During a Franchise Growth Mastermind conversation with professional poker player and motivational speaker Annie Duke, Annie shares with us and Nick Powills of 1851 Franchise strategic planning and decision making strategies for franchisors, franchisees, and entrepreneurs. Annie shares the following advice:
At a fundamental level as humans we believe that we have more control over our lives than we really do. Crisis like the COVID-19 pandemic have the mental impact of “pulling back the curtain” and revealing that in life and business we have less control than we think. Understanding and recognizing this is important for removing internal bias from your decision making.
Good decision making and strategic planning requires a mindset where we take ourselves out of the moment and project forward into the future of what our businesses may potentially look like when considering the variables, chances of luck, and hedges.
Annie recommends that business leaders utilize planning strategies that include evaluating what potential future success (backcasting) and potential future failure (pre-mortem) may look like and the decisions that led to those outcomes. Below is a brief summary of this exercise:
Annie Duke does an amazing job of explaining her decision making process and the systems that she recommends for business leaders. Annie also explains how internal bias infects team meetings and how business leaders can mitigate against this bias by having team members answer important questions privately in writing before gathering together in a group meeting.
Annie’s advice and the framework that she describes in the video is groundbreaking and effective. Definitely check out the video. Also learn about Annie Duke’s Alliance for Decision Education.
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