaders, making difficult decisions is a core part of our responsibility that can’t be outsourced or avoided. After going through the process of making a tough choice, look back on how you reached that decision and consider what you could do different. Having a repeatable process can give you confidence and clarity, both of which you’ll need when you inevitably reach the next fork in the road.
Fred Koury is President and CEO of Smart Business Network Inc.
