This week my team took a risk and unfortunately it didn't pay off. We are now left in a very sticky situation for next week’s rollover because of this week’s poor outcome. Prior to this we had been smart with our decisions and being in this position is one that we are not familiar with. This week’s reading has been very relevant and I believe will help us find our way forward. As the CFO, it’s up to me to figure out what went wrong in regards to our finances. So the problem(s) that I am faced with is identifying what went wrong, but more importantly WHY it went wrong. On a side note, I am faced with the problem of writing a true and honest reflection without giving too much away to my competitors!
In all honesty, our problem can be pinpointed to one exact reason: our predicted targets weren’t met. Taking advice from Argyris, I believe that it’s important for me to critically reflect on my behaviour and identify the ways that I have contributed to my team’s problems (1991). It’s my job to ensure that we are spending wisely and allocating our money in the most efficient way possible. Although I had planned for a ‘worse case’ scenario, I hadn’t predicted that our ‘worse case’ would be as bad as it was. I can’t help but think that my lack of planning is what has let my team down. Not only that, but has my lack of assertiveness over department spending caused this problem that we are in? Perhaps I should’ve questioned decisions more? But to be honest most of our decisions have been made as a collective and I have agreed with them. At the beginning of Mikes Bikes I was afraid of being too conservative with our finances but looking back maybe I should have been more conservative.
My tentative theory is that I had simply failed to come up with a plan ‘C’ because we have never even needed to resort to a plan ‘B’. Our lack of failure so far has led to me being bad at double looped learning (Argyris, 1991). In hindsight this was incredibly naïve of me and it is safe to say that I have learnt my lesson. Moving forward there are a number of actions that I will take this week to figure out what my plan of attack will be. Lengthy discussions with my team and our stand-in lecturer will be among those plans, however this rest I won’t disclose due to the competitive nature of this course!
Argyris, C. (1991). Teaching smart people how to learn. Reflections, 4(2), 4--15