What is analysis paralysis? What is the negative impact of experiencing analysis paralysis? "Analysis paralysis is "an informal phrase applied to when the opportunity cost of decision analysis exceeds the benefits". It stems from self-sabotaging beliefs, including the following:
- Once I have gathered this information, found this fact, or make this list a bit longer, then I will be ready to tackle this project or task, or make this change.
- No matter what I attempt, it will never be 'good enough' to meet my or others' standards or expectations.
Analysis paralysis can occur, for example, when you decide that you want to create a product or service offering that will solve all of the world's problems - i.e. it is better, faster, cheaper, and uses the latest gadgets, tools, technology, and buzzwords. Since accomplishing this will be virtually impossible, it will allow you to procrastinate making a final decision.
What are the top 7 causes of analysis paralysis?
1. It is easier to do research than to implement your product or solution: it is safe and often successful and therefore confidence boosting, while acting on the research is fraught with the possibility of failure, stress, or pressure.
2. Lack of goals
3. Conflicting goals
4. Risk avoidance, fear of making a mistake
5. Too many learning curves at once, causing incessant revisiting of prior work
6. Creative speculation, when discovery and definition are required
7. Insistence on completing all analyses, before designing your workshop, writing your marketing copy, etc.
What are the 12 negative impacts of analysis paralysis?
1. You work and work, and see no product or results
2. You begin to lose sight of why you were working in the first place
3. You miss the opportunity to take risks and receive feedback about the quality of your work
4. You meet fewer people, including prospective clients, joint and referral partners, and suppliers
5. You try fewer new strategies and you, your business and your income consequently grow less
6. You become controlled by fear and disempowered
7. You become trapped by your problems and in your own individual ideas
8. You end up paying for this over-analysis - in money, energy, time, health, happiness and success
9. The clients you are best suited to help do not get to meet you
10. Your personal relationships suffer
11. Your health dwindles
12. Other times it can be ignorance: that you do not know that you could hire someone else to do your drudgery work
To avoid getting stuck in analysis paralysis, select one or two of the seven tips outlined below, and apply them for the next few months, until they become internalized. While you are at it, enjoy the cha-lle-nge of moving from analysis paralysis to realizing your business’ vision!
Top 7 tips of how to not lose sight of, and realize your business vision
1. Do enough research and analysis to know how to build your various plans: i.e. financial, business, marketing, referral, repeat business, etc. For instance, market research would entail finding out whether people want to buy the service or product you want to sell, and the price they are willing to pay for it. Then stop the analysis. Make an informed decision about what you believe will work. Create and implement the plans, and tweak them as you see fit.
2. Quickly figure out "why" you are not doing the work. That is, answer the following: "I am afraid to..., and I scare myself by imagining that..." (E.G. increase my rates, make a decision about what product to run with next, etc.). Realize that you (not others) are the ones creating the fear! E.G. I want to increase my rates (or begin charging for my business offerings) but I scare myself by imagining that I will have no clients as a result. Then make the decision and/or do the work.
3. Look for the simplest solution. That is, pick something you can do and do quickly, so that you can get on with the other things you really need to do. Then do that thing professionally and well.
4. Challenge your inner critic (or skeptic) or gremlins, who keep telling you that you cannot, you do not want to, you do not feel like it, you will fail, you are not good enough, etc. Show your mind that you are the boss, not it. This will increase your confidence dramatically, to the point where the little voice in your head will get increasingly quieter and have little effect on you.
5. Remember that everything is uncomfortable at the beginning. However, if you stick with it, you will eventually move through your Financial Discomfort Zone and succeed. Then you will have become a “bigger” person.
6. Accept and love yourself unconditionally, for who you truly are.
7. Get into the habit of living in and outside of your business instead of just surviving, or more bluntly, dying. To gain a fuller appreciation of how these words differ, refer to the six examples provided below.
Example 1
Thriving: You do your best and praise yourself for all of your efforts.
Surviving: You do things only because you think you need to, have to, or should.
Example 2
Thriving: You give up feeling guilty and worrying.
Surviving: You feel guilty or worry, for no reason at all.
Example 3
Thriving: You trust that everything will work out fine.
Surviving: You doubt yourself.
Example 4
Thriving: You ask the people in your life to help you through difficult times and clarify how they could to this.
Surviving: You do not ask for support when you need or want it.
Example 5
Thriving: You are grateful for the good in your life, and adopt an attitude that there is plenty to go around.
Surviving: You wish your life could be different, and yet do nothing about it, except to maintain the status quo.
Example 6
Thriving: You say "yes" to you, including your creative genius!
Surviving: You deny your creativity.