HBR: The More Senior Your Job Title, the More You Need to Keep a Journal

I started journaling this year. I used my own version of the Five Minutes Journal. Here are my reflection items:

  • I am grateful for…
  • What would make today great?
  • Daily affirmations. I am…
  • 3 amazing things that happened today…
  • How could I have made today better?
  • What today was most life-giving?
  • What today was most life-taking?
  • I measure my buckets (1 -10) on Connections, Vitality, and Contributions taken from the book How to Live a Good Life: A Practical Guide to a Life Well Lived.

Below is a blog from the Harvard Business Review by Dan Ciampa:

The More Senior Your Job Title, the More You Need to Keep a Journal

For leaders assuming the CEO title for the first time, taking time to learn and think translates into early successes. But the problem is there’s little time to do either. Information comes at them more quickly, more people than ever before demand their time, and they’re told that the myriad decisions piled in front of them are all important.

If hired from outside, there is a new culture to get used to and it’s not clear who to trust. Even when promoted from inside, the pace can be jarring compared to running a division in the same company. In both cases, any new leader must manage intense exposure (as it sinks in that top leaders have few places to escape to) and unrealistic expectations (of both self and others).

There is nothing new leaders can do to avoid these problems completely. All they can control is how they react to them. Because we tend to make mistakes when things speed up, especially when in unfamiliar territory, it can make all the difference to find ways to slow things down.

The French philosopher Blaise Pascal pointed out that “All of humanity’s problems come from man’s inability to sit quietly in a room alone.” He didn’t mean sitting quietly in front of a laptop responding to emails. The best thinking comes from structured reflection — and the best way to do that is keeping a personal journal.

I started keeping a journal when I took over a manufacturing research, software, and consulting firm. I was very young, we were in crisis facing a challenging market, and I wasn’t sure whom I could rely on. I kept a journal through my 12 years as chairman and CEO and have since recommended it to people moving into any senior position for the first time.

There’s strong evidence that replaying events in our brain is essential to learning. While the brain records and holds what takes place in the moment, the learning from what one has gone through — that is, determining what is important and what lessons should be learned — happens after the fact during periods of quiet reflection.

Also, when we slow things down and reflect, we can be more creative about solving seemingly inscrutable problems. Take, for example, a technique called the “second solution method” that I’ve used in the past. If a group was struggling to come up with options to solve a tough problem, we would brainstorm to identify a list of possible solutions. Before switching to prioritizing, making items specific, etc., we tried to identify all possible options. I found the best approach was to tell the group to take a break and when it reconvened to ask, “What else occurs to you?” Inevitably, this simple question resulted in about 50% more items, often of higher quality. By experimenting, I found that the break that took place between the first and second rounds was more important than the question. A journal is an effective, efficient, private way to take a similar break.

Journal entries should provide not only a record of what happened but how we reacted emotionally; writing it down brings a certain clarity that puts things in perspective. In other cases, it’s a form of mental rehearsal to prepare for particularly sensitive issues where there’s no one to talk with but yourself. Journals can also be the best way to think through big-bet decisions and test one’s logic.

While personality, style, and situation cause different approaches, some guidelines have proven useful for the best results. Notes should be made as soon as possible after an event from which one wants to learn—ideally the same day. Waiting more than 24 hours seems to sacrifice specificity about details that made the most difference and why they happened.

An entry should begin with the primary outcome — the headline that best captures the major result. Then, list the essential reason for that outcome; an always-subtle root cause made apparent by asking “why?” five times to peel back each layer, revealing what came before. (I remember reviewing my journal once and realized that several big-bet decisions turned on the right question asked at just the right point in the debates. Fortunately, my notes were in enough detail that they showed that the same subordinate asked the right question each time. I started listening to him much more closely). Third, recall the emotions that affected decision making and why they flared. Last, identify what you can learn from the whole experience and what you can do differently next time.

Many will opt to keep a journal on their computer or iPad. While that may be more efficient, the point of keeping a journal is not efficiency but to reflect and slow things down so that learning is maximized. For that purpose, handwriting may work better. The novelist Paul Theroux has said that he writes long-hand because, “The speed with which I write with a pen seems to be the speed with which my imagination finds the best… words.” He noted a 2011 Newsweek article that said, “Brain scans show that handwriting engages more sections of the brain than typing [and] it’s easier to remember something once you’ve written it down on paper.”

With so many benefits of keeping a journal, why do so few leaders do it?

  • It takes time, a most precious asset. Because a journal requires reflection, it’s best done during quiet periods, which are rare for any leader.
  • Sometimes, keeping a journal requires reliving something one would just as soon forget. Even though a vital step in learning, it’s unpleasant.
  • Because many leaders prefer to rapidly move on to the next challenge, reflection is not high on their list of things they enjoy or have much experience with.
  • Like any tool, it takes time to perfect the best way to use it. The methodology offered here did not happen right way, but came after many trails and errors.

These are minor drawbacks compared to the benefits. Slowing things down leads to better-thought-through, more effective judgement and to learning what to do more of and what to change. One result, as important as anything, is an increase in the satisfaction that should come from being in charge. A personal journal should be part of any leader’s toolkit.

Two Yardsticks for Measuring Risky Decisions

How Women Decide: What’s True, What’s Not, and What Strategies Spark the Best Choices by Therese Huston is a fascinating book. How do you make decisions? Do you know the risk in making your decision? Below is an excerpt from the book:

Two Yardsticks for Measuring Risky DecisionsHow women decide.jpg

Are there strategies for figuring out when to take a risk? I was torn on whether to include this advice because I don’t want to send the message that women are, underneath it all, fearful of risk. The data doesn’t support that. But whether you’re a man or a woman, someone who takes too many risks or too few, you need strategies for evaluating new opportunities. There are any number of risky decisions you might be considering. Maybe you’re thinking about taking a new job or quitting your current one. Maybe you’re trying to decide whether to invest your time in a project that your friends think is a dead end but that you believe is just beginning. I’m going to offer two tools, two yardsticks you can use to measure a daring move and whether it’s headed in the right direction.

The first tool is the 10-10-10 rule, developed by the journalist and author Suzy Welch. The purpose of this strategy is to help you look at a decision from three angles, with the hope that one of those vantage points will provide a pop of clarity. In her book 10-10-10, Welch offers three easy-to-remember questions: “What are the consequences of this decision in 10 minutes? In 10 months? In 10 years?” Simple, yes, but potentially quite powerful. The goal isn’t to constrain you to those exact numbers – you could think about two days, six months, and seven years from now. The goal is for you to think about the immediate consequences, the impact your decision will have in the foreseeable and imaginable future and in a distant part of your life, a time far enough in the future that you can’t predict the intervening details or events but you still have clear hopes for yourself. Imagining forty years out is probably too far. The idea is that all too often when we’re trying to make a decision, we’re focused on one, maybe two of these time frames, but wisdom might lie in considering all three.

The second tool for sizing up a risk is something called a premortem, a strategy discussed in the bestseller Thinking, Fast and Slow, by Daniel Kahneman, a Princeton University professor and Nobel Prize- winning economist who has been studying reasoning and decision- making for over forty-five years. You may be familiar with a postmortem, which is what you do when a project or event is over, but a premortem is just what its name suggests – a step you take before the project launches, before you’ve committed to a plan of action and the risks that come with it. The concept is simple. Once you have a concrete plan on the table, bring together the key people who know about the decision you’re making and say, “Imagine that it’s a year into the future and we’ve gone ahead with our current plan. The result was a disaster. Take five to ten minutes and write down a brief play-by-play of that disaster

You might not be immediately impressed with this strategy. You’re thinking, But I’ve already asked “What could go wrong?” a dozen times. But that question involves looking forward, to possible events in the future, whereas the premortem involves looking back. (A premortem is similar to the look-back we discussed in chapter 1.) Looking back may not seem like much of a shift, especially since it’s all in your imagination, but this small shift in perspective can be profound.

Consider these two questions: “How likely is it that an Asian American will be elected president of the United States in 2024? Why might this happen? List all the reasons that come to mind:’

Before you read on, take a moment to think about this future possibility and generate some ideas.

That was looking forward. Now consider these two questions: “It’s 2024 and an Asian American has just been elected president of the United States. Why did this happen? What events might have preceded this one? List everything that comes to mind.”

If you’re like most people who’ve been asked these questions, a wider variety of vivid details come to mind in the second, hindsight scenario. It’s not just that you’re getting a second chance to think about the same event – people generate better answers to the hindsight questions even if they never heard the first ones. Deborah Mitchell at the University of Pennsylvania, J. Edward Russo at Cornell University, and Nancy Pennington at the University of Colorado collaborated on a project and found that people who are given the second, hindsight scenario generate 25 percent more reasons than people given the first, foresight scenario.” Perhaps even more important, people generated more specific and concrete reasons in the hindsight scenario. When we think about future events, we’re content to think in broad generalities, but when we think about something that has already happened, we feel a need to provide more convincing explanations. This is why the premortem is so effective- it’s looking back at a fictional event as though it’s happened. You’ve always heard that hindsight is better than foresight, and that, remarkably, includes imaginary hindsight.

 

The new consumer decision journey

Are you using customer journeys as a competitive advantage? Below is a blog post from McKinseys & Company and Harvard Business Review by David Edelman and Marc Singer.

The new consumer decision journey

For years, empowered consumers have held the upper hand when it comes to making purchasing decisions. But companies are fighting back.

The flare-up around advertising blockers on mobile devices is just the latest salvo in the digital-technology “arms race” that has made today’s consumer a formidable force. From social media to mobile devices, technologies have given consumers unprecedented power to compare prices, complain loudly, and find the best deals.

This tipping of the balance of power in favor of consumers has been evident for years. In 2009, we declared that the traditional “funnel” model—in which consumers began with a set number of brands in mind and whittled them down until they decided what to buy—had been usurped by what we called “the consumer decision journey.”1 See David Court, Dave Elzinga, Susan Mulder, and Ole Jørgen Vetvik, “The consumer decision journey,” McKinsey Quarterly, June 2009. This journey involved shoppers taking advantage of technology to evaluate products and services more actively, adding and removing choices over time. And it included a feedback loop, where customers kept evaluating products and services after purchase, pressuring products to perform and brands to deliver a superior experience on an ongoing basis.

We now believe the consumer decision journey needs updating.

In the past few years, brands have been playing catch-up, investing in new technologies and capabilities in a bid to regain relevance with shoppers and exert greater influence over how they make purchasing decisions. Our experience advising more than 50 companies and researching more than 200 on best practices for building digital capabilities—coupled with detailed conversations with dozens of chief digital officers and more than 100 digital-business leaders worldwide—has convinced us that brands today can not only react to customers as they make purchasing decisions but also actively shape those decision journeys. A set of technologies is underpinning this change, allowing companies to design and continuously optimize decision journeys. More important, companies today can use journeys to deliver value to both the customer and the brand. Companies that do this well can radically compress the consideration and evaluation phases—and in some cases even eliminate them—during the purchase process and catapult a consumer right to the loyalty phase of the relationship (exhibit). The journey itself is becoming the defining source of competitive advantage.

Exhibit

The new consumer decision journey

In fact, a recent Association of National Advertisers survey2 The survey was completed by a total of 384 client-side marketers. Participants include members of various panels, including the Association of National Advertiser’s (ANA) Marketer’s Edge Research Community, ANA members and prospects, the American Marketing Association, Demand Metric, McKinsey, and Spencer Stuart. Findings from the survey will be available in “The marketer strikes back,” forthcoming on the McKinsey on Marketing & Sales website. found top performers understood the entire customer journey much better than their peers (20 percent versus 6 percent) and had much better processes for capturing insights about customers and feeding them back into their marketing programs to improve performance (30 percent versus 11 percent). They also valued automation as a critical capability to respond to disruption and deliver both consistent and personalized customer experiences (30 percent versus 11 percent).

We’ve found that a company’s ability to deliver that value relies on four distinct but interconnected capabilities:

  • Automation streamlines journey steps. One example is letting people take a picture of a check and deposit it through the bank’s app rather than doing it in person. While automation of processes is highly technical, the focus is on enabling simple, useful, and increasingly engaging experiences.
  • Proactive personalization uses information about a customer—either based on past interactions or collected from external sources—to instantaneously customize the experience. Remembering customer preferences is a basic example of this capability, but it extends to personalizing and optimizing the next steps in a customer’s journey, such as immediately putting a valued traveler on an upgrade list.
  • Contextual interaction uses knowledge about where a customer is in a journey to deliver them to the next set of interactions, such as a retail site showing a customer the status of a recent order on the home page. Some hotels are experimenting with using their app to operate like a key when a customer gets to his or her room.
  • Journey innovation extends the interaction to new sources of value, such as new services, for both the customer and the brand. Companies mine their data and insights about a customer to figure out what adjacent service her or she might appreciate. The best companies design journeys that enable open-ended testing to allow for constant prototyping of new services or features. This may include, for example, an airline’s app that has the ability to integrate with a taxi service so that travelers can book cars to pick them up when they arrive at their destination.

Activating customer journeys to capture value requires journeys to be treated like products that need to be actively managed, measured, and nurtured. How well companies are able to do that will dictate how successful they are in making customer journeys a competitive advantage.

Read the full version of this article, “Competing on customer journeys,” on the Harvard Business Review website.

Managing Polarities: A Key Skill for the Well-Intentioned Manager

Blanchard LeaderChat

What Comes After Plan B?Being a great manager means balancing the needs of your people with the results you are trying to achieve. This can be a fiendishly hard balance to strike, and maintain. For example:

As managers we are expected to have the best interest of the organization as a prime objective and yet the needs of each of our direct reports are also critical. The process of balancing both is a polarity because it involves two, interdependent, correct answers to the question: “In my relationship with this person, should I be concerned about her, or should I be concerned about her ability to perform her tasks?”

As a well-intentioned manager, you need to pay attention to your people’s needs, and you need to keep an eye on the extent to which things are actually getting done. If you just take care of your direct report and neglect the tasks at hand, it won’t…

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Book Reveiw: How Not to Be Wrong

The author, Jordan Ellenberg has written an intense and interesting book: How Not to Be Wrong: The Power of Mathematical Thinking. Do you think you’ll ever stop using mathematics? Below is an excerpt.

When am I Going to Use This?How Not to Be Wrong

The lessons of mathematics are simple ones and there are no numbers in them: that there is structure in the world; that we can hope to understand some of it and not just gape at what our senses present to us; that our intuition is stronger with a formal exoskeleton than without one. And that mathematical certainty is one thing, the softer convictions we find attached to us in everyday life another, and we should keep track of the difference if we can.

Every time you observe that more of a good thing is not always better; or you remember that improbable things happen a lot, given enough chances, and resist the lure of the Baltimore stockbroker; or you make a decision based not just on the most likely future, but on the cloud of all possible futures, with attention to which ones are likely and which ones are not; or you let go of the idea that the beliefs of groups should be subject to the same rules as beliefs of individuals; or, simply, you find that cognitive sweet spot where you can let your intuition run wild on the network of tracks formal reasoning makes for it; without writing down an equation or drawing a graph, you are doing mathematics, the extension of common sense by other means. When are you going to use it? You’ve been using mathematics since you were born and you’ll probably never stop. Use it well.

 

Decisive: How to Make Better Choices in Life and Work

I finished reading Decisive: How to Make Better Choices in Life and Work by Chip HeathDan Heath. This is a great book on decision-making. They introduce a four-step process to counteract biases in your decision. Below is the WRAP process and links to workbook (requires a login),

The Decision WookbookDecision

The WRAP Process:

Widen Your options

Narrow framing leads us to overlook options. (Teenagers and executives often make “whether or not” decisions.) We need to uncover new options and, when possible, consider them simultaneously through multitracking. (Think AND not OR.) Where can you find new options? Find someone who has solved your problem. Try laddering: First look for current bright spots (local), then best practices (regional) and then analogies from related domains (distant).

Reality-test Your assumptions

In assessing our options, the confirmation bias leads us to collect skewed, self-serving information. To combat that bias, we can ask disconfirming questions (What problems does the iPod have?). We can also zoom out (looking for base rates) and zoom in (seeking more texture). And whenever possible we should ooch, conducting small experiments to teach us more. Why predict when you can know?

Attain distance before deciding

Short-term emotion tempts us to make choices that are bad in the long term. To avoid that, we need to attain distance by shifting perspective: What would I tell my best friend to do? Or, what would my successor do? (Or try 10/10/10.) When decisions are agonizing, we need to clarify our core priorities—and go on the offensive for them. (Remember the stainless steel bolts on the Navy ship.)

Prepare to Be Wrong

We are overconfident, thinking we know how the future will unfold when we really don’t. We should prepare for bad outcomes (premortem) as well as good ones (preparade). And what would make us reconsider our decisions? We can set tripwires that snap us to attention at the right moments. (David Lee Roth’s brown M&M, Zappos’ $1,000 offer