Never Stop With One Solution

Quick Insight

We tend to come to conclusions too quickly when making important strategic decisions. I list four ways to think beyond one favored solution.

We tend to come to conclusions too quickly with important strategic decisions. Once a solution starts to gain favor, we start to find reasons to support it and ignore information that contradicts this. This is called confirmation bias. There are ways to fight this bias, and many of them involve thinking beyond the one favored solution.

1.    State the problem in at least two ways. Many failed solutions are due to a failure to identify the problem correctly. Does your solution solve both ways of looking at the problem?
2.    Always start with at least two solutions before making plans. It’s easy to choose the first solution that comes to you, but that’s not always the best solution.
3.    Explain fully why you chose your solution as opposed to the second-best solution. 
4.    Think of two reasons to support your solution and two reasons why the solution may not be best. 

I wish you good solutions and the patience to pick the best solution. I wish you well.

- Rob Stephens

CFO Perspective Resources

  • Video: How To Avoid Business Decision-Making Mistakes - I explain some common business decision-making mistakes and how to overcome them.
  • Course: Behavioral Finance - Overcome your destructive financial impulses by understanding common thinking mistakes. With my Behavioral Finance course, you can avoid these costly financial decision-making mistakes. The course will help you to learn science-backed ideas to make better financial decisions.

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