Your Assumptions May Be Costing You

Assumptions are ideas we presume to be true before making decisions. We tend to rely on them even though they have proven to be biased and not based on facts, but rather our very personal experiences and perspectives. Because of how personal they are, assumptions can often not be based on broader realities, and can be way off base.

Assumptions can cost us dearly. You know it, we’ve all experienced being wrong about something we were so sure was right. From thinking the weather will be sunny and dressing poorly for a rainy day, or believing you could trust someone who may not have had your best interests at heart. Don’t make those same mistakes with your business.

As a business owner, a mis-informed assumption can lead you down very avoidable paths of stress and financial loss. You have to take the time to implement research and proven facts when developing a strategy, planning a new business model, or just making day-to-day decisions. You need to examine where your ideas come from to determine whether they are sound business decisions, or just ideas that sound good to you.

While it’s natural to think your decisions will have the outcome you are assuming they will have, it’s important that you’re attune to the risks and uncertainties involved. Organise your decision making process by documenting any and every assumption you make, asking yourself and professionals you trust tough questions, and if you find yourself working in a team setting, fostering an environment that encourages your teammates to challenge your ideas.

Yes, trust your gut, but then take the time to research and have discussions with others. It may come as a shock to you how wrong you may have been, or you will be relieved and have renewed confidence in your ideas because they align with everything you discover when you do your due diligence.

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