Advisor Products Inc.

Biased? Who, Me?

Sharon Hoover — Wed, 01 Apr 2009 11:18:00 -0400

Yes, you!

In the February Harvard Business Review, Campbell, et. al. wrote an article entitled, "Why Good Leaders Make Bad Decisions." Their premise is that we are all set up (neurologically - we just can't help it) to be swayed by often-unrecognized biases. Couldn't have said it better myself! The key point here is not that we shouldn't be swayed (remember - we just can't help it). Rather it is that we need to have ways to recognize our biases and their source so as to make the best possible decision.

Recently, I coached one of my clients about the extent of his responsibility/duty to his clients regarding advocacy. It seems this client is in the final phase of merging with another firm. However, there is an open issue about funds that haven't been released to his clients and, when he leaves, he will no longer have the ability to do anything to help his clients. So he is stuck for as long as it takes because of his emotional ties. Does he go ahead with the merger? Does he wait, possibly as long as a year, so he can remain in a position to step in if necessary to help his clients resolve this? There is no one answer that would be universally right in such a situation. It seems that either way, he will lose something that is important to him.

In exploring this together, my client came to realize the emotional "hook" of both choices! He was hooked by his beliefs that he had promised to "take care of his clients needs no matter what" and that by merging with the other firm, "all [his] stress with his work would be resolved and he would be free." Once those beliefs were revealed, he could explore them more rationally and discern what was true. In fact, he came to realize that he isn't obligated to the extent that he couldn't make the best business choice (in merging) for himself and his clients, nor will merging provide him with all the freedom he is imagining. From this more objective perspective, he could begin by identifying his ideal outcome for all concerned and work toward creating that.

Reality is, well, reality. It is as it is. The more conscious we are of our underlying motivations in decision making, the clearer and more effective our decisions will be. Bias is always lurking. We can't help but see things through our own filters of self-interest, skewed observations and false interpretations. The key is to know that is always in play, to notice it and then to step back to a more rational view.

You Can Do Any of It; You Just Can't Do All of It.

Sharon Hoover — Wed, 18 Mar 2009 11:52:00 -0400

One of my teachers, Dr. Roy Whitten, once said to me when I was up to my ears in things to do and couldn't see my way out, "You can do any of it; you just can't do all of it."

That was one of the most helpful one-liners I've heard. When I'm in the midst of it, I look around and other people seem to be handling their lives better than I am. What's wrong with me? When I'm overwhelmed and simply can't do it all, it's easy for me to think 'I'm incapable.' And believing that certainly doesn't help me handle things better! So when Roy gave me that bit of wisdom, I got it. I am capable. I overcommitted. I simply have too much to do. With those beliefs in place, I can begin to work my way out.

In my webinar presentation on March 6th, I shared The 5 Ds as a simple, yet elegant, process for making realistic commitments. I hope this model is useful for you:

DELETE: When an opportunity comes your way, before committing ask yourself: "Does this really need to be done?" This step requires that you are clear about your priorities and you know what will best serve those priorities.

DELEGATE: If the answer to the first question is 'yes,' then ask yourself "Is it only mine to do?" It may be the the whole task can be passed on to someone else (staff, family, outsourced) or perhaps there are some pieces that someone else could do.

DO IT: If the answer to the second question is 'yes,' then ask yourself "Can I do it right now?" If it's it needs to be done and is only yours to do, you may be able to just get it done. Sign that check. Answer that email. And get on with it.

DATE IT: If the answer to the third question is 'no,' that means it's time to open your schedule and carve out the time to complete it. What? Not enough time open in your schedule? Hmmm. Maybe it's time to relook at the first question again.

DISCIPLINE: Now comes the most difficult question: "Will I give my word and keep it?" Without this piece in place, you will continue to find yourself over-committed and overwhelmed.

This process works well for addressing and eliminating your 'to do' list. Even better, it's a model to follow when you are asked to take something on. When you use it, those tasks never find their way to your list. You have deleted, delegated, done or dated it before it got that far! Pretty slick, wouldn't you say? I invite you to visit my blog on sharonhoover.com for more.

Clients on the Ledge?

Sharon Hoover — Tue, 17 Mar 2009 02:20:00 -0400

Many small business owners, me included, are under considerable pressure these days. Our clients are coming to us with fear, anxiety, anger, even hopelessness and expecting us to “talk them off the ledge.” They also may be blaming us and in words that are hard for us to hear.What I know about any of us when we are under this kind of emotional stress is that we need to be accommodated and allowed to get it off our chests.

With clients, until the upset is fully heard they have no ears. This is not to say, of course, that they need to be agreed with. They really just need someone they trust - and hopefully that’s you - to hang in with them and give them the time and space to say what’s on their minds. Some of what they say will not make sense to you. Some of it may even be outlandish and irrational. That doesn’t matter. You can be most effective if you simply listen and acknowledge “message received.”

So, when a client is upset, don't try to 'talk them off the ledge.' Listen with generosity and empathy and they'll come off the ledge themselves.

Please visit Sharon Hoover's blog at www.sharonhoover.com for more about how to do this.

Hitting the Wall

Sharon Hoover — Fri, 13 Mar 2009 11:06:00 -0400

Today I hit the wall! It brought on a level of overwhelm I don't often feel. It had its way with me and I didn't much like it.

I'm launching my business into a bigger presence on the internet and I'm not of the generation that has cut it's teeth on this stuff. I know the jargon (well, some of it) and I've always thought of myself as a quick study. That's not my experience with this project, however. It's slow, confusing, frustrating. You can see where this is going - right to the core of my self image. The internal dialogue (mindtalk) was in full swing: "You can't learn this stuff. It's all gotten beyond you. You'll never catch up. It's hopeless. You're hopeless." Egads! As I considered each of those difficult self-judgments, I knew they are all false. What was true is that I have found myself . . . no, I have put myself on the threshold of setting up two blogs, three social networking sites, an offer of a free special report "Say No Without Guilt" and writing an ebook. The technology for each piece as well as how it all fits together is beyond my knowledge base and experience.

No longer am I hanging out in overwhelm. Since I don't like it much, I spend as little of my precious life energy there as possible. After getting rid of my self-defeating internal chatter, my strategy was to bring my focus to what is most important and to create a cohesive big picture into which all these parts could fit. Once my purpose - to inspire, encourage and inform - was clear in my mind, I could see where I needed information and guidance. My coach led me to see how each part linked (literally and figuratively) into another and the "wall" actually became a door. I could see my way forward.

When you hit the wall, and overwhelm is having its way with you, what is your best strategy? Please share your comments by clicking on the "comments" button below.

Get Real!

Sharon Hoover — Tue, 10 Mar 2009 10:29:00 -0400

Just today, one of my advisor clients said during our coaching call, "Hope is not an investment strategy." Things were hard enough last fall; now they are even harder. More clients are clamboring for attention. Staff is over-wrought. Everyone is cutting back. In this environment, hope can begin to run thin and it just doesn't suffice as a foundation for making the best decisions. he was beginning to lose hope.

It is absolutely normal to have doubts. No one knows for sure when the market will make a real turnaround and advisors are hanging on the best they can. Hanging onto hope gets more and more difficult. As the owner of your firm, you do your best to present a positive attitude, encouraging both staff and clients alike. Inside, you may not be feeling so sure.

One of the best things you can do for yourself and your staff is to get real with each other. Just having the opportunity to talk about your fears, unfounded or not, relieves the pressure of holding all of that back and pretending you're feeling just fine. If you truly are, that's OK. If you aren't, that's OK. We all have our constant internal chatter to keep us company and some of what it says to us is downright scary! Much of it is false, of course. Until we let it out by talking with someone else, it stays inside roiling around and creating more and more pressure for us.

So bring your staff together and talk about your fears and concerns. Saying it aloud takes the pressure off so you can get yourself grounded again. When this client talked with me about his doubts and fears, I could hear and feel his mood lighten. He could then talk about the reality as he sees it, focus on where he has control and how he can take action that will have a positive impact.

Get real with yourself and your staff. They will thank you for it.