The Price of Choice: Unpacking the Cost of Decisions
Hello Igniters!
Growing up, I was captivated by "Choose Your Own Adventure" books. These stories, where the reader was presented with choices that determined the outcome of the story. Every decision felt like a gamble, and the excitement of discovering the outcome was thrilling. This was my introduction to understanding of the power of personal agency and the potential consequences of my choices. Inspired by this childhood memory, this issue of the insight igniter explores the “cost of choice”.
Insight Igniter Coaching Question for August 26, 2024:
“What will this decision cost you?”
Let’s explore how this question's impact can be profound, extending to both our personal and professional lives. By prompting individuals to consider the potential consequences of their decisions, it encourages them to make more informed, intentional, and responsible decisions that lead to positive outcomes.
This summer my wife and I made the decision to undertake a home renovation. For us, it was a journey marked by a series of decisions, each would shape the feel and functionality of our “new” home. Should we opt for a bold, statement-making kitchen or a more subtle, timeless design? What kitchen appliances would best fit my desire to operate like a Michelin Star restaurant? Extending beyond the obvious monetary outlay decisions needed to be made that had other costs. For instance, we considered how much time we were willing to be displaced from our home? Were we willing to impact our kids lives? and were we prepared for the emotional toll and stress of managing contractors and unforeseen challenges? Costs can be financial, emotional, or related to time and opportunity. Through out this process we learned a valuable lesson of avoiding impulsive decisions as they tend to have greater costs associated with negative and even long-term consequences. By carefully considering the cost and implications of our decision, we made decisions that was aligned with our carefully crafted and desired vision of home.
In a business context I was recently in a coaching conversation with a leader over concerns on how they were making decisions for their capital plans for 2025. “My people keep telling me we must do this project” - “What would be the cost of not doing it?” was my reply, we sat in silence before they replied with “I’m not sure, that’s what bothers me”. As the conversation continued it became apparent that they did not have a full picture of project costs, benefits and alternative options. Every decision a business leader makes comes with a cost whether it’s time, money, energy, or opportunity implied or explicit. The real question is are they aware of those costs -and if they are ready to accept them. "What will this decision cost you?" is a measured approach for leaders in creating space to slow down and evaluate decisions from multiple angles. Leaders who consistently ask this question can see benefits in how resources are allocated, minimize risks, foster a culture of strategic thinking, and champion the long-term success of their company.
Every choice, no matter how insignificant it may seem, has the potential to influence our experiences. The adventures we take, the relationships we form, and the opportunities we seize are all shaped by the decisions we make. While it may seem that sometimes there is no perfect choice or seemingly limited options, it's crucial to make informed decisions that align with our values and goals. As you embrace the power of choice, considering the broader implications of your decisions we develop resilience and adaptability, allowing us to navigate the complexities of life with greater intention and purpose. I trust that as you consider the question “What will this decision cost you?” that your choices and their outcomes, will allow you to gain a deeper understanding of yourself and the world around us.
Until next time – Stay Ignited!
Best,
Stef