Wednesday

The Art of Decision Making

For the business adventurer the art of effective and timely decision-making is a key role, particularly with regard to major decisions that impact on organisational strategy. Minor decision-making should be delegated to the lowest level possible in line with requisite experience, capability and capacity of the junior manager.

New business adventurers need to learn very quickly they cannot do everything themselves. Part of effective decision-making is letting others implement your decisions. It would seem obvious at the entry manager level that this lesson should be the first learned in business management. Yet surprisingly it isn’t. A leader is someone who utilises people and brings out the best in them, so delegate away. Trust your people to do what you trained them to do.

Even if it is a critical task, they will not learn to be leaders themselves without going through the same trials as you did as a leader. Guide them and coach them, but never believe you cannot delegate every task you have.

Tough choices are also a daily requirement of decision-making. Business adventurers have to hire and fire, to sign off on new strategies, and to risk investments - all of which can lead to stress and guilt. The presence of guilt is not a result of making the wrong choice but of choosing itself. And that is the human condition: you are a being that chooses. However, to make a proper decision, one has to be well-informed.

7 Questions
Here is a simple model for decision-making that I have used on my adventures both during the planning and preparations stages and on the ice. It should be thought of as a mental checklist which should be followed when considering a course of action.

What do I want to achieve and why?
What could go wrong if I take no action?
What have I assumed?
What resources are available?
What constraints are there?
When do I need to take action and where?
What is my fallback option?

No comments:

Post a Comment