On Episode 028 of the Epic Business Growth for CPAs Podcast, I share how you can use a decision matrix to make better decisions faster.
Information Hidden in the DNA
You probably remember learning about DNA in middle school through Mendel’s pea plant experiments. He thought that by mixing a short pea plant with a tall pea plant he would get a medium pea plant, but this wasn’t the case. What he found was that the size of the new plant was not a simply mixture of the tall and small plants, but, instead, it took on height characteristics based on the DNA of the short and tall plants. He illustrated this in the matrix below.
Turns out, the secret behind plant height was hiding in the DNA of each parent and the different possible outcomes.
Using this Matrix for Decision Making
You might be wondering how this relates to decision making, so here it is. You can use basically the same matrix to explore the possible outcomes you might experience in relation to the decision you are trying to make. To do this, place “Do It” and “Don’t Do It” at the top of the matrix and place “Best Outcome” and “Worst Outcome” on the side of the matrix. This leaves you with these four options:
- Best outcome if you do it
- Worst outcome if you do it
- Best outcome if you don’t do it
- Worst outcome if you don’t do it
This allows you to consider four very different options, helping you make an informed decision.
Here’s an Example
A friend of mine was trying to decide if she should take a job that is out of her niche. We applied this problem to the matrix to analyze her options:
While this matrix helps you consider all of your options, there is no one out there who can tell you which one to choose. Looking at all of the best and worst outcomes helps you understand the implications of your choice and help you make an informed decision.
Episode 028 is full of great examples of using this matrix for decision making – listen now! I am applying concepts like this to great success with my own clients, helping them make decisions that lead to doubling their income with a third of their client load. If you would like to learn more about how I help my clients work less and make more, schedule a free 15 minute coaching session with me, and let’s chat.