Unlocking Success: How Accurate Thinking Can Prevent Catastrophe!

As a business owner, adopting accurate thinking, also known as critical thinking, is imperative for success. In the vast sea of information, distinguishing between facts and fantasy is crucial, with a further differentiation between important and unimportant facts. Important facts are what truly matter in steering the course of a business. Allow me to illustrate this with a real-time experience I encountered while consulting with a family-run hotel in Hertfordshire.

Upon my initial meeting with the client, I delved into uncovering relevant facts about their business and the reasons motivating their interest in consulting. The owners expressed their concern regarding the decline in the restaurant's performance. They attributed this decline to the design of the plates initially, believing that customers were dissatisfied with them. Acting on this assumption, they promptly replaced the plates. However, despite this change, the business failed to see any improvement. Subsequently, they turned their attention to the cutlery, replacing it in the hopes of rectifying the situation. Again, their efforts yielded no discernible results, leading them to seek my consultancy services.

Several issues arose from their approach. Firstly, it was unclear how they arrived at the conclusion that the plates and cutlery were the root causes of the problem. Did they base their decision on gathered information or mere conjecture? Also, if customer dissatisfaction truly stemmed from these aspects, did the establishment inform their past customers of the changes made? Unfortunately, it was revealed that their actions were based on guesswork, and they failed to communicate these alterations to their customers. Consequently, valuable time and resources were squandered on addressing a non-existent issue—a classic case of chasing a red herring.

When I visited the hotel, it became apparent that there were other underlying issues contributing to the restaurant's under-performance. The entrance to the hotel was prominently displayed, yet the public access to the restaurant, situated on the main street, lacked visibility. An A-board outside the hotel entrance advertised breakfast in the late afternoon, but there was little indication that the restaurant also served lunch and dinner. This observation highlighted a fundamental flaw. The assumption that the general public possesses innate knowledge about the restaurant's opening and closing times along with menus etc.

In reality, individuals cannot be expected to make assumptions about a business's services based solely on limited information. The idea that customers would instinctively return to the restaurant upon assuming changes had been made to the plates or cutlery is flawed. Similarly, relying on passersby to infer the restaurant's full range of menus from a breakfast A board left out late in the afternoon is unrealistic. These assumptions overlook the necessity of clear communication and effective marketing strategies in driving customer engagement and retention.

The overarching lesson from this experience is clear: as a business owner, accurate or critical thinking is indispensable. Failing to exercise discernment and logic can lead to detrimental consequences, ultimately resulting in business failure. In the case of the hotel, despite their decision not to proceed with my consultancy services, they opted to address the 'perceived issue' by refurbishing the restaurant, instead of the extensive list of my recommended actions they could've been taken to fill their restaurant, far beyond what's been discussed here.

The story of the hotel underscores the importance of informed decision-making and strategic planning in business management. It serves as a cautionary tale against the pitfalls of relying on intuition over evidence and overlooking the importance of effective communication with customers. By embracing accurate thinking and leveraging data-driven insights, you can navigate challenges more effectively and position yourself for sustainable growth and success.