5. Every CXO's must have : A Feedback Loop

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Did you know the real reason why Nokia failed? They failed to listen to customer habits and whole touch screen revolution was gone out of their hands.

But do you really think they were not aware about 'touch screens' ?

They were. Of course some of their people saw the 'touch screen' revolution. But Nokia. as a company. was going so well with their old style of product, that their people internally never gave the feedback that something better is coming. To the core this was their main reason of failure.

Feedback is so important. It is important to large organizations, medium organizations, start ups, divisions or departments inside an organization, everyone. It is even important for you as an individual.

Feedback is essential for growth and improvement, whether it's individual or department or an organization.

In the last article, I offered a FREE Notion Template for CXOs using PARA Method as a part of our series on How CXOs can be better organized.

In this article, let's take our discussion forward from One Secret Sauce of ALL Successful Companies to a must have for every CXO : A Feedback Loop.

Implement Feedback Loops wherever possible :

Whatever your organization or a division within it is doing, you must have a proper feedback loop implemented wherever possible.

In the early days of a company, Customer feedback matters a lot. But as the organization makes progress and starts growing, feedback from other stakeholders such as employees as well as partners becomes equally important.

However, asking for feedback isn't always as simple as it seems.

Let's understand the roadblocks.

Roadblocks in Asking for Feedback :

There are numerous roadblocks that can make this process challenging.

Here are some of the common obstacles that people and organizations face when seeking feedback

Common Roadblocks in Asking for Feedback :

• Shyness and Fear of Criticism
• Absence of Feedback Culture (Autocratic Decision Making)
• Unclear Feedback Processes
• Lack of Technology
• Lack of Trust
• Time Constraints

Feedback is Good, but too much of it can be bad

Cons of Asking for Too Much Feedback :

While feedback is generally beneficial, there can be downsides to asking for too much of it.

Here are a few potential downsides of asking for too much feedback :

• Decision-Making Delays
• Confusion from Contradictory Feedback
• Getting Overwhelmed and Burnout
• Tedious Feedback Collection Process (if it is manual)

Overcoming Roadblocks and Finding a Balance :

Despite these challenges, it’s essential for CXOs to foster a culture of feedback.

Feedback loops are crucial for continuous improvement and innovation.

Here’s how CXOs can overcome the roadblocks and find a balance between too little and too much feedback :

• Create a Safe Environment
• Develop Clear Processes
• Build Trust
• Use Technology
• Prioritize and Filter Feedback
• Motivation to people involved

Examples where you can use Feedback in business :

We can broadly classify feedback in three types :

• Assessments,
• Surveys and
• Quizzes

At GetAConnect, we have given an acronym ASQ for the same.

Click Here to know 30 different examples where you can use Feedback aka Assessments, Surveys and Quizzes (ASQs) in business.

I hope this is helpful.

Regards,

Chanakya Joshi

Founder and Director,

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