Are you a victim of Analysis Paralysis?

Wikipedia describes analysis paralysis as “when the opportunity cost of decision analysis exceeds the benefits”. Hmmmm…now let’s think about that a minute.

No one is going to argue we all want to get the best technology solutions at the lowest cost. But how much are you really saving when you repeatedly spend your time going over and over the same information, constantly looking for the next great thing and worrying constantly about making the right decision.

I would say there are few service industries right now where this problem is more prevalent than the financial advisory industry. The influx of new and many times greatly improved technology has all of our heads spinning around. You keep thinking, there must be a silver bullet that will take care of everything (some would argue there is but I would say we’re not there yet). Surely they can’t really want that much money for the product right? Many times you can “try before you buy” but again, what is the opportunity cost of this approach.

My best advice is to make sure you have a budget and deadline in mind. Be honest, what is the most you can spend right now and then put a plan in place. If you can’t purchase it all right now, prioritize what is causing you the most pain at this point and then go from there.

But the most important advice I can give you is to trust your gut. If you like a product, it addresses the issues at hand and it’s being endorsed by your friends and industry experts just do it! There is some great help available out there…Joel Bruckenstein will sell you time to pick his brain and http://yoursilverbullet.com will tell you exactly what plays well together. If you’re just starting out, I would suggest you plan on attending the technology conference in February in Addison, TX (http://virtualofficenews.com). This is the perfect place to talk to the folks who developed the technology and really kick the tires. I have a client that spent 18 months trying to find the next best thing and after they attended the conference this past February, they were able to make a decision quickly.

The bottom line is, be thorough but don’t take any more time than is absolutely necessary. After all, you’re the real “product” here. The rest of this can be window dressing at times and you don’t have to “keep up with the Jones’” to be competitive.

Please let me know your thoughts. Thanks!