Driving Decisions: A Feedback Framework

In this insightful episode of the Business Owner Breakthrough Podcast, Pete Mohr digs deep into the importance of the fifth F in the decision-making framework: feedback. He underscores the significance of not just making decisions but making them well as an integral part of growing your business.

Pete paints a vivid picture of how feedback serves as a vital link in the chain of better decisions, fostering growth, prosperity, and freedom. It's not just about making decisions—it's about refining them, learning from experiences, and building a culture of openness and continuous improvement.

Here are a few things Pete covers:

• The role feedback plays in enhancing stakeholder engagement and decision validation
• The importance of adaptability within your business and how feedback aids in achieving it
• Different strategies for collecting and analyzing feedback effectively
• Tips for using open-ended questions to gain a deeper understanding of decision outcomes
• How to prioritize feedback for better decision-making

It’s time to take action:

After listening to this podcast, the most crucial action you can take is to establish a continuous feedback loop in your decision-making process. Seek, analyze, and implement feedback for your business to foster a culture of openness and continuous growth. Remember, your decisions are pivotal for a prosperous business and a successful life. Download the Decision Activator Worksheet

Are you looking to make some changes in your business and your life in 2024?  Head over to speaktopete.com and book a chat with me to see if we're the right fit!

Transcript

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What's the most important thing you do as a leader of your business? Well, you make decisions, and it's all about the steady progression of moving from operator to owner in your business. Ultimately, decisions should be made at the lowest possible level of your organisation. And if you're making all of the decisions, you've got some work to do. And in this six part series, we'll go through the five F's of better decision making, the framework will help get the craziness out of your head and onto paper so that you can reduce procrastination and advance the ideas you have even faster to download a PDF copy of decide already the five apps of decision making, as well as a downloadable worksheet on the subject so that you can make faster and better decisions in your life and business. Slide on Over to simplifying entrepreneurship.com five apps, that's simplifying entrepreneurship.com forward slash number five, the letter F and the letter S. It's all about the feedback, isn't it? It's the fifth of five F's in better decision making the whole decided framework, better decision making so important for your business, because as leaders, we're making decisions all the time. And we want to use these frameworks to help our team do the same to right, if we're making better decisions, and we can help our team make better decisions. Well, that's the avenue to growth, prosperity, and freedom, which, you know, three pretty important things and being a business owner, right, the importance of feedback. And decision making is just so crucial. It really allows you to evaluate the outcomes and consequences of the choices. Learn from your experience, and the experiences of your team members and everybody else who's helping you make this choice through feedback, right. And you're always continuously refining and improving the decision making process so that you can have better decisions. And that's the whole goal of this little mini series. Feedback really encourages accountability. It's actively seeking feedback demonstrates a commitment to accountability and personal growth, I really find this to be the case, it shows that you're willing to take responsibility for your decisions and learn from your mistakes, right? You're asking their opinions, you're fostering a culture of openness and continuous improvement within the organisation. And when you do that, as the leader, it perpetuates itself within the business too. It fosters learning and adaptability. Remember, in our last series, the 10 laws, I think it was law number nine was to foster adaptability within your business. So important because you need the feedback portions in order to be adaptable, right. By regularly reviewing and reflecting on your decisions, you can develop deeper understanding of factors that contribute to successful decision making and become more adaptable and responsive to the ever changing business landscape. Feedback also really enhances stakeholder engagement, right? actively seeking and incorporating feedback. When they're more engaged, they're going to be more involved in the business, they're going to dig down deeper into their area of accountability. And they're going to want to help you make the best decision possible, right? When stakeholders feel that their inputs valued and considered, they're more likely to be invested in the success of your decisions and, and contribute to the company's growth. And that's what we want for all the stakeholders involved in this right. It also helps us validate the decisions right feedback helps validate decisions, it helps you confirm that your choices are either good or bad. It helps confirm that your choices are aligned to the future aligned to the facts aligned to the figures aligned to the feelings because that's all the pieces of the puzzle the five apps to make better decisions and further motivate you to continue moving ahead with the business and everybody else who was involved with it too. Right. What I wanted to do today was just share with you a couple of little tips for collecting and analysing feedback effectively for your business. Tip one. Utilise multiple channels for feedback collection. This is something that people don't think about all that often. But if you leverage various channels to gather feedback from stakeholders, including one on one conversations, team meetings, surveys, anonymous feedback tools, not everybody processes information in the same way and not everybody's as quick to give their opinion. Some people need a bit more time. So ensure that the stakeholders feel comfortable by sharing their thoughts and insights in different ways right tip to ask specific and open ended questions. When you're seeking feedback. open ended questions that encourage detail and thoughtful responses really help you gain a deeper understanding of the factors that contribute to the success or failure of the decision. Here's another one You need to actually give yourself time to reflect on the feedback. Consider how can inform and enhance your decision making process and identify the patterns and trends and the feedback. You know, some people will always be responding in certain ways and understanding that helps you make better decisions. Next, you want to prioritise all of the feedback that you have, because not all feedback will be equally relevant or valuable. You have to assess the importance and relevance of the feedback you receive prioritising the insights most applicable to the decision making that you're going to do. There are so many other tips along the way here too. But the last one I want to share with you here today is really develop a continuous feedback loop because establishing a system for continuously seeking and analysing and implementing feedback in your decision making process is vital to the ongoing nature of your business. Ultimately, this series is helping you decide right, it's not only helping you as the business owner, decide, but helping your team decide and helping your business make better decisions. So as you move through these five apps of decision making the future the facts, the figures, feelings and feedback, you're really going to develop a comprehensive framework for driving growth and success in your business. It's that idea of moving from operator to owner that we've chatted about in the past episodes and freeing yourself from the day to day management of your business and stepping into a more strategic visionary role within it. When your business is making decisions without your involvement. That's when it gets pretty powerful when the right decisions are being made without your involvement by the people that you've entrusted and given accountability to. Boy, that is when a business's running on rails. And that's what I want for you. That's why we're continuing on here with the business owner breakthrough podcast. I hope you've enjoyed this little mini series called decide already around the five apps. And don't forget the download and the PDF and the worksheet all around the five apps at simplifying entrepreneurship.com forward slash five F s decision making. It's the biggest thing you do. It's the most important thing that you do every day and decisions have to continue to happen in order to have a successful life and a successful business right now go and make it a great day an ironic media production visit us at our ONICK media.com