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There are numerous issues and parameters that should be considered in pursuing decisions, goals and strategies. These can be diverse in terms of nature, impact and requirements. Some are as follows:
Between 2015 and 2025, the U.S population is projected to grow from 321 million to 347 million or a little more than only 1 % a year. 18 million or about 70 % of the growth will be over 65 years old. The Hispanic population has grown from 3% to 10% of the population. This basically means a slower growing economy but with more diversity and expansion among certain groups. For example, northern white industrial cities will continue to decline while southwest Hispanic areas will experience greater growth.
Diversity will continue to be an expanding feature of our society. College educated, technology, and health workers are rapidly expanding. In contrast farm, manufacturing, History and English majors continue to decline. Women will continue to play an expanded role in professional occupations which is causing increased shortages in traditional women’s fields like nursing and teaching.
Excellence continues to be redefined and can provide greater opportunity or exclusion. For example, the average female is 5 feet 4 inches .1 % are over 6 feet. The average Div.1 female volley ball player is over 6 feet tall. Similarly, 29 % of Harvard admissions are Asian American compared to about 5 % of the population. In contrast the poor face increasing social, cultural, health, educational, geographic and other barriers to compete on an equal basis in our society.
We frequently just assume cause and effect when the relationship can be nonexistent. Statistics make it very easy to assume that a relationship among factors is a straight line. However, most relationships involve complex of factors.
The biggest problem with decision-making is bias. Whether we admit it or not, we all have biases. Analysts love to discuss mathematical formulas and measurement in affecting bias; however, most bias (especially in small businesses) is simply human. For example, our most recent experience can have a significant impact on decisions. Similarly, situations, environment, personality, experience etc. all affect bias.
Making things more complex does not always make them better. Keep it simple. Focus on factors that really affect your business so you can understand them and estimate factors that are not as significant. For example, look at aggregate costs and administrative expenses rather than trying to forecast small items like telephone, utility, and insurance costs.
Accelerated change is here. Embrace it. Don’t just talk about change. Take action! Responding to disruptive change like the pandemic requires finding a way to incorporate data, analysis, and pre-existing models while also embracing out-of-the-box thinking and flexibility.
Don’t neglect key elements of success. Operations, customer service, and logistics are just as important as traditional functions. They present huge opportunities for a business to become more efficient and differentiate itself (i.e., selling on Amazon or bundling products).
Take More Risks!!! …And STOP WORRYING About It. Is risk taking scary? If you’re only thinking about the possible negative outcomes, yes. But it can be exciting if you focus on the potential positives results. For example, failure can be a learning experience.
Statistics and probability can enhance behavior. In particular while large long-term averages are more likely, outliers are relevant. Someone does win the lottery, underdogs win some games, and following your own inclination can be an effective effort. Understand the probabilities and the costs and benefits of winning and losing. For example, about half of major league baseball teams and many other sports teams have less than a 500 record and are unlikely to win anything. Yet we continue to root for these losers like me and any team from Chicago.
In summary be aware of more basic issues affecting behavior. Be open to alternatives, measurement and feedback. Try to channel your energy into clear goals rather than on general ideas. Remember that success takes time and consistency. It may not happen overnight, but if you keep putting in the work, you will see progress. Finally use basic tools and guidelines as discussed in this blog to understand and improve performance.
Related: The Best Plans Are Flexible