25
Mar
2014

Analysis Paralysis

Analysis Paralysis is one of the, the not the, biggest reasons that people fail to reach their goals. In business, particularly growing your business, the inability to make even the smallest of choices will derail your company faster than lack of money. “But it’s because I don’t have much money to work with that I can’t afford a mistake.” You can tell yourself that, but really think about it. What’s the worst thing that could happen if you make a mistake? Let’s look at some examples:

A)     A software start-up founded by three graduate students from a prestigious university took 6 months to, wait for it, choose a logo. Would you like to wager on if that company is still in business? It’s not. The founding team’s inability to agree and act on the simple things was a symptom of their unpreparedness to address the important issues of their business.

B)      A provider of custom car parts had very limited funds to set up an e-commerce web site. A friend of his offered such services, so he chose him that week. The site went up and worked well, for a while until the friend stopped offering the service. Was this a failure? The retailer had made enough profit from his time in business that he hired another service right away to transfer his web-store. Most of the work was already done anyway. AND he had a good reason to send out a fancy marketing messages announcing the new and improved store.

We’ve all (author raises her hand) fallen into the Analysis Paralysis trap at one time, OK many times. The key is getting out of it.

Step 1: Admit you have it.

Step 2: Lock all that data, research and what not in a drawer, real or virtual.

Step 3: Do one thing today that moves your business forward.

By tomorrow, I’d bet my favorite coffee cup that you’ll feel more confident in doing one more little thing, and more the next day and so on.

After a few weeks, you have permission to do more analysis. Pull out all that old data and get new data on where you are now. Have things improved? Have you moved closer to your goal?

I love to hear success stories! Make a comment below or drop me a note.

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