Have you ever looked back at an investment or a business decision and realized it was driven by emotion, rather than strategy? This is far more common than most entrepreneurs would care to admit.
The missing piece in your decision-making process may be a mindfulness practice. Mindfulness has such a significant effect on the way you make decisions, investment experts such as Amandeep Khun-Khun recommend it as a best practice to optimize operations. Mindfulness practices can become part of your individual daily routine, or they can be established as part of your organizational culture.
Why You Need a Mindfulness Practice
If the idea of mindfulness conjures up visions of austere monks in an isolated and serene landscape, you may have difficulty relating to the practice. Instead, focus on the entrepreneurs and CEOs who have successfully integrated mindful practices into their organizations and their daily routines.
Research has found that just 15 minutes of focused-breathing meditation was enough to significantly reduce the “sunk cost bias,” in which people tend to hold on to a failed investment or product long after the failure is clear. Because mindfulness meditation helps you focus on the present instead of the past or the future, you are less likely to be swayed by anger or regret (being overly focused on the past) or by anxiety (being overly focused on the future.)
How To Begin Practicing Mindfulness
Becoming more mindful does not necessarily mean sitting cross-legged on the floor, practicing breathing. While that is a common method, it’s important that you begin with practices that fit into the scope of your daily routines.
How do you begin your morning? If you routinely keep your mind occupied by scanning news, social media, your email, or your to-do list, you may be missing the opportunity to pause and connect to the present moment. To establish a daily pause for reflection, start with small increments of time. Just five minutes focused on gratitude, reflecting on your cup of tea, or taking a brisk walk outdoors can shift your mindset into the present moment.
How To Establish Mindful Practices in Business
When you are working with a team, you want every member to be engaged and working at their best. Now that you know mindfulness leads to better decision-making, you can improve the performance of your team by building mindfulness into the culture of your business.
Decision-making in business is an ongoing process, with multiple opportunities to measure effectiveness and adjust course. Establishing moments of appreciation and reflection in your operating procedures creates a business culture that encourages constant improvement. By holding space for team members to reflect on what worked and what did not, you can reduce the influence of emotion on decision-making both for the individual and the team.
With regular mindfulness practice, you and your team will be more able to recognize the emotions that tend to interfere with clear thinking. The emotions will still be present, but they will no longer drive the process. With this missing piece established in your decision matrix, you will not only feel calmer and centered – you will become a more effective decision-maker.