Business Success
 

Moving with Speed:

Fast Decision-making

Constantly Reassessing Past Decisions

Rapidly Changing Business Environment Makes Past Decisions Obsolete Rather Quickly

By: Vadim Kotelnikov

Founder, Ten3 Business e-Coach – Inspiration and Innovation Unlimited!

 

"Unless a company constantly reassesses every decision it makes and every direction it takes, it will eventually end up as road kill."1 

Moving with Speed Fast Thinking Fast Decision Making Fast to Market Sustaining Speed Anticipating Spotting Trends Brainstorming Letting the Best Idea Win Setting Rules and Guiding Principles Getting Rid of Bureaucracy Constantly Reassessing Past Decisions Launching a Crusade Owning Competitive Advantage Innovation System Simplicity Growth Attitude Managing Creativity Roadmapping Customer Intimacy Boundarylessness Self-confidence Ten3 Business e-Coach: why, what, and how 1000ventures.com Business Process Management System (BPMS) Staying Beneath the Radar

Four Steps for Reassessment1

  1. Create the environment where noble failures – as opposed to stupid failures – are celebrated

  2. Evaluate annually employee performance and give everyone within the organization a numerical ranking

  3. Hold annual company-wide exercise of reassessment of past decisions and directions

  4. Assign teams – not individuals – to reassess

 

10 Commandments of Innovation

  • Question everything. Question and reassess past decisions... More

Five Strategies for Creating a Culture of Questioning

  1. Reassess: Assign teams to reassess past decisions periodically: Are they still effective in a changing environment?... More

 

Discover more in the

Full Version of Ten3 Business e-Coach

Learning from Fastest Companies

Fastest companies credit their firm's ability to move quickly to their willingness to annually reassess everything they do, including the business they own, every decision that is made, and the validity of all executive positions.

Entrepreneurial Leader: 4 Specific Attributes

 

A marketing strategy that you tested and proved to work a while ago may be a complete failure today. The competitive environment, customer perceptions, and needs change very fast today.

Yin-Yang of Change Management

So, question everything, including your recent decisions. Ask learning SWOT questions. Don't be afraid of offending experts – including yourself – by questioning their logic. The true experts will appreciate your questions.

Feedback Is Your Elevator To Success

 Case in Point  25 Lessons from Jack Welch

Jack Welch, the legendary former CEO of General Electric (GE), urged his managers to face the reality of each morning: "Confront what the reality is today. It may be a competitive reality, or a marketing reality, but each morning is different. What was important yesterday may no longer be important today. You might make a completely different decision about a deal you agreed on yesterday or a program you started, in light of the changing environment of the last twenty-four hours. Start every day as if it were your first day on the job. Make whatever changes are necessary to improve things. Reexamine your agenda constantly. Rewrite it, if necessary. In that way, you avoid falling back on old habit."2... More

Jack Welch's 5 Strategic Questions

 Case in Point  Charles Schwab

Charles Schwab journals their failures and lessons they've learned. They maintain also a display of failed innovations and created a videotape for employee orientation. When celebration of noble failures becomes institutionalized, people within the organization are more willing to reassess earlier decisions and take corrective measures... More

 Case in Point  Dell inc.

"It is really dangerous if everyone in a company starts thinking the same way", says Michael Dell5, Founder of Dell Inc.. "The danger comes when you fall into the trap of approaching problems too similarly. You can encourage your people to think about your business, your industry, your customers innovatively.

The Jazz of Innovation: 11 Practice Tips

Ask a different question – or word the same question in a different way. By approaching a problem, a response or an opportunity from a different perspective, you create an opportunity for new understanding and new learning. By questioning all the aspects of our business, we continuously inject improvement and innovation into our culture."... More

 

References:

  1. It's not the BIG and eats the SMALL... it's the FAST that eats the SLOW, Jason Jennings and Laurence Haughton

  2. Jack Welch and the GE Way, Robert Slate