Let’s Execute Better – Behaviours for the New Financial Year
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The fiscal year has just ended.
This means, new plans, new goals to set and to achieve.
There is optimism and enthusiasm all-round.
You are gearing up for another year of growth.
But what happens when the rubber hits the road?
When the first flush wears off and execution challenges loom?
Could the plans derail?
How do you see your plans through and achieve the business outcomes your heart is set on?
It’s all about knowing which levers of behaviour you can apply.
It’s all about the knowledge to know how.
?In this issue of the SHIFT, we explore:
The top 5 reasons why our plans fail.
⚠1. Sunk Cost Fallacy – When we’ve already invested in a decision, we carry on with it regardless of the outcome.
This can lead to decisions that are based on past investments rather than future potential.
Be willing to cut losses or go back to the drawing board when necessary.
?2. Planning fallacy – We shoot for the stars while planning, then come back down to earth while executing.
This happens because we underestimate just how much time and resources we might need to complete it.
Play the devil’s advocate. Use learnings from previous projects to know your limitations.
?????3. Groupthink – We agree to ideas we might not like or even be able to execute.
This happens when we prioritize our membership within a group over finding a realistic solution.
As a leader, initially keep your ideas to yourself to avoid influence. No one wins when you agree on ideas that will fizzle out.
?4. Uniqueness Bias – New projects often use new technology, new ways of doing things, and new outcomes. We think “this time it’s different.”
This leads to an “inside view”, leading us to overlook potential risks. To full proof a project, learn from others who have done similar things. Very few projects are truly unique.
?5. Intention Action Gap – We have every intention of doing something with the knowledge and understanding of why, yet somehow, we never do it.
Ask yourself: what’s in it for me? This increases buy in.
Identify the barriers: is it motivation, resources, time, capability? Create a plan that mitigates them.