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Raising an anchor

The Best Business Questions for Growth: Raise Your Anchor

Leo Manzione

With the start of another quarter right around the corner, are you in the right mindset and asking yourself the right questions? Or is your own way of thinking limiting you and keeping you anchored you to where you are now, instead of where you could go? 

I recently held a 
Quarterly Planning Session for my clients to plan the end of their 2020 and to outline more long-term projects extending into 2021 and beyond. One of the exercises we went through was a series of mental stretches to challenge our assumptions and see what’s possible.

Today I’ll be walking you through these same stretches. They’re beneficial to perform regularly, but especially as we enter a new quarter. So let’s dive in:

Our mental anchors limit us because they keep us grounded to a certain point.

The key questions we should always be asking ourselves:

  1. How much are you earning right now?
  2. How much would you like to be earning?
  3. How much are you earning per hour right now?
  4. How much would you like to earn per hour?
  5. How many hours are you working per week?
  6. How many hours would you like to work per week?

I’d recommend taking a moment and jotting down your answers to the questions above. The most important component here is to be honest with yourself. Don’t worry if your answers seem conflicting – for example, perhaps you want to earn way more money but work way fewer hours. That’s totally fine. Put it down. Knowing what you want is the first step to making it happen.

Move Your Anchor

Now that you have those answers down, let’s discuss the concept of 
anchoring bias in decision making. Psychologists tell us that, “During normal decision making, individuals anchor, or overly rely, on specific information or a specific value and then adjust to that value to account for other elements of the circumstance. Usually once the anchor is set, there is a bias toward that value.

Our mental anchors limit us because they keep us grounded to a certain point. If we grow, it’s always from that point and our understanding of what’s possible is usually within a certain range of that starting point.

Say, for example, you’re currently earning
$250,000 per year. When you think forward to what you’d like to be earning, that number is often established in relation to your starting point. Perhaps you want to see yourself earning $350,000 per year instead. That’s great, and that’s certainly growth, but what if we instead shot higher? How could our mindset and our belief in what’s possible change as well?

Try to suspend disbelief for a moment, leave your preconceived notions at the door, and join me in a bit of simple math to magnify your goals, shake free of some of the limitations you’re placing on yourself, and raise your anchors.

 

Adding a Zero

Take the answers you wrote down for those 6 questions, and let’s add a zero to those results, effectively multiplying them by 10.
In the example above, that $250,000 per year figure would transform to $2.5 million.

(Note: For questions 5 and 6 regarding hours, it may be more helpful to divide by 10 instead of multiplying if we’re looking to push ourselves. Multiplying the hours you work per week by 10 can sometimes push us beyond the limits of what’s even possible, not to mention what we actually want. Dividing, on the other hand, can get us brainstorming about how we can do more in less time – always a good thing!)

  1. How much are you earning right now? x 10
  2. How much would you like to be earning? x 10
  3. How much are you earning per hour right now? x 10
  4. How much would you like to earn per hour? x 10
  5. How many hours are you working per week? ÷ 10
  6. How many hours would you like to work per week? ÷ 10

Do some of these new numbers feel shocking? Good! That’s what we want – we want to jostle you out the ordinary limits you impose on yourself and more any unconscious anchors that might be interfering with your potential.

Look at your new numbers. How could you make these a reality? They may be more possible than you initially think.


Want hands-on help transforming the seemingly unattainable into reality? Feel free to apply for one of my 
complimentary diagnostic sessions and we can review this concept and uncover anything else that might be holding your business back.

APPLY HERE!

Talk soon,

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