Summary: Here are ways to decide the best practices for you and your company to let go of old, outdated decision-making methods.
Dear Dr. Sylvia,
We must find more effective ways to make decisions that will not backfire months or years later.
Therefore, please give some specific ideas so companies can manage better ways to plan for now and into the future.
I also want to thank you for the Stress Mastery online program my executive team completed.
Ultimately, they deal with conflicts faster and collaborate better.
Now onto decision-making as a priority.
Willing to Learn
Consider learning at work to be like getting a Ph.D. in emotional intelligence.
Dear Willing to Learn,
Indeed, I can help.
Accordingly, I will answer with specifics in three ways. First, how well-known companies learn new ways of seeing their products and services.
Next, how a few of the best coaches have encouraged others to think more creatively when making decisions.
Finally, how some CEO Pattern Breakthrough Coaches have helped make positive change happen.
Famous and successful organizations still need to think differently to compete in today’s world.
Let me start with Airbnb.
Initially, the founders were biased toward designing a platform for people to rent air mattresses in their living rooms.
Airbnb has been a disrupter in the real estate market.
However, after conducting thorough research and user testing, they realized the real opportunity was to create a platform for people to rent out their homes, apartments, or spare rooms.
By overcoming their initial bias, Airbnb created a successful business model that disrupted the hospitality industry.
They had to make decisions based on added information that took some getting used to.
Remember the old slogan to “think out of the box?”
For example, they had to think outside of the house or apartment.
And now, look at the billion-dollar results.
Apple always demanded us to “think differently.
When Steve Jobs returned to Apple in 1997, the company struggled with various issues, including a bloated product line and a lack of focus.
Therefore, Jobs realized that the company’s culture was resistant to change, and employees were biased towards continuing the status quo.
In other words, overcoming this bias took courage and effort by implementing radical changes, such as reducing the product line, focusing on design and user experience, and launching new products like the iPod and iPhone.
These changes helped Apple become one of the most valuable companies in the world.
Google has been a disrupter since it chose the odd name for its company.
When Google was founded, Larry Page and Sergei Brin were biased toward creating a search engine that could quickly and accurately find relevant information online.
However, they realized that searching alone would not keep users engaged. They overcame this bias by introducing products and services like Gmail, Google Maps, and Google Drive.
As a result, these products helped Google become a dominant force in the tech industry.
Netflix reinvented itself to become a primary streaming service.
When Netflix was founded, the company had a bias toward being a DVD-by-mail rental service.
However, they realized that the future of media consumption was moving towards streaming, and they overcame their bias by launching a streaming service.
They also realized that producing original content was vital to attracting and retaining subscribers. By overcoming its initial bias, Netflix was able to pivot and become a significant player in the streaming industry.
Tesla took the challenge, and the rest is history regarding electric vehicles.
When Tesla was founded, the automotive industry was biased toward gas-powered cars and was resistant to change.
However, Elon Musk, the founder of Tesla, realized that electric cars were the future and that the industry needed disruption. By overcoming the bias towards gas-powered cars and investing in electric vehicles, Tesla created a successful business model that revolutionized the automotive industry.
Executive coaches who are actual change agents help companies thrive by thinking in new ways.
Accordingly, I want to acknowledge some executive coaches making inroads in working with organizations to get beyond all unconscious biases. Here are stories about executive coaches who work with helping companies overcome unconscious biases that must be dealt with to succeed using the critical thinking model:
Marshall Goldsmith is a renowned executive coach who has worked with some of the world’s most successful CEOs.
One of his clients was Alan Mulally, the former CEO of Ford, who hired Goldsmith to help turn around the struggling automaker. Goldsmith worked with Mulally to develop a more collaborative and transparent culture, which enabled Ford to achieve profitability and become a market leader.
Cheryl Bachelder is an executive coach who has worked with numerous CEOs, including Popeyes Louisiana Kitchen and Pier 1 Imports.
As an illustration, one of her success stories is her work with Alan Fournier, the founder of hedge fund Pennant Capital Management. Bachelder helped Fournier develop a more collaborative leadership style, which helped his hedge fund become one of the most successful in the industry.
John Matrone is an executive coach who has worked with numerous Fortune 500 companies, including Amazon, Apple, and Google.
One of his success stories is his work with Steve Jobs, the co-founder of Apple. Mattone helped Jobs develop his leadership skills and overcome his weaknesses, which helped him lead Apple to become one of the most valuable companies in the world.
The CEO Pattern Breakthrough Coaches dive deeper into how to make better decisions.
Frank Walsh, an engineer initially, is also an executive coach helping companies overcome diversity, equity, and inclusion biases. He worked with a manufacturing company with a biased hiring process, resulting in a lack of diversity in their workforce.
Therefore, Frank helped the company implement a more objective hiring process, including structured interviews and assessments. As a result, the company was able to attract and hire a more diverse group of candidates.
Joanne LaMarca is an executive coach who collaborates with companies to overcome confirmation bias, which can hinder critical thinking. She worked with a marketing firm that used traditional marketing channels like television and print ads.
In other words, she helped the firm explore alternative channels like social media and influencer marketing. By overcoming its confirmation bias, the firm could reach new audiences and increase its marketing effectiveness.
Go beyond biased decision-making by breaking free from outdated patterns.
Brenda is an executive coach who specializes in helping companies overcome the availability heuristic, which can lead to biased decision-making. She worked with a financial services company that had a bias toward investing in a particular sector. Maria helped the company conduct a thorough sector analysis and provided data from various sources. The company could make a more informed investment decision by overcoming its availability bias.
Joclyn Goss is an executive coach helping companies overcome anchoring bias, which can lead to little negotiation and pricing strategies. She worked with a retail company biased toward using a fixed pricing strategy for its products.
Joclyn helped the company explore dynamic pricing models and helped implement a new pricing strategy based on market demand. The company could increase its revenue and profitability by overcoming its anchoring bias.
Coaches skilled in helping change outdated ingrained biases at work make a significant difference.
In conclusion, work is where you can continue to learn and grow.
Remember, as the world changes, you must change to be successful and profitable.
Critical thinking and overcoming ingrained biases are the significant areas to tackle for all organizations for profitability during these fast-moving times.
Please know that when the leadership in a company is committed to helping executives know how to “look behind the curtain” of outdated biases, everyone wins.
Here’s to your success,
PS. Get a complimentary copy of the introduction to “Invisible Stress (It’s NOT What YOU Think)” at www.ceoptions.com. It’s a great way to start thinking differently.