I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
When building a profitable practice, you never want to be paralyzed by needing to make a decision. Analysis paralysis is a very real thing. You want to learn how to avoid analysis paralysis so that you can make the best decisions without overthinking it.
Too much data bombards you
We have more data than we ever did, thanks to the Internet and storage technologies such as the cloud. It’s great to slice the data every which way you can think of and create nice looking reports that impress your manager. However, when it comes to decision making, you have to get to the point of making the decision. You’ll need to stop your data gathering analysis and use what you have and make a decision. Computers give you the ability to divide your data in a way that makes sense for you or your company. But some people spend hours deriving report after report and none of them will get them any further in coming to a decision. They believe they need to see ten years of data, instead of five. They need to see the impact of sales on each region, even though they are only responsible for only one or two regions.
Data is necessary
It’s an important component in the decision-making process. It can let you know who your customers are, how much they have bought, and it can even tell you who your customers aren’t. Information is also important to make confident decisions. Without the information, you can be shooting in the dark, and that is as bad as having too much information. (Maybe even worse.) But it’s important to discern between which data is necessary and which is not.
Overcoming analysis paralysis
Or as many refer to it, paralysis by analysis. Speak to a trusted consultant or the people who are going to be impacted by the data and your decisions. Ask them what they need from the data and structure the reports around that information. Don’t include any of the data in the report. If you can’t defend the position based on the data they asked for, it doesn’t belong in the report.
Don’t be a hero
You may be tempted to show a different level of data to that required, as a may show better insight. But, if it isn’t within the scope of your decision, save it for a future analysis. It is okay to let your team know that further analysis is possible. They may even extend the deadline and the scope of the project due to this extra information. What’s more likely to happen however, is they will increase the scope while keeping the deadline the same. In essence, you have just given yourself more work to do by letting them know about this extra data.
I am Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own independent practice so that they can achieve financial independence and live without limits. Please go to businessofrehab.com\contractnegotiations to pick up the free guide to help you negotiate the contract of your dreams.
Decision making relies heavily on being self-reliant. Check out our blog here for tips on how to become more self-reliant.
Attention, Physiatrists! Stop leaving money on the table. Sign up for the free video series: How To Build A Profitable Practice in 90 Days or Less: http://www.sixtytosuccess.com