{"id":5430,"date":"2023-11-02T12:11:41","date_gmt":"2023-11-02T12:11:41","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=5430"},"modified":"2023-11-02T12:11:43","modified_gmt":"2023-11-02T12:11:43","slug":"is-unconscious-bias-impacting-your-business-decisions","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/is-unconscious-bias-impacting-your-business-decisions\/","title":{"rendered":"Is unconscious bias impacting your business decisions?"},"content":{"rendered":"<p>When it comes to business decisions, taking an objective view is essential. But distinguishing your thoughts from the facts is easier said than done.<!--more--><\/p>\n<p>You must try to recognise your, personal, impact on your business and take action to limit this.<\/p>\n<p><strong>What is unconscious bias? <\/strong><\/p>\n<p>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.<\/p>\n<p>By relying on these, we often make decisions without conscious thought.<\/p>\n<p>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.<\/p>\n<p>Whereas a seasoned restauranteur will be able to rely on their own experiences and how much they have ordered before in similar situations.<\/p>\n<p>Making a snap judgment, such as the above, is sometimes necessary and the negative consequences may be minimal.<\/p>\n<p>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.<\/p>\n<p><strong>What areas of business can unconscious bias affect?<\/strong><\/p>\n<p>Your biases can impact any decision you\u2019re involved in, but some of the key areas that you need to be aware of include:<\/p>\n<ul>\n<li><strong>Risk assessment:<\/strong> If you\u2019ve faced business setbacks before, it can be easy to err on the side of caution. But doing so can let golden opportunities slip by. On the other end, a track record of successes can result in you underestimating potential risks.<\/li>\n<li><strong>Market expansion:<\/strong> Fearing the unknown can stunt your business\u2019s growth. Staying where you feel comfortable risks missing out on the benefits of expanding your market share.<\/li>\n<li><strong>Product development:<\/strong> Is your product or service for you? Or your clients? Don\u2019t fall into the trap of building your portfolio for your wants. You must evaluate your consumers&#8217; wants and needs and shape your product\/service around them.<\/li>\n<li><strong>Resource allocation:<\/strong> Unconscious favouritism can impact even the most rational leaders. You may invest in certain departments or projects disproportionately, at the expense of lower ROI.<\/li>\n<li><strong>Mergers and acquisitions<\/strong>: Deciding to sell your business is one of the biggest decisions you will make. You may gravitate towards companies that resonate with you, leading to you dismissing other deals.<\/li>\n<li><strong>Decision-making process:<\/strong> One of the biggest biases to address is who gets a voice in decisions. A lack of diverse perspectives can lead to biased inputs for decisions, resulting in one-dimensional outputs.<\/li>\n<\/ul>\n<p><strong>How can you mitigate the impact of unconscious bias?<\/strong><\/p>\n<p>Eliminating unconscious bias is impossible. Becoming self-aware of your impact on strategic decisions is an essential first step to challenge bias.<\/p>\n<p>To take a holistic approach, you must take a step back and evaluate what you are basing your business decisions on.<\/p>\n<p>For instance, a data-driven approach will give you the facts you need, but your personal biases can even skew the data you choose.<\/p>\n<p>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.<\/p>\n<p>A business advisor can provide the neutral view you need, by taking advantage of their distance from the business\u2019s operations.<\/p>\n<p>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.<\/p>\n<p><strong>Don\u2019t let unconscious bias impact your business. Contact our business advisors today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to business decisions, taking an objective view is essential. But distinguishing your thoughts from the facts is easier said than done.<\/p>\n","protected":false},"author":2,"featured_media":5432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125,30,25],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5430"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5430"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5430\/revisions"}],"predecessor-version":[{"id":5431,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5430\/revisions\/5431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/5432"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}