Are you unconsiously sabotaging your business?
Up to 11,000,000 pieces of information per second are presented to our brains for processing– however only around 40 of these pieces of information are processed consciously. In all areas of our lives, our unconscious decision-making plays a far more significant role than many of us would expect.
“It's as though we have a semi-autonomous robot in our brain that plans and executes actions on our behalf."
Jennifer Milne- PHD student at the Brain and Mind Institute, University of Western Ontario
So how can we help this “robot” to unconsciously make everyday decisions that support our business goals and objectives? Particularly, how can we combat the ingrained biases of our past business experiences (which may be less than stellar) from negatively influencing our current decision making?
Obviously, I don’t have the absolute answer for this – I am an accountant and business adviser but not a research scientist after all. However, logic screams to me saying that if you are clear about your business goals through a comprehensive and documented business planning process you will have a far better chance of making unconscious decisions that support your desired business direction and objectives.
When under pressure we seek out unconscious shortcuts in our brain to help us fill in the gaps in information that are needed to make quick decisions. Our past experiences and the assumptions that we have developed over time contribute to how these shortcuts guide us. The danger though, is that these shortcuts may be relying on experiences and learnings that are not in line with our current goals and objectives. Investing time in developing a business plan will help fill in the gaps.
Business Plans for Practices
A good business plan guides you through every stage of your business – from starting, through to managing and evolving into a mature business. Think of it as a roadmap for the structure, running, and growth of your practice or business. Business plans should be unique however most will consider and plan for a similar range of issues, which are shown in the diagrammatic image below.
Unfortunately, most of us think that we are naturally good decision makers – however research shows that our unconscious bias affects most of our decisions and in fact we are likely over-estimating the quality of own decision-making capability. Business planning pre-sets the context and desired outcome of decisions and therefore aids in removing some of this unconscious bias.
Think of the time you will spend in developing a business plan for your practice or business as time spent future proofing. Give yourself and your key team members the knowledge and experience to consistently make decisions cohesive with your vision for the future.
If you need support and facilitation in preparing your business plan recruit your trusted advisers – chartered accountants, lawyers, lenders and practice management professionals.
For further information in planning for your practice or small business, contact Kelly Chard at Kelly@growth-md.com or (07) 3292 1158.