Uncertainty around the forthcoming Budget, the rapid pace of technological change –
particularly in AI – and rising costs are prompting many UK business owners to delay
decision-making.
Within their workplaces, that can translate to lost sales opportunities; talented team
members beginning to look elsewhere; and investment, research and development
grinding to a halt.
Martin Robert Hall (pictured) is an award-winning business coach with a background in Sports Science. His clients include HSBC and Zurich, as well as players from Manchester United and the England national team.
Here, he explains why focusing on what you can control is key to navigating today’s challenging business climate.
As a leader, how do you navigate the powerful instinct to batten down the hatches when every evolutionary impulse is telling you that’s exactly what you should do?
The answer is to find control in the controllables.
But first, let us acknowledge something important: The human urge to shift into
survival mode is real and entirely natural.
Research by Daniel Kahneman and Amos Tversky showed that we are wired to treat losses twice as painfully as we enjoy winning. This means we have a deeply ingrained tendency to avoid painful events and will do twice as much to avoid them as we will to pursue a win.
Some people are more risk-averse than others, but fear is present for us all and naturally gets in the way of progress.
It is also true that, the more variables and factors influencing a decision, the harder it becomes to actually make it. This phenomenon, known as the ‘paradox of choice’, is well documented. In his seminal 2004 book, American psychologist Barry Schwartz explored how decisions become harder and more stressful when there are more variables to consider.
Deciding when and how to introduce AI, for example, raises questions about its impact on the workforce and creates uncertainty about which course of action will ultimately serve the business best.
Naturally, this can lead to stalled plans, lost momentum and second-guessing of strategy – creating an anxious loop that prevents businesses from moving forward.
What if, instead, you chose to ‘control the controllables’? That means focusing on what you can influence here and now: Making decisions based on what you know, taking action where you can and operating in the present moment.
Let’s start with the foundations, when stress levels are high, a lack of sleep and five cups of coffee before 10am are unlikely to help. Prioritising proper self-care – sleep, exercise, nutrition, hydration, fun, laughter and downtime – doesn’t sound revelatory, but they are often the common-sense things that help us to maintain perspective, think clearly and make better decisions.
Reading something nourishing, rather than doom scrolling and consuming mainstream news, will also help put you in an optimal state of mind.
Keep a short list of priorities each day and get these done before all else. This will help ensure you don’t constantly focus on the urgent stuff, that rarely moves the dial, at the expense of the important.
“We best not spend anything when times are uncertain” may feel like a protective belief, but hesitating from fear alone can lead you to overlook important opportunities. I can think of several clients who have grown their businesses significantly by going into new markets before they felt fully ready. Rather than waiting for all the answers, they seized on opportunities, hired people with the necessary skills and trusted them to make it happen.”
Don’t let “We don’t know” be another reason for inaction. Ask relevant, expert teams to develop an ‘if X, then Y’ scenario analysis – mapping out best- and worst-case outcomes. This helps ground decisions in evidence – giving you a clearer understanding of the options and potential consequences before deciding how to move forward.
Sometimes, our blocker can be hesitating to let go of something or someone that previously worked but is no longer adding value. In sport, I worked with a professional football club facing relegation. Getting rid of their most talented but toxic player galvanised the wider team, who then rallied over the line together.
Let’s be clear… Taking reckless action without due diligence is never the answer. Companies cannot afford to sail full speed ahead, regardless of what they are navigating. What leaders can do, however, is make the next best decision with clear-minded confidence based on what is controllable in the present.
