How to Overcome Analysis Paralysis with a Simple Test

“We really want to be the Number One consulting firm in the entire state of Alabama and we want to do that through good community marketing!

But wait, our existing clients will think we’re not working hard on their accounts

But wait, it’ll diminish our image and make us look needy

But wait, shouldn’t we be focused more on event planning rather than social media?

But wait

But wait

But wait!!”

My archenemy, as a management consultant and marketing director, is over-analysis. Over-analysis around making a decision, running with an idea, executing on a plan or leading the way that hasn’t been done before.

I find that when there is too much analysis around an idea, the wholesomeness and beauty of the idea fades, and we end up with something dry, disingenuous and behind the times. In fact, many times when an idea has been thought and analyzed to death, I’m no longer interested in being involved. I’m kind of bored!

I remember many years ago when I worked at a large global firm and I pitched an interesting idea around hosting unique client events for their female clients. The idea was refreshing and had never been done before. In fact, the firm asked me to run it by some of our largest clients, and they all loved it.

But then, the over-analysis began. First, there was a steering committee formed. Then there were over-edited emails to be sent to senior management as a “memo brief” as to why this event series should be formed.

Then there was a board of directors created around this idea.

After about three months of evaluating this creative event series, I couldn’t even remember what the event I had planned was. Whatever the new formula for it was, it was completely a watered-down version of what I’d envisioned. I started even doubting my original idea; WAS it as good as I thought it would be? Why hostAnd…I no longer cared enough to be involved in something so scripted.

In fact, sometimes very scripted and over-analyzed ideas can come across that way…too scripted and non-authentic. And that dryness could actually kill the entire plan.

Hopefully my story has explained to you what Analysis Paralysis is, but if not, let me clarify it a bit more here.

You and your team may be victims of Analysis Paralysis if you say “Yes” to any of the below questions:

? Do you guys spend a long time thinking over every single decision surrounding your new business and marketing ventures, particularly around how this venture will be perceived by the public?

? Are you mostly afraid of making the wrong decision, thinking that this decision can jeopardize everything your business stands for?

? Do you feel a need to analyze every single option before you come to a conclusion?

? Does your over-analysis often stop you from making a move quickly — at times missing perfectly good opportunities?

Unfortunately, when it comes to marketing, entering a new venture, starting a new business, or building a new division, there is only so much we can analyze and evaluate. Information may be limited. If it was so crystal clear after detailed analysis, someone else would have already done it before and became a billionaire. Or, large enterprises with extremely smart analysts who can think through decisions, build out probability models, and attempt to forecast into the future, wouldn’t have had to write-off losses or close down any businesses.

The bottom line to making a good decision - fast - relies on an easy formula to overcome analysis paralysis:

1. Gut Feeling: What does your gut instinct tell you about this decision? Can your senses give you some good indication that this can work out?
2. Financial Upside: If this works out as you hope and expect, what can you see as the possible financial upside of this new venture or strategy?
3. Time Cost: How much of your time do you expect to be spending on this new venture, and what will be the opportunity cost of your time as opposed to working on something else?
4. Financial Cost: How much do you expect to have to spend on this venture financially?
5. Loss from not doing it: Ok, let’s say we start with the end first; why are we even doing this, and what will we lose if we don’t do it?

If all of those questions can be answered, and answered quickly, then you should have your answer rather quickly.

Now, once you make the decision, there are three ways of rolling it out:

1. Don’t do it
2. The analysis calculator shows that this will NOT be a good idea. Ok, so table it and move on. No need for thousands of meetings and due diligence
3. Do it, but in a small batch
4. I like to follow the Law of 100. If it’s a new book you’re writing, send the draft to 100 people. If NONE of them respond well, it may not be a good idea. If out of that 100, one person responds positively, keep going!
5. If you want to use a cold email approach, write the email to 100 people. Similarly, if NO response out of 100 reach-outs, this approach needs to change.
6. Go with it with both arms
7. This works, this is good, this is ideal!! Go in full-heartedly and follow all the right steps to bring it to fruition.

Now it’s time to take the test for yourself to make your decisions much more quickly!

www.select-advisors.com/new-venture-calculator