Risky Business: Make Big Decisions and Avoid the Pros/Cons Trap

I have a friend struggling with the decision to take a new job or not.

Impacted by the wave of tech layoffs last year, she has been carefully considering her next steps. Now, with a big new position on the table, the pressure is on. But for some reason, her stomach is tied up in knots.

“Sure, the money sounds great,” she says, “but new roles in new companies have risks too.”

When confronted with any big decision, people often use the “Pros & Cons” approach.

Though Ben Franklin is well known as one of America’s founding fathers, he was also a printer, an inventor, a writer, and a contributor to decision theory. Ben Franklin suggested this simple framework when making a difficult decision:

1. On one side of a piece of paper, make a list of the advantages (the Pros).

2. On the other side, make a list of disadvantages (the Cons).

3. Weigh each item on both sides of the list.

4. Cancel out items of equal weight.

5. The side with the most remaining strong reasons is your best choice.

In working with leaders launching new strategies, I’ve seen Ben Franklin’s “Pros and Cons” decision-making process used regularly by individuals and teams trying to make a decision. A re-organization? A new vendor? A new office location?

“Let’s list the Pros and Cons and see which way we should go.”

It seems so scientific. But doesn’t it feel — incomplete?

My friend Wes Kimes agrees. For decades as an executive coach, Wes has helped organizations put the right leadership team in place for their next chapter of growth. He also makes sure those leaders are well-positioned to be successful.

In coaching hundreds of executives, Wes found that when making a big decision, leaders need to be able to openly talk about the risks. If not, it causes anxiety. Though they may want to appear “all in” for the big promotion, career changes can have serious implications on a person’s family and how much they enjoy their work, and can even impact their health. Just the process of making the decision can create anxiety.

Big decisions need to be framed in a broader context.

Evaluate the pros/benefits and cons/risks of TAKING a new path but consider the implications of NOT TAKING that path as well!

Wes suggests his clients use this simple framework to consider a big decision:

What I have always liked about this simple approach is that it encourages you to consider risk from more dimensions and to create more options. Framing decisions with only a “YES”/”NO” option tends to leave you feeling trapped. But exploring the implications of taking an action — and NOT even taking that action at all! — results in a broader set of scenarios. The Pros/Cons approach doesn’t provide this range of possibilities and options.

You, along with your team or family, can envision “What if?” more objectively, with less anxiety, and feeling more empowered. You can step back and breathe as you consider each scenario and how you would deal with it.

When I’ve used this framework myself, I’ve found that I am much calmer after making a decision. Even if I say YES and run into problems down the road, I know I will have options. And even if I say NO, I am not stuck. I have a myriad of solid paths I can take that I may have otherwise missed.

When I use this decision-making approach with my clients to evaluate “What If” scenarios, I find leadership teams are less emotional talking about downside risks, and more creative about coming up with upside benefits. Even the most difficult naysayer can contribute a few options.

Is this new year presenting you with
big risky decision to make? Don’t get stuck in the Pros and Cons Trap. Step back and breathe. You have options!

I’d welcome your thoughts!

– Susan

ABOUT:

Susan Schramm is on a mission to equip and energize leaders who are changing the world. Susan is Founder of Go To Market Impact, a business consultancy that helps leaders driving high-stakes strategies to get results faster. Susan writes about practical ways to move forward when you are leading a new strategy or getting one back on track.

This article was originally posted January 8, 2024.