When it comes to business decisions, taking an objective view is essential. But distinguishing your thoughts from the facts is easier said than done.
You must try to recognise your, personal, impact on your business and take action to limit this.
What is unconscious bias?
We each have a perception of the world which shapes the way we interact daily. Many factors build your perception, including societal norms, lived experiences, and your personality.
By relying on these, we often make decisions without conscious thought.
For example, a new restaurant owner will lack personal insight into their produce needs. To make an informed first order, they will need to research industry norms.
Whereas a seasoned restauranteur will be able to rely on their own experiences and how much they have ordered before in similar situations.
Making a snap judgment, such as the above, is sometimes necessary and the negative consequences may be minimal.
But should you rely on instinct for all decisions? The short answer is no. Taking a one-sided approach to business decisions can be detrimental to your strategy and success.
What areas of business can unconscious bias affect?
Your biases can impact any decision you’re involved in, but some of the key areas that you need to be aware of include:
How can you mitigate the impact of unconscious bias?
Eliminating unconscious bias is impossible. Becoming self-aware of your impact on strategic decisions is an essential first step to challenge bias.
To take a holistic approach, you must take a step back and evaluate what you are basing your business decisions on.
For instance, a data-driven approach will give you the facts you need, but your personal biases can even skew the data you choose.
The best way to mitigate bias is to get a fresh perspective. By seeking advice from someone outside your organisation, you can unlock the insight you lack.
A business advisor can provide the neutral view you need, by taking advantage of their distance from the business’s operations.
Plus, you can benefit from their experience across other industries to elevate your business. With this diverse perspective, a business advisor can offer a breadth of knowledge to balance and refine your strategic approach.
Don’t let unconscious bias impact your business. Contact our business advisors today.
“Richard Anthony case study – Terry Lewis – Jaques Samuel Pianos Widely considered to be London’s leading piano retailer, Jaques Samuel Pianos has grown considerably from its humble beginnings in the front room of Mr Samuel’s home in Notting Hill. They are now internationally recognised and have provided pianos for high-profile clients like Queen and […]”
Terry Lewis – Jaques Samuel Pianos
“Richard Anthony: ‘a super-star firm’ MT Finance is a property finance lender, specialising in bridging loans and auction finance. They assist numerous property professionals, business owners, and individuals with their finance requirements and specialise in short-term asset-based lending. Founder and Director, Tomer Aboody, knew that as an asset-based lender, the business would require an expert […]”
Tomer Aboody – MT Finance
“A family fairground success story The Botton family have been running a traditional fairground, arcade and amusement park in the heart of Skegness since taking over the Pleasure Beach in 1965. Jim, the Director of the company, took over from his father and now heads day-to-day activities and administration. He said: “The Pleasure Beach is […]”
Jim Botton – Pleasure Beach (Skegness)