The Importance of Multiple Perspectives in Business
Welcome back to the Mid Market Insider!
I’ve seen an underrated factor for improving multiple areas of your business: diversity of thought.
Let me explain…
The concept of “Diversity of Thought” allows us to see opportunities others might miss.
A fresh perspective typically leads to more informed decisions.
The best solutions we’ve seen, both in private equity and in business operations, come from analyzing a situation from many vantage points.
It’s an approach we’d recommend to nearly all of the businesses and operators we work with.
If it works so well, why isn’t it the norm?
Three reasons really, at least in my opinion.
First is the confirmation bias.
I am no academic but I think of confirmation bias as looking for evidence to support our own views or beliefs.
If we are trying to solve a problem and have a potential solution in mind, human nature suggests we will look for ways to support that solution instead of questioning it.
The second reason is that we tend to like people who are similar to us.
If we have an idea, we might take it to a colleague we like the most and/or a friend. Or, at least there’s a decent chance that person will think similarly to us.
Third, more effort is required to get diverse feedback!
Sometimes it simply takes more time and effort to identify dissenting or differing views.
We believe it’s beneficial to encourage open dialogue and debate within your team in order to get a broad range of perspectives (and the best outcome).
Diversity of thought doesn’t just enhance decision-making.
It also helps us better understand and serve the diverse needs of our portfolio companies.
It takes more effort and requires us to go against human nature but who ever said running a business is easy?
📅 Next Week:
In next week’s newsletter, we’ll be talking about how the best private equity firms do more than just add capital.
Keep building,
Nick
P.S.
If you want to hear more from ‘The Most Boring Guy In Private Equity’, follow me on LinkedIn and YouTube. I dive into the world of private equity, share some tips and tricks for small business owners, and most importantly, share my industry knowledge.
Make sure to follow me so you don’t miss out!
If you want to discuss your business goals in greater detail book a discovery call: https://calendly.com/nickmclean/discovery-call.
Just remember, this won’t cost you a dime and you get what you pay for :)
I just launched a podcast, Ambition with Nick!
Links can be found here:
Apple
LinkedIn: Nick McLean
YouTube: NickFourPillars
