Pragmatic Business Thinking

In the last issue of MindPrep I mentioned our plans to create a course focused on Pragmatic Business Thinking and I drafted a course description. Mary, my friend and advisor, reminded me that I just might want to define the term before I described the course.

Of course, I was assuming that all of you could read the ever-evolving definition that was in my mind. Oops.

Pragmatic business thinking refers to a mindset that emphasizes practicality, effectiveness, and results-driven decision-making in the context of business operations and management.

It involves an approach to business decision-making and problem-solving that focuses on what is most feasible and beneficial in each situation. It is not “cookie-cutter” business thinking.

Some characteristics of pragmatic business thinking:

1. Realistic: Pragmatic thinkers objectively evaluate their challenges, considering both the opportunities and constraints, and make decisions based on a clear understanding of the resources and limitations at hand. Elon Musk may have billions of dollars to start a Boring Company. You don’t.

2. Results-oriented: Pragmatic business thinking prioritizes achieving tangible outcomes and goals. It involves focusing on actions and strategies that are most likely to yield practical results and provide value to the organization. Too many Silicon Valley dreamers have focused on “cool technology” instead of practical results. Are you enjoying the metaverse?

3. Flexible: Pragmatic thinkers are open to adjusting plans and approaches based on new information or changing circumstances. They recognize that business environments are dynamic, and they are willing to adapt to emerging challenges or opportunities. Large, entrenched companies have a problem moving beyond their heritage when faced with the realities of creative destruction.

4. Cost-conscious: Pragmatic business thinking involves considering the cost implications of decisions and seeking cost-effective solutions. It prioritizes efficiency to maximize value and minimize waste. Too much venture capitalist money has gone down the drain in the past twenty-five or so years.

5. Risk aware: Pragmatic thinkers assess risks and make informed judgments about the potential benefits and drawbacks of different courses of action. They take calculated risks. Established companies tend to be risk-averse while too many start-ups see the shiny glow of success while ignoring the traps along the way.

6. Practical: Pragmatic business thinking focuses on identifying practical solutions to both good and bad challenges and their associated obstacles. It involves breaking down complex challenges into manageable components, exploring feasible alternatives, and selecting the most effective and achievable option.

7. Customer-centric: Pragmatic business thinkers place a strong emphasis on understanding and meeting customer needs. They prioritize customer satisfaction and strive to provide products, services, and experiences that align with customer expectations and deliver value. Shareholder value is good; customer-centricity is essential.

More?

I’m sure you see other aspects of being a pragmatic business thinker. Send them along, please.

Next: Reflections and Plans

I’ve been working for over 60 years, and I’ve been thinking about sharing a bit of wisdom (???) and plans to re-focus my efforts. No, I’m not hanging up my tool belt, but I think it’s time to make a minor pivot (or not.)

Happy 4^th of July – find a Vet and thank her or him for your freedom. Find a politician and tell him or her to do their job.

Cheers,

Bill

Pragmatic Business Thinking