The bad news is we all have barriers that stop us making good decisions.
Our biases are preconceived preferences and beliefs that unconsciously influence our decision making
They lead to decisions based on subjective and personal views – not objective criteria.
They can get in our way…but only if we let them.
Here are 5 key biases that can get in our way, and some ways to overcome them.
1.Confirmation bias – seeking and remembering information that confirms our beliefs.
We’re likely to do this when we feel rushed – or if we’re holding some fear about how hard or scary the alternatives are. Take note of the fear, but don’t give it undue weight.
How to overcome confirmation bias
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- actively seek diverse perspectives from others
- challenge our own thinking (what would I tell someone else in this situation?)
2. Status Quo bias – preference for staying somewhere unfulfilling, rather than the uncertainty of change
This can also be associated with fear – of the unknown; that if we go somewhere else, it will be just as ‘bad’. But often, we’re looking for something new because we’ve already tried many things to make the current situation better.
How to overcome status quo bias:
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- Compare the chances you’ll be happy staying (low), with the chances you’ll be happy somewhere new (unknown – but could potentially be much higher!)
- Consider change as an opportunity
- Acknowledge that the new situation won’t be forever
3. Anchoring bias – relying too heavily on the first piece of information received
Anchoring bias can limit our thinking when there’s a lot of uncertainty. If you’re trying to implement a new habit (say planning your day the night before) and the first day doesn’t go exactly as planned, you might be disheartened, and tempted to give up altogether.
How to overcome anchoring bias
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- seek multiple perspectives – what else could have impacted the outcome?
- delay the decision until you have more information – try a few more times, making slight tweaks and observe the different outcomes.
- have confidence that there will be different outcomes – one day does not mean the idea is a bad one.
4. Social comparison bias – Comparing your situation to others
We’ve likely all succumbed to this at some stage, and it can be insidious if unchecked.
How to avoid social comparison
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- remember what is on social media / LinkedIn/ anywhere else isn’t the whole story – no one has a perfect life and everyone is dealing with challenges of some sort
- consider your own unique set of strengths – they are there! Figuring out how to deploy them is one of life’s challenges
- choose your own pathway – don’t be tempted to follow others.
5. Sunk cost fallacy – Continuing to endeavour once an investment has been made (eg time) even when it is no longer the right path.
This could be a project/ initiative that’s not progressing or an approach to dealing with a challenge. It’s basically about cutting your losses, and is about knowing when to quit, and when to grit.
How to deal with the sunk cost fallacy:
- if it’s not right, the second best time to do something is now (the best time was when it started being not right)
- consider all the future pathways which are available if you change course now, compared to pushing on the same one.
These are a few of the many biases that can influence our decision making. Coaching can help you realise when you’re activating these (and other) biases, and ways to catch your thinking early so it doesn’t derail your decision process.
You’ll get better outcomes and more fulfillment.
Book a chat here to find out how
