Could the only way to getting more things right be rethinking things and think them through again?
Most of us take pride in our knowledge, skill, and ability to uphold our values. That stands to reason in a stable environment where our conviction in our ideas is rewarded. But we need to spend as much time ‘rethinking’ as we do ‘thinking’ in a rapidly changing world.
Fundamentally, there is a lot we do not know, and we all misinterpret things from time to time. But we will continue to be wrong if we are unable or unwilling to realise our mistakes. We should be open to the idea that our sense of purpose and focus might be revived by discovering alternative views on outdated paradigms.
‘Think Again’ by Adam Grant explores the science of altering your own and other people's minds. The book explains how people and organisations can cultivate a mindset of lifelong curiosity and examines the biases and preconceptions we bring to our decision-making.
To give you an idea, here’s how you could rethink your ‘Annual Planning’ and ‘Business Strategy’ by applying the book's concepts[1], but the book offers many stories illustrating challenges and insights into the value of rethinking!
✔Rethinking Business Strategy – There are numerous publications, workshops, trade groups, and consultants available to offer advice and best practices for creating and managing a business. Unfortunately, many still adhere to outdated conceptual frameworks that have not advanced with modern psychology. Case in point, over the last two years the COVID-19 pandemic forced us to rethink our business strategy[2]. Besides, for the first time in the past 100 years, businesses are re-evaluating their organisational structure and competitive strategy as a result of new technologies like artificial intelligence[3]. Success in business however requires ongoing testing, learning, and re-evaluation. For example, focusing on results may be beneficial for short-term performance but may hinder long-term learning. Likewise, we think more critically and consider possibilities more extensively when we are required to explain the processes underpinning decisions in real time. We however need to separate the initial decision makers from the later decision evaluators to allow the rethinking in a business environment.
✔Rethinking Negotiations – If we won't change our own ideas, we won't have much luck convincing others to do the same. Expressing doubts about your own position can help you persuade others. Grant reminds us that negotiation is a dance and not a fight. There is an emphasis on achieving common ground to succeed in a negotiation. As Grant notes, experiments show that having one negotiator who brings a scientist’s level of humility and curiosity improves outcomes for both parties. Asking lots of questions that are likely to yield helpful responses will help you advance your integrative negotiation strategy. On top of that, by spending even a brief amount of time getting to know each other throughout the negotiation process, the parties may be more cooperative and likely to reach an agreement[4].
✔Rethinking Growth – To enable trust, safety, and accountability, share prior experiences and mistakes and ask for constructive feedback and try hosting regular “ask me anything” sessions. Making decisions on the course of your company shouldn't be left to you alone if you have an intelligent team working with you. Make it clear to your staff that you value their thoughts and embrace their ideas. By adopting a solo strategy, you run the risk of overlooking crucial business insights that could be the reason your plan fails because you failed to include them[5]. Grant discusses how rethinking is likely to occur in an environment where learning is valued highly, and rethinking cycles are commonplace. People typically know what they don't know, question their current habits, and remain eager about new practices to try out in learning cultures. He also says that psychological safety and responsibility work best together to create such learning cultures. Besides, research demonstrates that companies with learning cultures innovate more and make fewer mistakes.
To sum up, it is natural for us to feel confident in our own beliefs and skills, as it can give us a sense of security and purpose. However, in a rapidly changing world, this confidence in our own ideas and abilities can become problematic. As the world around us evolves and new information becomes available, it is important to reevaluate our understanding and beliefs to ensure that they are still accurate and relevant. Without rethinking our ideas or sometimes unlearning the things we learned, we may risk becoming outdated or disconnected from the current reality.
So how will you rethink your strategy in a rapidly changing world and strike a balance between being confident in your own ideas and being open to new perspectives and information?
#business #planning #mindset #strategy #Rethinking #ThinkAgain #ChangingWorld #Perspectives #InformedDecision #CriticalThinking #OpenMindedness #PersonalGrowth #ContinuousLearning #AdamGrant
Naveen Maram
Driven to inspire the next-gen.
[1] https://www.inc-aus.com/entrepreneurs-organization/how-to-rethink-your-annual-planning-business-strategy.html [2] https://www.forbes.com/sites/hecparis/2022/02/01/how-covid-19-is-teaching-us-to-rethink-business-strategy/?sh=57065d6258d9 [3] https://hbswk.hbs.edu/item/rethinking-business-strategy-in-the-age-of-ai [4] https://www.pon.harvard.edu/daily/negotiation-skills-daily/top-10-negotiation-skills/ [5] https://www.forbes.com/sites/forbesbusinesscouncil/2022/11/29/why-you-shouldnt-be-afraid-to-rethink-your-growth-strategy/?sh=1164a2ee48db
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