Driving Decisions: A Feedback Framework

Text Pete

In this insightful episode of the Business Owner Breakthrough Podcast, Pete Mohr digs deep into the importance of the fifth F in the decision-making framework: feedback. He underscores the significance of not just making decisions but making them well as an integral part of growing your business.

Pete paints a vivid picture of how feedback serves as a vital link in the chain of better decisions, fostering growth, prosperity, and freedom. It's not just about making decisions—it's about refining them, learning from experiences, and building a culture of openness and continuous improvement.

Here are a few things Pete covers:

• The role feedback plays in enhancing stakeholder engagement and decision validation
• The importance of adaptability within your business and how feedback aids in achieving it
• Different strategies for collecting and analyzing feedback effectively
• Tips for using open-ended questions to gain a deeper understanding of decision outcomes
• How to prioritize feedback for better decision-making

It’s time to take action:

After listening to this podcast, the most crucial action you can take is to establish a continuous feedback loop in your decision-making process. Seek, analyze, and implement feedback for your business to foster a culture of openness and continuous growth. Remember, your decisions are pivotal for a prosperous business and a successful life. Download the Decision Activator Worksheet

Are you looking to make some changes in your business and your life in 2024?  Head over to speaktopete.com and book a chat with me to see if we're the right fit!

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As a business owner, do you know what your company is truly worth? The Value Builder Assessment is a powerful tool that helps you uncover the key factors influencing your business’s value. Whether you're considering a sale, planning for the future, or simply want to grow, this assessment offers actionable insights to increase your business’s worth and appeal to potential buyers.

Don’t leave your business’s future to chance. Click here to take the Value Builder Assessment and start building a more valuable, resilient business today!

Book a no charge Freedom Call with Pete, to see if you’re a good fit for his business coaching or talk to Pete about speaking at your next event head over to http://speaktopete.com to find a time that works for you!

Pete's Websites:

Pete-Mohr.com
The Exit Ready Business
Kolbe Coach
Simplifying Entrepreneurship

LinkedIn at https://www.linkedin.com/in/petemohr/
Instagram at ...

Episode Transcript

Unknown (00:03):
What's the most important thing you do as a
leader of your business? Well,you make decisions, and it's all
about the steady progression ofmoving from operator to owner in
your business. Ultimately,decisions should be made at the
lowest possible level of yourorganisation. And if you're
making all of the decisions,you've got some work to do. And
in this six part series, we'llgo through the five F's of

(00:27):
better decision making, theframework will help get the
craziness out of your head andonto paper so that you can
reduce procrastination andadvance the ideas you have even
faster to download a PDF copy ofdecide already the five apps of
decision making, as well as adownloadable worksheet on the
subject so that you can makefaster and better decisions in

(00:48):
your life and business. Slide onOver to simplifying
entrepreneurship.com five apps,that's simplifying
entrepreneurship.com forwardslash number five, the letter F
and the letter S. It's all aboutthe feedback, isn't it? It's the
fifth of five F's in betterdecision making the whole
decided framework, betterdecision making so important for

(01:12):
your business, because asleaders, we're making decisions
all the time. And we want to usethese frameworks to help our
team do the same to right, ifwe're making better decisions,
and we can help our team makebetter decisions. Well, that's
the avenue to growth,prosperity, and freedom, which,
you know, three pretty importantthings and being a business

(01:34):
owner, right, the importance offeedback. And decision making is
just so crucial. It reallyallows you to evaluate the
outcomes and consequences of thechoices. Learn from your
experience, and the experiencesof your team members and
everybody else who's helping youmake this choice through
feedback, right. And you'realways continuously refining and
improving the decision makingprocess so that you can have

(01:57):
better decisions. And that's thewhole goal of this little mini
series. Feedback reallyencourages accountability. It's
actively seeking feedbackdemonstrates a commitment to
accountability and personalgrowth, I really find this to be
the case, it shows that you'rewilling to take responsibility
for your decisions and learnfrom your mistakes, right?

(02:18):
You're asking their opinions,you're fostering a culture of
openness and continuousimprovement within the
organisation. And when you dothat, as the leader, it
perpetuates itself within thebusiness too. It fosters
learning and adaptability.
Remember, in our last series,the 10 laws, I think it was law
number nine was to fosteradaptability within your
business. So important becauseyou need the feedback portions

(02:42):
in order to be adaptable, right.
By regularly reviewing andreflecting on your decisions,
you can develop deeperunderstanding of factors that
contribute to successfuldecision making and become more
adaptable and responsive to theever changing business
landscape. Feedback also reallyenhances stakeholder engagement,

(03:03):
right? actively seeking andincorporating feedback. When
they're more engaged, they'regoing to be more involved in the
business, they're going to digdown deeper into their area of
accountability. And they'regoing to want to help you make
the best decision possible,right? When stakeholders feel
that their inputs valued andconsidered, they're more likely

(03:24):
to be invested in the success ofyour decisions and, and
contribute to the company'sgrowth. And that's what we want
for all the stakeholdersinvolved in this right. It also
helps us validate the decisionsright feedback helps validate
decisions, it helps you confirmthat your choices are either
good or bad. It helps confirmthat your choices are aligned to

(03:45):
the future aligned to the factsaligned to the figures aligned
to the feelings because that'sall the pieces of the puzzle the
five apps to make betterdecisions and further motivate
you to continue moving aheadwith the business and everybody
else who was involved with ittoo. Right. What I wanted to do
today was just share with you acouple of little tips for

(04:06):
collecting and analysingfeedback effectively for your
business. Tip one. Utilisemultiple channels for feedback
collection. This is somethingthat people don't think about
all that often. But if youleverage various channels to
gather feedback fromstakeholders, including one on
one conversations, teammeetings, surveys, anonymous
feedback tools, not everybodyprocesses information in the

(04:30):
same way and not everybody's asquick to give their opinion.
Some people need a bit moretime. So ensure that the
stakeholders feel comfortable bysharing their thoughts and
insights in different ways righttip to ask specific and open
ended questions. When you'reseeking feedback. open ended
questions that encourage detailand thoughtful responses really

(04:52):
help you gain a deeperunderstanding of the factors
that contribute to the successor failure of the decision.
Here's another oneYou need to actually give
yourself time to reflect on thefeedback. Consider how can
inform and enhance your decisionmaking process and identify the
patterns and trends and thefeedback. You know, some people
will always be responding incertain ways and understanding

(05:14):
that helps you make betterdecisions. Next, you want to
prioritise all of the feedbackthat you have, because not all
feedback will be equallyrelevant or valuable. You have
to assess the importance andrelevance of the feedback you
receive prioritising theinsights most applicable to the
decision making that you'regoing to do. There are so many

(05:34):
other tips along the way heretoo. But the last one I want to
share with you here today isreally develop a continuous
feedback loop becauseestablishing a system for
continuously seeking andanalysing and implementing
feedback in your decision makingprocess is vital to the ongoing
nature of your business.
Ultimately, this series ishelping you decide right, it's

(05:57):
not only helping you as thebusiness owner, decide, but
helping your team decide andhelping your business make
better decisions. So as you movethrough these five apps of
decision making the future thefacts, the figures, feelings and
feedback, you're really going todevelop a comprehensive
framework for driving growth andsuccess in your business. It's
that idea of moving fromoperator to owner that we've

(06:20):
chatted about in the pastepisodes and freeing yourself
from the day to day managementof your business and stepping
into a more strategic visionaryrole within it. When your
business is making decisionswithout your involvement. That's
when it gets pretty powerfulwhen the right decisions are
being made without yourinvolvement by the people that

(06:40):
you've entrusted and givenaccountability to. Boy, that is
when a business's running onrails. And that's what I want
for you. That's why we'recontinuing on here with the
business owner breakthroughpodcast. I hope you've enjoyed
this little mini series calleddecide already around the five
apps. And don't forget thedownload and the PDF and the

(07:01):
worksheet all around the fiveapps at simplifying
entrepreneurship.com forwardslash five F s decision making.
It's the biggest thing you do.
It's the most important thingthat you do every day and
decisions have to continue tohappen in order to have a
successful life and a successfulbusiness right now go and make
it a great dayan ironic media production visit

(07:30):
us at our ONICK media.com