Is there a strategic approach we can apply to make better decisions as business owners?
You’re in luck. We just finished reading Dan and Chip Heath’s book Decisive: How To Make Better Choices In Life And Work, in which they make a very strong case for the W.R.A.P. method. This is a structured approach to improving decision-making by overcoming common pitfalls and biases. (These include the “recency bias” i.e., giving too much weight to the business book you’ve just read! But let’s push on.) W.R.A.P. stands for Widen your options, Reality-test your assumptions, Attain distance before deciding, and Prepare to be wrong.
Widen your options. This step encourages considering multiple alternatives rather than sticking to a binary choice. It emphasizes exploring a broader range of possibilities to avoid narrow framing. And if you think that’s obvious, keep in mind a finding that only 29% of companies considered more than one alternative when contemplating a challenge. That compared to 30% for teenagers, who aren’t exactly known for making well-reasoned choices. Often our options are more plentiful than we think.
Reality-test your assumptions. This involves gathering credible information to challenge your initial assumptions. Techniques include running small experiments, seeking dissenting opinions, and using a “devil’s advocate” approach to uncover flaws in your reasoning.
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Attain distance before deciding. This step suggests taking a step back to gain perspective, reducing the influence of short-term emotions. Strategies include thinking about how you would advise a friend in the same situation, or considering the decision’s impact over different timeframes, such as the next 10 minutes, 10 months, and 10 years.
Prepare to be wrong. Acknowledging that decisions can go awry, this step involves planning for various outcomes. It includes setting tripwires to trigger reassessment and creating a safety net to manage potential negative consequences.
Systematically apply the W.R.A.P. framework, say the Heath brothers, and your decision will be more balanced, informed, and resilient.
I have 15-foot-high ceilings. Will an LED work well from that height?
While very high-powered LEDs can illuminate from such a height, the truth is they won’t do it well. “The distance the light would have to travel is too great to permit the correct amount of light power to reach the merchandise,” says Howard Gurock, president of lighting supplier Econo-Lite. “In such a situation, the better option is to lower the lights by use of a pendant or track extension,” he says.