Leaders who understand how to bet smart at work can enjoy the benefits of better decisions. Have you ever looked back at a past decision and thought you didn’t think it through well enough? While no bet is ever guaranteed to succeed, the best gamblers understand how to weigh the pros and cons of a situation.
Keep in mind there’s a difference between trying to make a quick buck at the blackjack table and executing strategy on the job. But both do involve taking a chance.
At work, we often take risks or gambles. We gamble a new hire will be successful on the job. We gamble on the demand for our products during a sales season. And we’re not shy about taking a risk with marketing.
What can you do to make sure that you bet smart or smarter on the job? Consider these tips:
You’re Prepared
Avoid rushed decisions whenever possible. You want to take some time to clinically examine a situation. Typically, the bigger the gamble, the longer you want to research it. It can be useful to give yourself a deadline for research, to prevent procrastination.
Usually, you have a good handle on the issue when you can clearly explain the pros and cons to someone.
And while your emotions or gut feelings are important, beware of letting them become the sole factor in a decision.
You’re Patient
While smart gamblers may make quick decisions, they don’t rush them. On the job, you may feel like you have to act immediately. Consider if urgency is really needed or just you wanting to get an issue off your to-do list.
Beware of any offer, from a vendor, that comes with a rapidly approaching deadline. Often it’s a sales tactic, designed to create perceived urgency. A good deal today will likely exist tomorrow, even if it’s elsewhere.
Ten Month Test
Before you make your bet, imagine how the decision will play out in ten months. Have a clear understanding of what it would be like and the benefits you’ll enjoy.
Ten months after you’ve made your gamble, revisit it and see how closely reality matches with your vision. It’s okay if it’s not a perfect match. But try to understand what went wrong or not as well as you thought. Do you have a tendency to be too optimistic in certain areas?
This important part of learning how to bet smart, uses evaluation to improve your next big decision. Some skip this step because they’re too busy. Understand that it’s an important part of your leadership learning curve.
When to Fold Them
Smart gamblers understand you’re not going to win every bet. Sometimes their smartest move is to admit defeat and move on, rather than double down on something that isn’t working.
For instance, allowing an under performing employee to continue working is a mistake. If additional training and support hasn’t improved the situation, then you may have to admit the employee isn’t a good match for the position and find a better replacement.
Final Thought
Taking risks is part of being an effective leader. But have a process that helps you make the best decisions.
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