Seeing the invisible, different perspectives, being objective… all critical thinking skills that help get past biases, bottlenecks & blindspots.
The delicate balance of working IN the business vs ON the business fluctuates from day to day and quarter to quarter as your business goes through change and growth. This is how biases, bottlenecks and blindspots come to rear their ugly heads.
The good news? Awareness and perspective are the magic that defuses these traps that can block your business success.https://www.youtube.com/embed/ZAw6ubo6638
Grab the pdf version of these key takeaways: PTV Ep 3.pdf
The Question: What are the common success traps business owners will face?
Common Trap #1: Biases: Beliefs, thoughts, or assumptions that guide our decision-making, often without us even becoming aware of them. If we don’t become aware of our biases and begin to interrogate our assumptions, our decision-making process will be massively hindered. Some typical biases are:
Sunk Cost Bias: The misbelief that past investment is justification for continued investment. “I’ve already put in x amount of time/resources into this product, so I just have to keep going.”
Status Quo Bias: The misbelief that past success predicts future success. “This is how it’s always been done.” “It’s worked fine so far.” “Everyone else is doing this, so I should be too.”
Confirmation Bias: The natural tendency of the human brain to seek information that proves and supports existing beliefs. ex: The belief that employees can’t be trusted, which is supported when an employee lets you down, ignoring the times the employee doesn’t.
Common Trap #2: Blindspots: Blindspots come about when we have unexamined assumptions. These assumptions can be dangerous to a business because they are the foundation of our planning and action-taking, and can create unseen holes in all aspects of a business’ structure and operations. Some examples are:
- “In order to reward and incentivize great employees, I have to keep giving them raises.”
- “I think my product is great, so other people will too.”
- “It would be impossible to teach someone how to do what I do; there’s no point in hiring.”
Common Trap #3: Bottlenecks: A key sign of a bottleneck is when you start saying “work is backing up,” or “I just need to get more efficient.”
There are a variety of causes of bottlenecks… #1 being the business owner trying to continue doing “all of the things” and being beyond capacity.
Other sources though? confused staff, muddy processes, too many small jobs – or lack of niche, spotty quality control, sales consuming too much time, feature/scope creep…
Each of these traps benefits from a fresh perspective. Step back from the business to review the data, outline client flow, update the organizational chart, job descriptions and processes.
From this evidence-based perspective you can then make the changes that clear the way to your next-level success.
We assist clients in powering up the wealth engine that is their business – helping you navigate those transitions from Owner-Operator all the way to Owner-Leader. Our virtual advisory board team provides micro-CFO analysis, strategy, leadership development and the tools you need to grow and protect your wealth to fuel your lifestyle, your impact, and your legacy.
Grab the pdf version of these key takeaways: PTV Ep 3.pdf
Connect with our CXO Cher Cunningham – you deserve to clear out the baggage and gain laser focused clarity to build your success, now. (yes, you are ready!)
