Optimizing Strategies:  The Crucial Role of Parameters in Decision-Making and Action-Taking

Optimizing Strategies: The Crucial Role of Parameters in Decision-Making and Action-Taking

At StartupConnection, we’re all about delivering blogs that are not just informative but also packed with actionable insights. We understand that information overload is real. So, we’re testing a new approach – a blog solely dedicated to parameters, giving you the space to prioritize what truly matters. We’d love to hear your thoughts on this, so feel free to drop us some feedback! In this post, we will be discussing optimizing strategies regarding making decisions and taking action.

Optimizing Strategies:  The Crucial Role of Parameters in Decision-Making and Action-Taking

Developing Programs with Precision

Sometimes, we’re so engrossed in creating programs that we forget about the parameters needed for optimizing strategies. Let’s simplify it. Here are some straightforward tips to consider parameters effectively:

Crafting Your Money-Making Plan

The “Pro Forma Income Statement”

This may sound a bit grand, but it’s your roadmap to cash flow.

Consider how a big marketing budget can affect your income. It may seem counter-intuitive but spending more on marketing might just boost those unit sales.

Investor-Worthy Plans

Investors crave plans but hate wild guesses. Be the entrepreneur who delivers realistic projections using templates. Specific numbers matter, even if they’re just a start. Remember that sales volume goals and pricing strategies are the building blocks of any plan.

Holistic Planning

Comprehensive Considerations

Levels of marketing, overhead, and administrative costs – they all play a role. Analytical, social, and intuitive considerations should also blend seamlessly into your plan.

Adaptability is Key

The world changes fast, and so should your strategy. Regularly review parameters like population, economy, and social values. Stay updated as the latest variables might just be the game-changer.

Navigating Cause and Effect

Decoding Relationships

Cause and effect can be spurious. Relationships involve a mix of factors. Analytics is critical, but don’t ignore intuition, risk, and low probabilities. Just like Gates, Bezos, and Jobs – master the art of thinking outside the box. It is the outliers and risktakers who create much of the innovation, excitement and change in our society.

Cartoon with boss wearing protective gear asking employee "Seriously, what is your tolerance for risk?"

Managing Bias and Embracing Risk

Navigating the Bias Maze

Bias, especially in small businesses, is human. Be mindful; assumptions, analysis, and data can sway your decisions. Consider different age groups without falling into bias traps.

Risk and Outcomes

Predicting results with historical data is straightforward. However, for new programs or inconsistent data, it’s about educated estimates. Embrace risk as it’s where innovation thrives.

Commit to Action

Nike’s Wisdom: JUST DO IT!

Nike logo - Just Do It

Not making a decision is a decision in itself. Recognize the importance of parameters in your decision processes.

Balancing the 80-20 Rule

Strategic Account Maximization

The 80-20 rule suggests maximizing old accounts with increased potential before reaching out to new accounts. Balance critique with support, collaboration, and teamwork.

The Expertise Quotient

Seeking and using expertise might be the missing link in your strategy. Collaboration enhances effectiveness, so let’s focus on teamwork as well as obtaining expert support.

In summary, understanding and incorporating parameters into your decision-making process is the secret sauce for success. So, let’s navigate these parameters together and remember that optimizing strategies will help to pave the way for effective and strategic decision-making.

Contact us for a FREE evaluation and get an alternative perspective on your business. We’d love to help you identify ways to adapt to current trends. No one has time for BS—so we’ll cut straight to the point and answer any questions you have. Reach us at:

914-632-6977 or BShlensky@startupconnection.net

Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. Please visit our website: https://www.startupconnection.net/ for more information.

Unleashing Your Potential: Easy Guides for Your Success Journey

Unleashing Your Potential: Easy Guides for Your Success Journey

In a world saturated with negativity, particularly in the wake of the pandemic, it’s high time we shift our focus towards opportunities and unlocking our true potential. Let’s explore some straightforward guides that strike a balance between wisdom and relatability.

Begin with a sprinkle of wisdom. Consider these two thought-provoking quotes:

George Bernard Shaw once mused, “Some people see things as they are and say why? I dream things that never were and say, why not?”

"What would you do if you weren't afraid?"  - Sheryl Sandberg
Learn to unleash your potential!

Sheryl Sandberg, addressing the self-doubt that still holds many women back, challenges us with, “What would you do if you weren’t afraid?”

The Realities: A Charted Journey

We all crave success, but let’s not be blind to the ups and downs of the journey. Picture this – a chart revealing the common, bumpy ride to success. It’s a visual cue that appearances can be deceiving, much like those optical illusions where all the lines are r the same length.

Diverse Paths of Entrepreneurship

There are different approaches to entrepreneurship that we sometimes fail to recognize.On one side, big company are all about growth and raising capital, as seen in the fact that 83% of IPOs in the last year were in the red. On the flip side, the majority of entrepreneurs are simply hustling to make ends meet year after year.

Much of corporate innovation is focused is on uncovering superior or novel solutions to existing challenges. Picture this: car companies investing years in refining combustible engines, retailers dedicated to enhancing the shopping experience, and giants like IBM striving to build bigger and better computers.

And yet there’s a whole other league of companies carving a different path. Their mission is to develop entirely new solutions. This shift has given birth to groundbreaking innovations like the electric car, the E-Commerce revolution, and the ever-expanding realm of cloud computing – all championed by these visionary new players. It’s a dynamic landscape where established players and fresh faces alike are shaping the future.

Embracing Change: Cooperation and Collaboration

Change is the only constant, and it’s time to adapt. Cooperation, collaboration, and embracing new resources are the keys to evolving. The game-changer is recognizing that taking risks isn’t synonymous with failure. Testing alternatives to find optimal solutions and gaining experience are crucial aspects of success. Risk is a critical part of every decision. And, frankly, I think we all need more of it. We tend to think of risk as a taboo concept when it’s really not—once you understand it.

Cartoon with boss talking to an employee hiding behind his chair - "OK, I'm going to say you're quite risk averse."
Learn how to unleash your potential

Balancing Vision and Execution

“Vision without execution is hallucination,” echoes the wisdom of Thomas Edison.

While we celebrate excellence, we often overlook opportunities to do things better. Streamlining processes, cutting unnecessary costs, and tackling bureaucracy can enhance organizations. Customer service is a function where companies can devote new efforts to improve. Pricing is not a dirty word, and there are numerous tools to improve results without deteriorating your brand. All these actions can contribute to progress and improvement if an organization embraces them.

Battling Bias: The Unseen Culprit

Bias lurks in the background, often leading to unreliable results. Here’s the thing. We love to be right and hate to be wrong. Acknowledging and challenging bias is crucial. The “It won’t happen to me” mindset can be a silent contributor to unexpected volatility. Our brain, working surreptitiously in the background, doesn’t alert us too how biased we actually are. Recognize this unseen force, and decisions become more informed.

Injecting Fun: The Secret Sauce

Don’t forget the fun element!

As Steve Jobs wisely stated, “The only way to do great work is to love what you do.”

"Do what you do so well that they will want to see it again and bring their friends." - Walt Disney

And Walt Disney’s advice to “Do what you do so well that they will want to see it again and bring their friends” emphasizes the joy in mastering just having fun.

Tools for Excellence: Reaching Higher Potential

Armed with these insights, recognize the toolbox available to enhance excellence and unlock higher potential. Realistic goals, strategic plans, understanding risks, biases, and having the confidence to embrace your potential – it’s all part of the journey. So, strike that balance, enjoy the ride, and let’s embark on the path to unlocking our fullest potential.

Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. This combination has been the key to client success. We welcome comments, suggestions and questions You can write him at bshlensky@startupconnection .net or call at 914-632-6977

Uncover Opportunities, Evaluate Alternatives, and Take Charge of Your Future

Uncover Opportunities, Evaluate Alternatives, and Take Charge of Your Future

To effectively gauge opportunities and tackle challenges, take charge – a handy tool is reviewing your past results, current challenges, and potential opportunities down the road. While a bit of analysis and number-crunching can be beneficial, my advice is to keep things informal and swift. The key here is to concentrate on spotting opportunities and embracing change, steering clear of getting bogged down in the intricacies of the review process. Let’s shift the focus to identifying and assessing alternatives instead of merely singing your own praises.

Building on Success

The best opportunities are frequently found by building on success rather than repeating disappointments. Take health, for instance. There’s a world of opportunities to boost your well-being beyond the obvious options of exercise, a balanced diet and annual checkups. In the ever-evolving health scene, there’s a constant flow of new medications to prevent problems that we can take charge of if we stay informed. 

Financial Snapshot

Now, let’s ask ourselves the big questions: How are you doing right now, and what do you want to achieve? Get a snapshot of your financial landscape, factoring in your growth, age, wealth, and goals. If retirement is here or peeking around the corner, consider your goals, wealth, income, and maybe leaving a little something for the next generation. Here’s my two cents: take a bit of risk, understand your investments, as well as your financial advisor’s recommendations.

Daredevil, take charge man behind a desk wearing protective gear telling the person he is speaking with "Seriously, what is your tolerance for risk?"

Reality Check

After gathering your data, give your findings a reality check by going over them with someone – a professional, an expert, or a colleague. Trust is key here, so the person you consult with needs to be knowledgeable enough that you can trust their feedback.

Mapping Your Journey

Now let’s talk about career and life. What’s on the horizon for next year? Can you hit your job goals, or is it time to re-evaluate them? Do you need to tweak your work-life balance, maybe dive into some new activities or maybe let go of ones you simply don’t enjoy anymore? This is the time to take charge mapping out your personal GPS for the next leg of your journey.

Cartoon in office, with someone pointing to a chart saying "Which 'win' is ours?  Because the one on the left looks bigger."  Learn how to take charge of improving your future.

Communication and Cooperation

When it comes to communication, how do we go about cooperating to create a win-win situation? It is well proven that tactics like collaboration, trust, and listening work better in decision making than dictating, lecturing, and proclaiming false expertise. There’s extensive research supporting the idea that people resist change unless they can see what’s in it for them. When given the opportunity to argue your case, try to emphasize the benefits for the other party. If you can make them, see the positives they’ll reap in the compromise, you’re much more likely to convert them.

Risk and Creativity

Let’s talk risk. Consider when it would be beneficial to break free from the predictable and try something more creative. Making decisions and taking risks are a dance between probability and information. Predicting outcomes with solid data is one thing, but it’s a different ball game when it comes to new ideas. Help take charge of your future. And remember that sharing information often maximizes benefits for everyone.

Fresh Ideas and Strategies for Growth

Below you’ll find links to some recent blogs to help take charge of improvement in all areas. Hopefully, reviewing some of the suggestions from this list inspires you to incorporate some fresh ideas and explore various strategies. We also recommend using the content to develop and test new alternatives and solutions. In your efforts, don’t be afraid of some failures along the way—it’s the best way to learn and grow.

Year-End Reflection

And remember, as the year comes to a close and stress levels tend to increase, be kind to yourself and others, find ways to relax, enjoy time with family, but also make time for yourself. Take deep breaths, cut yourself some slack, and know that your best is enough. Prioritizing can dramatically improve results. Focus on what you are good at and don’t sweat the small stuff. Think about it this way – most sports analytics are based on getting players to focus on the efforts with the greatest probability of success.

In a nutshell, taking stock of your current status can add to the excitement and potential of your efforts. Aim for accomplishment and satisfaction. Prioritize tasks and set realistic goals. Remember that accepting risk and managing change allows you to maximize your efficiency and accomplish more. Don’t shy away from those out-of-the-box opportunities either. And who knows, your next move might be a game-changer in making next year your year.

Dr. Bert Shlensky, president of Startup Connection, prides himself on his ability to define what is unique about each and every business. He works closely with individuals to develop a personalized approach that targets specific areas of concern and offers solutions based on his 40+ years of experience. His expert team will address your particular needs while working to save you time and money.

You can reach Dr. Shlensky at: 914-632-6977 Or email: bshlensky@startupconnection.net

Volatility is a Critical Part of Change

Volatility is a Critical Part of Change

We all recognize the importance of change, but also need to consider volatility in affecting change.

Take the stock market, for example – it’s like a rollercoaster influenced by economic twists, social vibes, and market moods. Recently, in 2023, the S&P 500 went up 17% from January to July, then down 11% from July to October, only to bounce back up by 11% from October to November. Minimally, you should evaluate investing for short-term change or simply investing for the longer term.

Rapid Evolution in Our World

Our world is evolving fast. Technology, our tastes, and what’s considered normal are flipping markets on their heads. Leisure, travel, and entertainment are booming unexpectedly. Even the diet industry is getting a facelift thanks to new drugs helping people shed pounds. It’s a game-changer.    

Social, political, and economic events are regularly disrupting our environment. From weather havoc to terrorism, it seems like endless crises. 

Managing Unpredictability

How do we handle all this unpredictability? First, we’ve got to understand volatility and figure out how to manage it. When bridges suddenly collapsed in Philadelphia and Los Angeles, they were fixed in record time – thanks to clear goals, teamwork, and innovative solutions. We need the same approach for everything, from health issues as we age to dealing with climate events and political shake-ups.

Take our health, for instance. As the years pile on, it’s a good idea to play offense. Waiting for a health crisis to hit is like playing catch-up. Hitting the gym, eating a bit healthier, and throwing in regular checkups are like the MVPs in the game of avoiding health rollercoasters. Same goes for other bumpy rides, like dealing with the economy, wild weather, or political shake-ups.

Cartoon of someone making a presentation to a boardroom meeting, with a chart showing downward trends.  He says "Well, no wonder!  Instead of Robert's Rules of Order, we've been following Murphy's Law!"  Volatility can be bad, but doesn't have to be.

Look at how we’ve been stepping up our game in handling weather drama like fires and hurricanes. It’s all about staying on top of things, being ready, and finding solutions. That’s the playbook we can follow for other curveballs that life throws our way.

Emphasizing Communication and Cooperation

Communication, coordination, and cooperation should be our priorities. Fire departments focus on safety and prevention rather than just enforcing laws. Why can’t we do the same for issues like crime, making things better between police and communities?  

Rethinking Progress and Success While Being Aware of Bias and Risk

It’s time to rethink progress and success. We’ve made huge strides in areas like reducing smoking and drunk driving. Reviewing plans is important, but we need to do it together and be open to expert advice for better problem-solving.

Don’t forget about bias and risk: Bias is, perhaps, the biggest culprit in unreliable results. “It won’t happen to me” may be the greatest cause of unexpected volatility.  Here’s the thing. We love to be right. We hate to be wrong. So, we will go to extraordinary lengths to make sure that we’re proven correct. And we won’t even know we’re doing it. Our brain, working surreptitiously in the background, doesn’t alert us too how biased we actually are.

Creating a Supportive Environment and Setting Specific Goals

Creating a supportive environment, both physically and socially, can help us deal with crises better. This includes a safe, productive and supportive physical space, along with social and businesses practices that are fair, consistent and understood can significantly add to the capability to deal with crises.

Getting specific with goals and solutions is key. We all get the importance of goals, but sometimes we spend too much time pointing fingers instead of finding solutions. Take a cue from success stories like fire safety and emergency highway repairs.

It’s all about staying open and analytical. Businesses need to understand their environment, learn from both wins and losses, and be open to new ideas. In other words, don’t be like Jack Nicholson saying, “You can’t handle the truth.”

"You can't handle the truth!"

Embracing Change for Better Solutions

In a nutshell, recognizing that change and ups and downs happen is the first step to tackling problems. We need tools to understand and predict change – just like we do with things like COVID and flu shots. Being prepared and understanding volatility will lead us to better solutions and alternatives.

Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. We guide your plans for business success and unlock your profits. Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward.

We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977.

Navigating the Hurdles of Rationality

Navigating the Hurdles of Rationality

Let’s talk about rationality – that concept we all agree is generally a good thing. Thanks to technology and analytics, we’ve got tools like GPS making our lives simpler and less stressful. But, as with most things, rationality comes with its set of challenges that we can’t just overlook.

Now, can we solve these challenges with just rational thought?

"Because the people who are crazy enough to think they can change the world are the ones who do."  - Steve Jobs.  Question rationality?

It’s a bit like Steve Jobs said, “Because the people who are crazy enough to think they can change the world are the ones who do.”

But then again, Thomas Edison adds a dose of reality with, “A vision without execution is hallucination.”

Rationality and analytics can be invaluable when it comes to making decisions based on models, probability, risk, and numbers. Take our firm’s analytics, for instance – it’s been a game-changer, helping clients focus on the 20% of customers or products driving 80% of their sales. Sports managing, betting and coaching decisions, too, have seen significant improvement with better analytics.

But let’s not forget the magic of intuition, creativity, passion, and out-of-the-box thinking. The fast, experiential vibe of these elements considers factors that analysis often misses. They’re almost essential for dealing with change, uncertainty, and creativity, like in supply chain management.

George Bernard Shaw said it best, “The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.”

Dilbert cartoon comaparing intuition to guessing

When we throw in a curveball like COVID, and rationality gets trickier. Forecasting for 2020 became a special event, shaking up models for everything from workers going back to the office, students going back to the classroom, airline passenger growth, business meetings, to apparel and entertainment trends.

When you’re dealing with complex goals, things can get a bit tricky. One common challenge is figuring out how to balance growth and profit. Lately, venture capital firms have been switching gears, putting more emphasis on profit to get better returns. Then there’s higher interest rates, inflation, and moderation in the growth of technology. In addition, there’s juggling issues like supply chain hiccups, managing teams, dealing with the ever-shifting political scene, and other surprise curveballs. Take, for example, the rise in retail store theft, which has become a critical factor that’s impacting how both individual stores and big chains perform.

Do we have the information to be rational? Assumptions, demographics, time periods – they all play a role. Our perceptions can be deceiving, too. Sample surveys versus actuals show us that what we think might be rational can be way off.

Manager discussing AI with his employee - "His decisions arent any better than yours, but they're WAY faster..."  Question rationality?

Rational thought must be carefully reviewed for bias. Bias is a tricky player in the rationality game. Right-brain and left-brain thinking are different beasts, and biases are often just human. Our recent experiences can color our decisions, and analysts love their formulas, but most bias is just plain human.

Testing, measurement, and examining alternatives can improve rational analysis. How do we make rational thought work? Test, measure, and explore alternatives. Plans often fall flat because they’re too one-dimensional for our complex world. For example, branding, marketing, pricing and operations must all be viewed as an integrated program rather than separate and isolated activities.

Understanding your data can significantly improve the validity of analysis. Before getting started, be sure to understand your data. Demographics matter – the Southwest is a whole different ball game from the Northeast.

Define your parameters as well. Who’s your audience? With 330 million people in the U.S., about 40% are over 65 or under 18. 164 million are in the labor force, 30% are black and Hispanic and around 50% of most age groups are men. These totals vary considerably by region, age, and ethnic background.

Be sure not to overlook the key elements of success – operations, customer service, and logistics are just as vital as the traditional functions.

Noise book cover

Remember that sometimes analytics can trip over its own feet. Daniel Kahneman, Olivier Simony, and Cass Sunstein, in their book Noise, point out that it can miss key metrics like mood, bias, mental state, and the like, can alter judicial decisions. Variables like hunger, how well-rested we are and personal preferences can all affect decisions. As a personal example, I’m diabetic and regular meals is a critical aspect of my lifestyle to avoid excess stress, mood swings, depression and anger.   

Rationality can add complexity to simple solutions. Simplify where you can. Predicting the stock market is made overly complex while simple factors may do better, and key players matter more in sports than we often think.

Focus on factors that most affect your decisions so you can understand them and estimate factors that are not as significant. For example, look at aggregate costs and administrative expenses rather than trying to forecast small items like telephone, utility, and insurance costs.

Risk requires more personal factors be considered more than many rational models. Retirement recommendations based solely on drawing down assets might not cut it in our world of growth, low interest rates, and low inflation.

Confidence and emotion alter analytical solutions Nike’s “just do it” mantra and Sheryl Sandberg’s “What would you do if you weren’t afraid?” both speak to the power of emotion in decision-making. We often avoid actions due to fear or public perception rather than assessing potential success.

A lot of the push for giving out “participation prizes” is about making activities less stressful and competitive. On the flip side, watching kids take their first steps or ride a bike is extra special because of the joy they feel in their own success. Our feelings – whether it’s passion, dislike, or bias – really shape how we think, especially in things like love, sports, and just having fun. Sometimes, our perceptions and habits lead us to believe things that aren’t true.

Recently, scientists have been looking into how we make choices and have found that we often play it safe, avoid shaking things up, and stick to what’s comfortable.

More so, our emotions and actions are also influenced by the timing of things. When there’s a big tragedy, like a terror attack, bad weather, or war, there’s this immediate call for action and commitment. But as time passes, the costs and tradeoffs start piling up, and that sense of urgency fades away.

Rationality can be expanded to be more effective. How do we amp up rationality? Be open, embrace change, and be willing to improve and accept outside advice. Organizations need to share, understand, and observe their data. And in the end, let’s maximize rational thought but keep our eyes wide open to alternatives, assumptions, and limitations. After all, more analytics can generally be useful for small businesses, but it’s crucial that the foundation is solid.

Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies.  Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. You might start with our quick video.

We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977