PROCESS PRECISION - A SHIELD AGAINST BIAS

We are all aware that failures often outnumber successes. However, this fact alone should not cause concern. It is evident that leaders must take calculated risks to create future opportunities and ensure optimal productivity for their current business.

These are the two central agendas that leaders focus on. In essence, it involves striking a

delicate balance between being adventurous while ensuring a ROI for past investments. In other words, leaders should be capable of assessing and minimizing the inherent risks of future ventures at a micro level, while simultaneously maximizing operational effectiveness to

capitalize on invested opportunities.

Given the frequent discussion of productivity management in established businesses,

let's focus on the three primary causes of leadership slip-ups to minimize future risks

(such as introducing new initiatives, businesses, or products), and to achieve 'promised or

planned' business objectives.

1. The perspective of "Full-Proof Business Planning": De-risking

shouldn’t be mistaken for risk aversion. Quite often, new business

strategies are predetermined, either due to hierarchical bias or a

desire to create unprecedented novelty. However, generating all

three levels of strategic simulations could bridge the gap. One can

comparatively evaluate such unbiased strategic business

projections to identify the most promising path. That's what is

realistic and involves the least risk. Unfortunately, passion often

overrides the process!

2. Real-life evidence-based business projection: A sense of reality

is extremely critical. People can fairly estimate granular business

realities. Therefore, a bottom-up, granular projection based on past

real-life business events at every locale can be the most reliable

projection (instead of a projection at a macro level). Despite having

a wealth of business history, business houses often fail to

recognize and utilize it when necessary.

3. People or Fact?: When we validate major conjectures about people

through evidence or data, the concept of 'people first' remains

consistent. Conversely, this approach reinforces dependence on

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the individual. A shortage of time impacts decision quality, and

leaders frequently tend to rely (or over-rely) on the second-in-

command, skipping critical validation processes (as a mark of

empowerment!). This impacts either with an overly optimistic

projection or a narrow perspective that undermines the purpose.

In a market with booming opportunities, every new venture demands a pre-defined ROI or realization. Leaders need to prove their track record of success to attract investments. Risk mitigation that is truly evidence-based and uncompromised business planning

& operation, is the way to the future!