Moving with Speed:

Fast Decision-making

Establishing Corporate Guiding Principles

Fast Evaluation Of Any Proposed New Course Of Action

By: Vadim Kotelnikov

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

 

Market Leadership - the best website Ten3 Business e-Coach by Vadim Kotelnikov

"In the world of high technology, it's not what you've got, it's when you've got it."

~ Jonathan Waldern 

 

The Jazz of Innovation

11 Practice Tips

Fast Company 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 Institutionalizing Innovation: Innovation System Simplicity Growth Attitude Managing Creativity Roadmapping Staying Close to the Customer: Customer Partnership Boundarylessness Self-confidence Ten3 Business e-Coach: why, what, and how 1000ventures.com Business Process Management System (BPMS)

Charles Schwab's Guiding Principles

  • Is it fair and responsive to our customers?

  • Does it respect our fellow employees and the spirit of teamwork?

  • Are we striving relentlessly to improve what we do and how we do it?

  • Will it earn, and will we be worthy of, our customer's trust?

  • Will it reinvent the business?

  • We are willing to risk short-term revenue to do the right thing for the customer and ensure long-term success.

  • Will we own the technology?

  • Does it leverage the brand to build trust?

  • Will it create and nurture a spirit of innovation?

 

 

  3 Strategies of Market Leaders

 

Why Guiding Principles?

 

Fast companies that have demonstrated the ability to sustain surge and velocity all have established sets of guiding principles to help them make quick decisions.

Abandoning bureaucratic procedures in favor of a practical, down-to-earth list of guiding principles will help your company make the decision-making process much faster. Only one question will need to be asked of any proposed course of action: Does it fit our guiding principles?1

Guiding Principles Defined

Guiding principles are the law that serves as a basis of reasoning and action, a personal code of conduct that leads, shows the way and directs the movements of your organization.

A set of guiding principles has value and makes you faster only if the do the things this definition implies.

 Case in Point  Charles Schwab

Charles Schwab pioneered seamless stock trading on Internet in 1996 much faster than their large competitors and went from a tiny firm to the world's largest financial services company. The company's leaders believed that online trading was going to become huge. Acting with lightning speed in accordance with Charles Schwab's Guiding Principles always own the core technology; reinvent the business; and constantly improve what you do, the company made fast decisions and was able to introduce online trading service e.schwab to the market within months of conception.1

Initially, Schwab offered two separate products: the new e.schwab online product where customers paid a flat $29.95 per trade and regular online accounts where customers were charged 20% less than is a Schwab rep did the deal. Schwab's front-line personnel felt that customers were confused about the dual pricing structure, and they wanted both full service and $29.95 trades.

Pottruck and Schwab, the company leaders decided to end the dual pricing structure and merge e.schwab into the organization. Though internal documents showed that by moving to flat-rate pricing the company could take a first-year financial hit of $125 million, the Pottruck and Schwab were able to make this tough decision quickly as one of the Schwab's guiding principles stated that they would be willing to risk short-term revenue growth if it was right for the customer and ensured long-term success.

Google's 10 Guiding Principles

  1. Focus on the user and all else will follow.

  2. It's best to do one thing really, really well.

  3. Fast is better than slow... More

 

 Discover much more in the

FULL VERSION of e-Coach

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Living the Guiding Principles...

Making Quick Decisions...

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Fast Decision Making Techniques...

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