thinking critically for better business results

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Business English Ace

A S P E C I A L W H I T E PA P E R

Thinking

Critically for

Better

Business

Results

businessenglishace.com Thinking Critically for Better Business Results 2

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TABLE OF CONTENTS

NEED FOR CRITICAL THINKING IN BUSINESS................... 3

WHAT IS CRITICAL THINKING IN BUSINESS? ................... 4

PART II: 7 CORE STEPS OF CRITICAL THINKING................ 6

PART III: GROWING YOUR OWN CRITICAL THINKING SKILLS .................................................................................. 9

CONCLUSION ...................................................................... 11


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NEED FOR CRITICAL THINKING IN BUSINESS

Thinking critically in business means solving problems and making decisions. The better the decisions, the better business will operate. However, the concepts of critical thinking need to be identified and applied successfully in order to achieve the desired better business results. In our three-part series on Thinking Critically for Better Business Results, we explore the following: (1) What is critical thinking in business? (2) 7 Core Steps of Critical Thinking (3) Growing Your Own Critical Thinking Skills

Business leaders agree using critical thinking skills is the only way to think at work—because it helps you get the best possible results. After this article series, it is hoped you benefit from your new thinking skills in order to immediately apply them to your work at the office to successfully gain an advantage against both colleagues and clients. Thinking critically will help you become a great leader in you’re your personal and professional lives.


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WHAT IS CRITICAL THINKING IN BUSINESS?

Four crucial components of thinking critically apply at the office. At your next meeting or conversation at the water cooler, keep these four concepts in mind to obtain their significance.

Question assumptions. First, critical thinkers are inquisitive and look to find the what and the why behind every idea. Question how and why something is occurring. If the boss or colleague gives you a suggestion, pause to reflect on the premise, underlying reasoning, of such a notion.

Widen your horizons. Step outside your own shoes, your own position in the organization, and imagine what the other person is thinking. Take advantage of diversity at the office. A Chinese-trained engineer may not view a problem the way someone from Tallahassee will. Both may have the same problem-solving tool kit, but their different cultures can provide invaluable insights.

Be creative. Detecting premises and harnessing multiple perspectives are deductive skills. Critical thinkers should also be cleverly creative so that allows them to see opportunities where others see problems. For example, one executive may see a production snag as trouble whereas a smart thinker must view it as an opportunity to modify the process to produce something new.

Thrive in ambiguity. In the global business arena, chaos is the norm, but how you manage ambiguity is the mark of a true leader. The speed of business, the complexity of global factors and interlinked supply chains present a host of variables beyond your control. Therefore, savvy thinkers must be comfortable with thriving in an environment where change is constant and rapid decisions are required.

A tumultuous business world needs leaders like you who are deep critical thinkers who can instantly size up a situation, realize potential


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success where others may not, and seize opportunities through quick decision-making.

So, how do your current thinking skills compare to the four components above?

Now you have the four underlying parts of the critical thinking skill. Be a good questioner. Weave in cultural biases. See opportunity in bad situations. Lastly, operate calmly in ambiguity.

You are now well on your way to strengthen your critical thinking skills.

In Part Two, we examine a step-by-step process of critical thinking that you can easily follow to strengthen your cognitive abilities and your role as a leader at the office.


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PART II: 7 CORE STEPS OF CRITICAL THINKING

In Part One of our series Thinking Critically for Better Business Results, you learned the four general skills needed for savvy thinking at the office. In Part Two, we examine closely step-by-step the core process of thinking critically to arrive at a smart business decision. Leaders embrace the 7-Step formula to methodically approach their decision-making and to arrive at the optimal resolution of challenges. Step One: Recognize premises. You must separate fact from fiction and opinion to reach a sound business decision. Does your colleague or client have evidence, empirical or otherwise, to support their claims? Questioning assumptions reveals logical flaws and saves trouble later by confronting head on the problem now! Step Two: Identify bias and motives. Accurately assess the perspective of your colleague or client. What are their cultural, socioeconomic or other horizons? What are their motives or incentives for their proposals, thoughts or ideas? Use empathy to view a situation from another’s point of view always remembering your goals and desires. Step Three: Assess arguments for relevance and accuracy. Again, are the arguments of your colleagues or clients logical? Do you detect a fallacy? Raise questions to obtain the information you need to make a truthful evaluation of their arguments. Is their information source reliable? Defer drawing any conclusions until you have all of the facts. Step Four: Gather facts and evidence using multiple sources of information rather than a single source. Assemble a file of relevant data from diverse sources in order to broaden your background knowledge. Search for details that directly apply to the


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challenge you face. Separate the wheat from chaff. And, don’t overanalyze! Don’t suffer “paralysis from analysis.” Gather only the necessary facts to make you decision. Step Five: Weigh data properly. What are the variables in your decision? Prioritize each factor and sift your data file accordingly. What information is of first, second, and third importance? Assign weighted variables and you will better organize your information. You will also move closer to your decision! Step Six: Balance logic and emotion. Humans have struggled with logic and emotion since the beginning of time. Plato said the duality of logic and emotion were like horses driving in opposite directions. Emotions are fleeting, but play an undeniable role in the decision-making process. Emotions propel us to act quickly and decisively at time. Make sure your decision is not impulsive. Let reason guide your decision-making process. Part of your challenge is to identify the resolve the conflict between contradictory arguments and evidence to arrive at the best resolution of a problem. Step Seven: Use diagrams to visually represent processes and thinking. We are visual animals: approximately three-quarters of our brain’s sensory resources are dedicated to visuals. Learning depends on using both the left (logic and reason) and right (visuals) hemispheres of the brain. Thus, making visual representations of your data file helps assemble the “big picture” of the possible solution to a problem. From mind maps to diagrams and charts, you can appreciate detailed information while connecting new information to existing knowledge. Using this “connect the dots” visual approach is the final step in the states of critical thinking. You are now ready to make your decision!


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Develop a list of possible resolutions. Weigh the ramifications of each options. What are the risks and rewards? Trade offs? If you have carefully followed the steps above, you will make the best decision possible given the evidence and surrounding circumstances. Both you and your business will attain the optimal result! In Part Three of our examination of Thinking Critically for Better Business Results, you are going to learn how to develop your own critically thinking skills.


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PART III: GROWING YOUR OWN CRITICAL THINKING SKILLS

So far in our Thinking Critically for Better Business Results series, you have learned the crucial importance of thinking critically in business and the 7 Core Steps to think critically at the office.

Critical thinking is learned, developed, and strengthened over time.

Below you learn the process to develop your own skills to critically think at the office.

Leaders take charge of their own critical thinking development by taking the following actions. Each is a natural progression to the next step.

Ask a trusted boss, colleague or coach for feedback about your critical thinking skills. Do you impulsively leap to conclusions? Or, do you use a balanced, nuanced, and analytic process to arrive at a decision? Are you able to overcome cultural and other biases?

Develop a detailed understanding of your company's business, especially its financial and strategic drivers of success. Do you drive your company’s financial decisions? Is your knowledge of the business strong enough to drive behavior and to engage teams and employees? Can you lead them and the company to financial success?

Take time to mull options.

Are you able to lead your team and company through the ambiguity and chaos to make a decision, take action or form an opinion? Do you have sufficient time and space to let your mind focus and reflect on important issues? Take time to weigh your options and choose the best course of action. Lead your team and company to take that action!


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Seek input, critique and opinions from trusted mentors and colleagues as you assess options. This action is in line with Step 4 in the Core Steps of Critical Thinking that we covered in Part Two of this series: gather information from multiple sources.

Do you allow outside input into your decisions? Open your mind by checking tentative conclusions with others.

Peers, coaches and mentors can provide invaluable critiques of your thinking process. Is impulse trumping reason? Are you broad-minded enough to accept criticisms or consider other ideas or alternatives?

Developing your thinking critically skills is part of life-long learning. You can always strengthen these skills to lead your team and company to better business results.


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CONCLUSION

Thank you for downloading and reading Thinking Critically for Better Business Results.

You have hopefully expanded your knowledge and skills to think critically and improve your business results!

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thinking critically for better business results

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