Let's Talk Business

Let's Talk Business


LTB 213: How to Avoid The Planning Fallacy & Are Business Stories Still Valuable?

January 24, 2017

We all like a good story don’t we? Marketers encourage business owners to tell their story to new customers; how they started, the trials and tribulations they went through. However, we hear from a business advisor who says you are missing the point as most customers couldn’t give a damn.

Paying someone to get a job done is easy if it’s a few quid but not if the project runs into thousands, or millions of pounds. But we hear in the news on a weekly basis that the cost of one large-scale project or another has doubled. Of course, there are 1000s more less public projects which overspend and don’t make the news. We discover why.

On the subject of planning, have you ever wondered why things always seem to take longer than you expect? This phenomenon has a name - it’s called the Planning Fallacy and it can have dire consequences.

Is there a scenario when getting your customers to jump through additional hoops is a good thing? In actual fact it just might be.