Keeping An Assumptions Inventory
Waiting to go through the Panama Canal
The other day, we learned a salty lesson on our sailboat. Assuming the course was clear we scraped against a reef. This left us with a few paint scratches and a reminder: assumptions can be costly when unexamined.
In business, assumptions are everywhere.
They act as shortcuts, providing direction and momentum. But here’s the catch—they’re not always accurate. Like incomplete navigation charts in new waters, assumptions need regular check-ins.
Let’s jump into it
Every project starts with a set of assumptions. They might feel solid, like trusted stepping stones, but experience can make us overconfident.
Here’s one way to think of it: assumptions are like a reef underwater. Hidden beneath the surface, they can either provide a foundation for growth or cause unexpected damage if left uncharted.
It’s not the reef’s fault—rather it’s all about how you understand and work with it.
One reef, two stories: a beached boat and fishermen catching their bounty
While working on Artvoy, aimed at encouraging younger people to collect art, I assumed they would approach art as a cold, hard investment. But that wasn’t the case.
They wanted something they liked for their home and wouldn’t feel embarrassed showing to friends.
This insight shifted the platform’s focus from investment data to creating a more personal, informative search process. The lesson? Tracking assumptions helps uncover what’s truly relevant.
A helpful resource
When acknowledged and documented, assumptions can guide your team like a well-mapped chart. This is why I created an Assumption Inventory.
We don’t need to get rid of assumptions—instead, work with them. Maintaining an inventory allows teams to remain agile and responsive as we learn more from our customers, users and stakeholders.
An Assumptions Inventory
Here’s how leaders can use an Assumptions Inventory to stay on course:
- Write Them Down: Keep a living list of what your team assumes to be true and why.
- Check Regularly: Revisit and revise assumptions as new data and feedback come in.
- Invite Dialogue: Foster a culture where questioning assumptions is encouraged.
- Reflect and Improve: Analyse assumptions that didn’t hold up to refine future decisions.
- Keep It Fluid: Treat assumptions as flexible tools, not fixed truths.
Many times we do this without documenting the journey. However, when it is documented, we can better see the progress of our thought process or where we could improve.
It’s also a great way to document ideas for testing or validation, as well as onboarding new stakeholders.
Assumptions are not set in stone or only an issue at the beginning. We can enhance our adaptability and drive better results by actively tracking and updating our assumptions.
We must continuously challenge and refine our assumptions to effectively reach our goals
And there’s more
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📚 Read: If you’re looking for an easy, uplifting, semi-surreal read, The Life Impossible by Matt Haig is a nice choice.
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