Utilize your short-term memory to its fullest


You know the story about the traveler who comes to a fork in the road and must decide which path to take? These days, I feel like the fork has morphed into a utensil with 10 prongs! Every day, experts are reporting new economic statistics and information that make me want to change my mind and detour down a different path. But my feet are worn out because the path choices continue to change with each day’s news updates. So, does a bad economy really require you to make more short-term decisions? That depends. It certainly forces you to consider them. But you must think long and hard while standing at the fork in the road before you choose a path. And sometimes, you may just want to sit down on a log and wait while you weigh your options and take a mental measurement of the trip ahead. It’s very hard to make a short-term decision knowing that the information that affects your decision today, could change tomorrow. Look at the information in front of you during your decision-making process. Do you think offering a special deal now will drive sales for a long duration of time, or will the energy you invest to make the promotion work be more than the return of the promotion itself? The Principles of Decision Making 101 don’t go out the window simply because the economic environment is constantly changing. If anything, you should evaluate each short-term decision with even more criticism and not be quick to jump. Otherwise, you may continually choose the wrong path and land in a dead-end situation.

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