Social networks, television, newspapers. We are bombarded from all sides with negative news on the Coronavirus: how to protect our health, how to activate the layoffs, how to optimize smart working, how to access state incentives. News that certainly reflects the reality of some contexts, but that does not propose alternative solutions to face the crisis.
Does this information influence business choices? The answer, alas, is positive. Everyone, at every level of the organization, is frightened by the seriousness of the situation, and lets themselves be influenced by the experiences of others. Managers and CEOs also let themselves be hit by negative news and, without even trying to find alternative solutions, they run for cover by closing the company.
This phenomenon is so widespread that psychology has given it a name. This is the availability bias. Here’s how it works: it happens that, in the collection of information and in the choice of solutions, we are tempted to orient ourselves towards the more familiar and easily available ones.
To influence our choices there is also memory, and memory, you know, deceives. In fact, our memories are the result of information that is faded, impartial, and conditioned by the quality of the transmission, which can be confusing, making us believe that we have personally experienced some situations, negative or positive that they are: it happened to others because it could not happen to myself? The imprecision of memory is then made worse by the scarcity of information and by a strong emotional load, such as that which grips each of us given the emergency situation.
Memory and Bias of availability together can be dangerous for our business choices. Is there a method to avoid this trap? Fortunately yes.
First of all take some time to reflect, avoiding getting involved with the desire to act in a hurry, and looking for alternative solutions to those immediately available.
Once you have become aware of the real amount of solutions available, a right move would be to compare yourself horizontally with other managers about the choices to be made to secure your business.