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Making Quick Decisions Fast Decision Making and Turing Business Ideas Into Action With Speed |
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By Vadim Kotelnikov, Founder, Ten3 BUSINESS e-COACH – Innovation Unlimited!, 1000ventures.com
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"In every success story, you find someone who made a courageous decision" – Peter Drucker |
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9 Signs of a Losing Organization
Why Quick Decisions?
"Nothing slows down an organization more than
paralysis by analysis – the inability to make even smallest decisions
quickly."1
"The Art of War" by Sun Tzu
Though I have heard of successful military operations that were clumsy
but swift, cleverness has never been seen associated with long delays...
More Fast Decision-making Tactics
If you wish to build a fastest-thinking firm,
you must also get rid of
bureaucratic structures and layers. Further, a simple set of
guiding principles – shared by
everyone in your organization – for proposing a new course of action would
help you make correct decisions faster! 18 Leadership Lessons from Colin Powell
The Value of Strategic Planning A key starting point of strategic planning is the acceptance of the counterintuitive notion that this planning process should not be designed to make strategy. A successful strategy process would help your company to react quicker to emerging opportunities and make faster decisions than your competitors do.
It would ensure that your executives have a strong
grasp of the strategic context they operate in before the unpredictable but
inevitable twists and turns of your business push them to make critical
decisions in real time.4...
More
Use 80/20 Principle
The key theme of the
80/20 Principle applied to business is how
to create the greatest stakeholder value and generate most money with the
least expenditure of assets and efforts. The game is to spot the few places
where you are making great surpluses – be that a product, a market, a
customer type, a technology, a distribution channel, a department, a
country, a type of transaction, an employee, or a team – and to maximize
them; and to identify the places where you are loosing and get out...
Use SWOT Analysis
SWOT Analysis is the Key Component of Strategic Development. It can
prompt actions and responses. Successful businesses build on their
strengths, correct their weaknesses and protect against internal
vulnerabilities and external threats. They also keep an eye on their
overall business environment and spot and
exploit new opportunities
faster than competitors...
More Case in Point Lessons from Jack Welch Don't "sit" on decisions, urged Jack Welch, the legendary former CEO of GE. Don't set something aside instead of making a decision on the spot. In order to get speed, real speed, decisions at virtually every level have to be made in minutes, not days or weeks.
Analyzing Proposals: Six Thinking Hats
Fast Company... Setting Guiding Principles... Strategic Alignment... The Power of Simplicity... Getting Rid of Bureaucracy... Flat Organizational Structure... Decision Making... Follow Your Intuition... Reframing... Pretending Ignorance: Smart Is Dumb... Values-based Leadership... Strategic Thinking... Lateral Thinking... Systems Thinking... Systemic Thinking... 80/20 Principle of the Firm... Six Thinking Hats: Analyzing Proposals... Creative Problem Solving (CPS)... Use Fuzzy Logic in Innovation Projects... Brainstorming... Constantly Reassessing Past Decisions... Case in Point Silicon Valley... Case in Point Dell... Case in Point Warren Buffet...
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