Insurance Business Australia: Are you making bad decisions for your insurance career? - Michelle Gibbings

Michelle offers her insight on the nine important things that should always be taken into account when it comes to important decision making. To read the article, visit the Insurance Business Australia website.

It’s estimated that the average adult makes about 35,000 conscious decisions every day – of course, some of them are far more important than others and can carry significant consequences.

For brokers running their own business, there is a near-constant stream of important choices to make. For example, do you invest in technology now or wait until its cheaper? Do you tighten your belt to give a promising employee a pay-rise or risk losing them to a competitor? Do you take out a loan in order to grow or play it safe and remain stagnant?

There are countless decisions that could mean the difference between success and failure – but how can you be sure you’re making the right call, before it’s too late?

Career and leadership expert Michelle Gibbings says that, when it comes to important decision making, there are nine things that should always be taken into account:

  1. Recognise that there is a spectrum of decision making – from instinct based to adaptive challenges. Different problems require different processes and tools. It’s about taking a ‘fit for purpose’ approach.
  2. Be conscious of the mindset that needs to be applied to the situation. For advanced decision making you need to be highly conscious of the bias that may impede your progress.
  3. Take a deliberate approach to decision making and apply techniques to structure and minimise the likelihood of bias.
  4. Make sure you are solving the right problem in the right way, based on the level of complexity and potential impacts.
  5. Look at what alternative options exist, including outlier perspectives. Sometimes the best solutions will come from unlikely sources. Don’t immediately discount something just because it doesn’t immediately resonate with you. Be curious and open-minded.
  6. Consider what trade-offs you will need to make. Making a decision typically means that you will be giving something else up. Be clear on what you won’t be doing because of this decision.
  7. A good decision is able to be implemented. There’s no point making a decision if you don’t have the capacity or capability to see it through.
  8. Be open to different ideas and to having your assumptions challenged. Reflect on how you are reacting to these ideas – from both a head, heart and gut perspective.
  9. Make sure you are having the right stakeholders involved at the right time, and that they are helping you examine the problem from multiple perspectives.