Latest / Daily Influence / 842. Balancing Gut Instinct and Analytics in Leadership (rerun)

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842. Balancing Gut Instinct and Analytics in Leadership (rerun) · Daily Influence

• 0:10
  [SPEAKER_01]: Welcome to Daily Influence, your daily dose of positive influence.
• 0:14
  [SPEAKER_01]: I'm Brian Smith founder of IA Business Advisors and co-author of the Iain team series.
• 0:19
  [SPEAKER_01]: Each day we share stories and insights to help you find be and build your influence in a positive and responsible way.
• 0:27
  [SPEAKER_00]: And I'm Greg Lino, partner at IA Business Advisors, and co-host of Daily Influence.
• 0:32
  [SPEAKER_00]: Be sure to follow, subscribe, and share Daily Influence with someone who could use a little extra positivity today.
• 0:38
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• 0:48
  [SPEAKER_01]: Hey, everybody Brian Smith here with the Iain Team Series and your Daily Influence.
• 0:53
  [SPEAKER_01]: Today, I'm going to be tackling something that we deal with
• 0:57
  [SPEAKER_01]: a lot and that is the difference between managing your company with gut instinct as opposed to analytics.
• 1:06
  [SPEAKER_01]: And you know, when is the right time to lean into what your gut is and to dive into what the analytics are saying.
• 1:16
  [SPEAKER_01]: And there's a lot of different ways that this manifests itself in our areas of influence with our clients.
• 1:24
  [SPEAKER_01]: We oftentimes have clients that come to us and say, you know, it just feels like I should have more money, but I don't or I just don't understand why I'm always running out of money on so busy.
• 1:35
  [SPEAKER_01]: And that leaves us into the understanding that we're dealing with a client who manages his business on what his feelings are or what he thinks he knows about his business.
• 1:48
  [SPEAKER_01]: And that's a dangerous place to be because at the end of the day, analytics provides us a map of our business.
• 1:56
  [SPEAKER_01]: Instincts provides us a route that we're following and a route that we're following oftentimes leads us to a lot of stress, a lot of anxiety, a lot of heartaches.
• 2:07
  [SPEAKER_01]: Sometimes so bad that we've had clients that just can't sustain their business because
• 2:14
  [SPEAKER_01]: they didn't really think about it, they didn't dive into or even understand the value of analytics.
• 2:20
  [SPEAKER_01]: Data gives us a lot of different things, even if we're not data people.
• 2:24
  [SPEAKER_01]: You don't need to pour over spreadsheets, you don't need to over analyze many of you that are out there understand from a high level what feels good and what doesn't.
• 2:37
  [SPEAKER_01]: However, we can lean too much on that.
• 2:39
  [SPEAKER_01]: That's where this balance comes in.
• 2:41
  [SPEAKER_01]: So,
• 2:44
  [SPEAKER_01]: basic data and look basic data doesn't include looking at your bank account, seeing a number and saying, I have money looking in your checkbook and saying, I have money.
• 2:54
  [SPEAKER_01]: That's not real data.
• 2:56
  [SPEAKER_01]: You need to allow a little bit of work to go into reconciling those numbers or any other number that you rely on.
• 3:07
  [SPEAKER_01]: And it's okay if you don't understand numbers, go out and find people that can help you understand those numbers.
• 3:14
  [SPEAKER_01]: There are companies like ours that can do that, but there's so many other accounting bookkeeping part-time or fractional companies that can help you to understand analytics and how those analytics can support you contextually in your business.
• 3:31
  [SPEAKER_01]: Data can guide decisions
• 3:34
  [SPEAKER_01]: They give you that level of clarity and the precision that you need to make very measurable decisions in your organization.
• 3:45
  [SPEAKER_01]: And by the way, in our world, the world of smart management, that matters.
• 3:50
  [SPEAKER_01]: specificity and measurement go together, not everything that we're specific about requires measurement, but every measurement requires specificity.
• 3:59
  [SPEAKER_01]: We need to at least understand where the numbers are coming from.
• 4:02
  [SPEAKER_01]: Can we rely on them and are they real?
• 4:05
  [SPEAKER_01]: If that's another part of smart, is it real is it relative?
• 4:08
  [SPEAKER_01]: Overreliance on analytics can also cause us to have analysis paralysis.
• 4:14
  [SPEAKER_01]: That means that we dive too much into the details and we stop everything.
• 4:18
  [SPEAKER_01]: We miss opportunities.
• 4:20
  [SPEAKER_01]: We continuously question ourselves.
• 4:23
  [SPEAKER_01]: We put on over abundance of pressure on people to give us information that really doesn't matter.
• 4:29
  [SPEAKER_01]: How many decimal points do we need to understand our data, too?
• 4:32
  [SPEAKER_01]: Now, I'm being over a literal here because decimal points might not be the level of detail that we're looking for a measurement that we're looking for.
• 4:40
  [SPEAKER_01]: But I think you understand that we can try to get too much detail.
• 4:45
  [SPEAKER_01]: And paralysis by analysis happens in a lot of different areas of our organization.
• 4:51
  [SPEAKER_01]: Good instinct can help us there it can be shaped by experience and values.
• 4:58
  [SPEAKER_01]: It can help leaders make timely.
• 5:00
  [SPEAKER_01]: human-centered decisions when data is in complete or ambiguous or it's not available to us, but that's the proper time to lean into it.
• 5:09
  [SPEAKER_01]: When there's just no potential for data or there's no data available, we can lean into those things that we have learned or into our team who has learned lessons that we can utilize for the benefit of our team or organizations.
• 5:25
  [SPEAKER_01]: For
• 5:29
  [SPEAKER_01]: of our gut and data of smart, true influence on teams, outcomes and culture, emergence when analytical thinking is informed or supported by intuition and vice versa.
• 5:46
  [SPEAKER_01]: It is how we learn together as how we bring that experience to the table in the analysis of data and the understanding of data.
• 5:53
  [SPEAKER_01]: That's why just looking at bank statements, looking at bank account balances or checkbook balances, looking at the surface of things oftentimes that experience tells us we have to dive deeper.
• 6:05
  [SPEAKER_01]: If you've been burned by making poor decisions in the past from looking at things on the outer layers, then you noted teacher team, the importance of measurement, the importance of diving through
• 6:22
  [SPEAKER_01]: lears must learn when to zoom in on that information and one to step back.
• 6:30
  [SPEAKER_01]: And yeah, we get burned in those instances sometimes.
• 6:33
  [SPEAKER_01]: Yes, we make mistakes.
• 6:35
  [SPEAKER_01]: The question to ask yourself is, are those mistakes exceptional?
• 6:39
  [SPEAKER_01]: They don't happen very often.
• 6:40
  [SPEAKER_01]: It was an exceptional issue that had specifics or measurements that weren't normal.
• 6:46
  [SPEAKER_01]: Or is it me making the same mistake over and over and over again?
• 6:52
  [SPEAKER_01]: that application of understanding that is so important.
• 6:57
  [SPEAKER_01]: If you find yourself getting burned by your intuition over and over again and it relates to something with numbers or anything of repetition, you got to start to ask yourself, what more information can I get that would help me to make a better decision than just my instinct?
• 7:14
  [SPEAKER_01]: If you find that you're wrong or that you're not a 100% correct,
• 7:22
  [SPEAKER_01]: maybe you're 80% correct.
• 7:23
  [SPEAKER_01]: What will make up that difference to get you to that 100% or to a better place?
• 7:30
  [SPEAKER_01]: This is how we can use our intuition, balance it with our data and really get us into that leadership that is responsible and authentic and leads to that kind of decision making
• 7:51
  [SPEAKER_01]: you to maybe look inward or outward at your team and see where intuitive decision-making and diving a little bit more into our data analytics.
• 8:05
  [SPEAKER_01]: There can be a balance.
• 8:07
  [SPEAKER_01]: And it's the kind of thing that we like to talk about here at daily influence.
• 8:11
  [SPEAKER_01]: It's the type of thing that we like to support you at IA Business Advisors.
• 8:15
  [SPEAKER_01]: And it's why the IM team series is here to help make you a more influential leader and person in your business wherever you're at.
• 8:24
  [SPEAKER_01]: Share our podcast with your friends and family.
• 8:27
  [SPEAKER_01]: Let them know about the lessons that you can learn just by listening to these brief daily
• 8:34
  [SPEAKER_01]: And we look forward to bringing you more in the future.
• 8:37
  [SPEAKER_01]: I hope you have a great day.