With Business Intelligence (BI) platforms at your disposal, your organization can use data analytics to make better decisions regarding its future. However, using business intelligence platforms requires certain steps so that you can make the most of it. Here’s what you need to do to make proper use of your data. Read More
- Published: 19 Nov 2021
There is a certain level of anxiety that comes from missing out on something, and if you have felt this “fear of missing out,” (or FOMO) you are not alone. People experience this in social situations, as well as those in the business and professional worlds as well. Unfortunately, this concept can have negative impacts on your actions if you let it.
Let’s reframe this concept in a less-juvenile way; perhaps a better definition is “fear of missing opportunities.” In this case, the fear of missing out would mean missing out on a possible business venture simply because you are “late to the party,” so to speak. You jumped on board too late. You missed hiring the perfect talent for your company, you missed signing a contract with your dream client, and you missed investing in something that could have paid off in dividends ten years from now.
These “fails” can influence your decision-making procedures moving forward. You might start taking on all opportunities regardless of the return on investment simply because you don’t want to miss out on something incredible ever again. This could lead to burnout and cancellation of obligations, which is arguably worse than just saying “no” in the first place.
In the opposite direction is “fear of better options,” a concept that means you let the possibility of better opportunities get in the way of making important decisions. This inability to commit to a decision often means making no decisions at all, simply because you don’t want to do one thing and find out that a better option exists somewhere down the road.
Let’s use this in the context of purchasing new technology, a concept which actually lends itself quite well to “fear of better options.” Since technology is rapidly growing more powerful with each passing year, there is almost always going to be a bigger and better model of whatever you choose to implement right around the corner. Furthermore, with so many options, there is a chance you purchase the wrong solution. All of this keeps you from making a decision, and you might hold out—a tactic that could impact your operations in the short term.
To resolve these issues with FOMO, we recommend that you take a close look at the opportunity cost associated with these interactions or options. Let’s imagine you are working with an exceptionally needy client that doesn’t always result in a lot of lucrative business. If this prevents you from signing on other clients who always pay and only need a moderate amount of attention, you are throwing away opportunities and working harder than you need to be. In this case, the numbers don’t lie; imagine what you could do with all of the time and resources you sink into one particularly needy client. You could be seeking out new clients or improving the experiences of others. It’s just a matter of making more money by doing less work.
Again, in regards to technology, there might be a solution on the market that you want to implement. This solution could boost your productivity immediately, but there is part of you that wants to wait and hold off until something better suited comes along. You perform the same opportunity cost analysis. Does it resolve an immediate deficit with your business? Does putting it off negatively affect your company? These are questions that you must ask if you want to determine whether purchasing something now versus later is helpful.
Compudata can help to alleviate some of this pressure and help you make important technology-related decisions for your business. When you work with a managed service provider, you are eliminating the uncertainty (and stress related to it) that stems from this decision-making process. To learn more about how we can help your business, reach out to us at 1-855-405-8889.