A Range of Alternatives – Start Here—part four
The Alternatives Aren’t Always Obvious
So you think you know what you want! You’ve set out some strategic objectives and the choices seem self-evident. You’re pretty proud of how the process has helped you get this far, BUT have you considered the alternatives?
Most of us use heuristics (mental shortcuts) to size up situations we encounter and use them to make quick decisions or solve simple problems. These shortcuts generally serve us well. An example might be how we know in our head the length of time it takes for a light to change from yellow to red. Based on our current rate of speed we can “feel” whether we should maintain our speed to go through the intersection or brake for the red. Sometimes we are right, and as any ticketing police officer can tell you, sometimes we’re wrong.
Primary Care Physicians are especially guilty of this short cut method in instances of simple diagnoses. A patient describes their symptoms to the nurse who captures them in the chart. Before the physician or PA comes in, they’ve read the chart and all too often are forming opinions. In the press to see more patients, it is all too easy to reach a hasty and wrong conclusion because we didn’t stop to consider what else it might be. As an aside, the next time you are with your doctor and she delivers her diagnosis, sit up straight, look her square in the eye and ask her what else it might be. This simple forced break from routine is a powerful gateway to other possibilities in our health and our businesses. What are some alternative solutions that could deliver the results we might be looking for?
Strategic Thinking
Risk management professionals will tell you that alternatives are at the heart of sound decision-making. They represent the full range of choices now known to you. Hence you can pick an alternative you weren’t even considering.
First, there are a number of pitfalls the authors say can lead to poor decisions. For example, you might look at your alternatives and decide on the business-as-usual approach, that is following the same course based on a similar situation. Another, called a default alternative, takes place when you are essentially backed into a corner, and the first possible solution seems to be the quickest, easiest way to approach a problem. Another pitfall is to be forced to choose an alternative introduced by others— becoming reactive instead of proactive. Finally, if you haven’t made your decision and your alternatives wither with time, you may be stuck with what’s left.
Engage the Process
There are several approaches to produce more useful alternatives.
Look Back at Your Objectives, Then Ask “How”?
You previously asked “why?” to get you closer to the desired goal. “How” questions refocus on the means and thus help provide a number of alternatives.
Question constraints.
The car you’d like to buy won’t fit in your garage. Should this stop you from buying it? What if you were to consider expanding the size of your garage or even parking the vehicle elsewhere?
Sometimes constraints aren’t so much physical as they are mental or assumed. Your company may traditionally promote from within but will the assumption of having promotable people in-house hamper you from seeking qualified outside applicants?
Establish Lofty Goals.
In Built To Last, Jim Collins introduced us to the term BHAG for “Big Hairy Audacious Goal”. It caught on has been memorialized as part of our business lexicon. BHAGs frequently require new, creative thinking. Getting outside your comfort zone to stretch your thinking often leads to transformation. Transformational change often precedes the next stage in a company’s growth.
Trust Your Own Thinking Before You Consult Others.
Your original thoughts might be inhibited by others’ feedback if you share them before they are fully formed. Be wary of from whom you seek counsel .
Use Learning Opportunities From Previous Experiences To Your Benefit.
Is there a body of evidence where others have gone before you? What alternatives have they considered in similar situations? How can those previous alternatives inform the process and benefit you now?
Use Your Subconscious Mind to Create Alternatives.
This is a powerful, and all too often dismissed, part of the process. How often have you come up with a brilliant idea in the shower or just before you went to sleep? Give your subconscious ample time for those flashes of insight. You won’t be disappointed and you just might be brilliantly surprised.
Be Receptive Now, Then Evaluate.
Brainstorming is a very effective way to tease out possible alternatives. The key here is to do so without judging their credibility (at this stage). All ideas get a fair hearing.
Wrap Up
The authors cover four specific types of alternatives that can be especially effective when uncertainty and risk are factors.
Process Alternatives include methods such as voting, binding arbitration, sealed bids or even auctions to help ensure fairness, especially when there are conflicting interests or personal relationships at stake.
Win-Win Alternatives consider both yours and someone else’s problems at the same time.
Information Gathering Alternatives focus on seeking to understand and reduce uncertainty before making any decisions. You will never have perfect information. Be aware of when you have sufficient information to make an informed decision.
Time-Buying Alternatives help you find additional information or analyze the complexity of the situation. Do keep in mind though that by spending more time you may risk losing some of your alternatives
At this point you’ve come up with a variety of alternatives but you wonder if any of them are perfect. Should you keep seeking more alternatives? To address this issue, ask yourself the following:
If you made the decision based on one of your current alternatives, would you be satisfied?
Is there a true range of alternatives on the list or are there too many similarities?
Can your time be better focused on other decisions?
Let us know if we can help you with your decision making process and help you come with the alternatives you need for your business. Our team of subject matter experts can help guide you. We have been servicing businesses in the Tampa and greater Florida area for decades.