5 Ways to Think Better in Cannabis
You can’t make good strategic decisions if your analytical and problem-solving skills are not up to par. Unfortunately, most cannabis firms are wanting due to insufficient resources & time, a lack of skills, and an absence of problem-solving techniques. Identifying said techniques is the objective of this post.
Here are 5 ways to think better, gleaned from my corporate experience (P&G), a liberal arts education and best practices from other organizations (the CIA, as one example):
1. State the problem
American philosopher John Dewey pithily encapsulates the goal: “a problem well stated is a problem half solved” At the outset, align everyone on a clearly written problem statement that specifically outlines the implications (positive and negative) of a solution and the effort required to tackle it.
2. (Re) Define what success is
The problem to be solved is often and inadvertently designed to yield sub-optimal results. The old adage “boiling the ocean” comes to mind. Instead, focus on achieving a Pareto (i.e. good enough) outcome that pushes a project forward or tips a decision one way or another. You can solve the bigger problem later.
3. Putting in the work
For most problems or decisions, opinions or feelings are not a good substitute for available data and facts. One of the most prominent American economists, Thomas Sewell, sums it up well: “The problem isn't that Johnny can't read. The problem isn't even that Johnny can't think. The problem is that Johnny doesn't know what thinking is; he confuses it with feeling.” Quality analysis requires hard work and lots of critical thinking.
4. Reframe the Problem
Often problems are framed with symptoms in mind, with scant attention paid to root causes. Here’s a typical cannabis issue: Problem: Falling sales. Cause: a lack of sales & marketing support or poor quality. However, falling sales is an outcome/symptom of a deeper root cause that may have nothing to do with support or quality. Using a holistic analytical framework to find root causes and then targeting them will improve your chances of solving the problem
5. Weighted Decision Making
It is often difficult for teams to evaluate issues or come to the right decisions because they are unable to identify or prioritize what’s truly important. Fact is not all decision criteria are equal, whether it be value derived, costs, or risks. I collaboratively channel decision making to the optimal choice by playing a game. Each participant must apportion a fixed amount of money (say 50%, 35% and 15% of the total) between different criteria or choices.
#leadership #management #decisionmaking #analysis