Lawyers and expert professionals are supposed to be super smart people, but they sometimes make poor business development decisions and often flog dead horses.
Check that you're not pursuing inappropriate strategies by falling into one of these common traps:
- Underestimating uncertainty - we like to believe we can get the full picture and see the range of possible outcomes. Too often, important gaps in what we know mean that actual outcomes are way outside our predictions. The business environment is increasingly uncertain and outcomes unpredicted.
- Underestimating chance - we tend to believe that success stems from what we do, when sometimes it's in spite of what we do. Just because it worked (or didn't) in the past, don't assume it will (or won't) work in the future. Accept that chance, an unpredictable factor, is at work.
- Noticing only the data that fits - we often overemphasise the information or results that suits our plans and disregard the unexpected or inconvenient data. Take a hard look at all the data. Be especially open to unwelcome news.
- Prisoner of previous strategy - succumbing to (sometimes overwhelming) pressure to continue to invest resources into old strategies and decisions is akin to flogging a dead horse, significantly reducing your cost of production.
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