22 Minutes now available as an e-book

I'm rapt that my book "22 Minutes to a Better Business; How Behavioural Economics can help you tackle everyday business issues" is now available as an e-book. Great for those who want immediate access and to avoid shipping! Check it out...

http://www.blurb.com/bookstore/detail/2227484

Holiday book reading list

As we head into the Christmas break, I thought it would be worthwhile to note some of the books I have found most helpful on behaviour and behavioural economics.  A word of warning though, once you read these books the Boxing Day sales will never seem the same.

Predictably Irrational: The Hidden Forces that Shape Our Decisions by Dan Ariely

The book that got me started in the field of behavioural economics. Dan has a talent for writing in an extremely accessible, entertaining way and throughout the book weaves illuminating examples of human irrationality.

Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home by Dan Ariely

Dan’s follow up to Predictably Irrational which looks at the opportunities behavioural economics creates.  Whilst a worthwhile read I found that Upside of Irrationality dealt with benefits quite broadly where I wanted to understand the application of principles specifically to the work issues I encounter. (I subsequently wrote my book 22 Minutes to a Better Business to close this gap.)

Switch: How to Change Things When Change is Hard by Dan and Chip Heath

One of the best change management books I have read and which will have you looking at your stakeholders in a completely different light…as elephants. Deals with the behavioural elements of change by encouraging us to appeal to both the rational and emotional being (and no, that doesn’t mean telling your stakeholder you love them…unless you want to).  If you are looking for new ways of influencing people, this book is very worthwhile.

Nudge: Improving Decisions About Health, Wealth and Happiness by Richard H Thaler and Cass R Sunstein

Shamefully I haven’t yet read this book but do keep up with the blog, and Nudge is widely regarded as the seminal work for breaking behavioural economics away from academia.

Habit: 95% of Behavior that Marketers Ignore by Neale Martin

A pet area of interest for me is how habits form and how you can break them.  If you are in sales, marketing or product development, an understanding of habits is an important element of your customer acquisition and retention plans and this little book is a very interesting read.

Have a great festive season and I look forward to more behavioural blogging in the new year.

22 Minutes to a Better Business, my new book

I have been following what I can of the 'normalisation' Behavioural Economics. By that I mean, how businesses are applying the lessons learnt in the lab about our propensity as consumers to not always act rationally.  To my surprise, I have discovered that there seems to be a gap between the theory, or more precisely, the findings, and instruction on how they may be applied to common business issues.

Headcount pressures, budgets cuts, whether to increase prices/change your service mix/introduce a new fee, closing the sale, losing market share, staff productivity...these are the key issues with which every business grapples.  So where's the guidebook?

Welcome to "22 Minutes to a Better Business: How Behavioural Economics can help you tackle everyday business issues".  I wrote this short book because I believe that Behavioural Economics can deliver better business outcomes for no additional outlay - it's about what we do today, just better.  In the book I cover 18 common business issues, outline the behavioural principles at play, and provide a short case study to illustrate the point. 

And why have I called the book 22 Minutes to a Better Business?  Well, I figure if a show like Two and a Half Men can hold the attention of so many for a run-time of 22 minutes, then that should be my objective too.  I'm asking for you to skip one episode of a sitcom re-run and read this quick dip into Behavioural Economics applied to common business issues...surely you have nothing to lose?

Here's an example of issue number 14; A business that is trapped in an incremental change cycle when it needs to do more.
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Issue #14 Deck chairs: Incremental change when more is needed

It's the talk in the corridors. Why aren't we doing more?!  What can you do to get your business leaping rather than tip-toeing forward? As the saying goes, are you moving deck chairs around on the Titanic?

Behavioural Principles to Apply

Not Invented Here Bias - it is our nature to shun ideas from others because we may not understand them.

Commitment - it's difficult to let go even when things aren't working due to our aversion to loss. You need to cast an eye to where the current course is taking you. Restating your desired future will help you reset your short-term plans.

Group think - odd man out. If theirs is a dissenting view, people will tend to doubt themselves, relent and  go with the pack. Galvanize your allies and raise your voice if you want change.

Short term and status quo bias - making short-term targets through cost cutting or expedient deals can be attractive. If your business doesn't reward longer-term projects then you will need to appeal to non financial reasons like legacy and ego to  secure support.

Case studies

Unfortunately, most businesses tip toe.  Sony fell into this category when they failed to see the rise of MP3 technology.  Yellow Pages have likewise taken too long to move to digital from print.  But it is too easy to judge these businesses in retrospect - at the time the people involved are swayed by the status quo.  It is hard to shape the future, particularly when you are the incumbent.

Pilots are trained to challenge if they see their co-pilot going off course. But in business, fear of "career limiting moves" can stymie dissention.  Train to challenge the status-quo; make it an expectation.

The crew at Intel tackled there need for change by asking "If we got kicked out and a new CEO came on board, what would they do?". When in doubt, think like an outsider and give yourself the same latitude.  Throw off your aversion to loss, your status quo bias, and think like Richard ("I love tackling lazy industries") Branson. 
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How can you get a copy of 22 Minutes? The book is available to purchase on Blurb.com, and is priced at cost until midnight 30 June 2011, after which I will be introducing retail pricing. A preview is available below.  I am also providing a softcopy to the first 50 people who mention 22 Minutes when they connect with me through LinkedIn, so jump to it! 

Most importantly, please spread the word because 22 Minutes to a Better Business is there to be shared.  I hope you enjoy.

Book preview

22 minutes to a better business by Bri Williams | Make Your Own Book