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Most Business Owners know how to sell something or make something to be sold. Very few have any formal financial management experience.
The signs are there and they feel the pain
Connecting the dots are difficult
They cannot see what’s coming
This lead to improvised management strategies
Cognitive biases and mental shortcuts can lead management into making costly errors as people routinely employ heuristic rules of thumbs or mental shortcuts to simplify and oversimplify the decision making process under uncertainty.
These may stem from:
The business owner inappropriately anchoring to an easily available and sometimes arbitrary point of reference when forming estimates and then adjusting to fit the circumstance.
Poorly constructed framing or presentation of the situations when deciding a course of action.
Overconfidence or extreme optimism that, when carried to the excess, causes a business owner to make poor decisions.
Self-serving bias leads people to see data in the way they most want to see it.
Dangerous situational dynamics are created when business owners don’t have the objective systems in place to collect key factual information that can mitigate the use of convenient facts or the predisposition of being too certain of personal opinions.
Examples of these situations are:
This leads to a very dangerous situation
Are you ready to?
In other words, are you ready to have?
As a business owner, at times it can be lonely at the top, but it doesn’t have to be that way. If you need to define a strategy to move your business to the next level, the Operational and Financial Advisors at Metro Accounting are ready to help you chart the way forward. Don’t hesitate to email or call us at clientservice@metroaccountingandtaxes or 404-990-3365.
User | 8/07/2020