Decision Making Simply Put
In the nineties, the first to market was the panacea. Market entry faster than the competition was deemed critical. But what about direction? How relevant is speed if you are going in the wrong direction?
Lucent and Northern Telecom introduced new telecom switches fast. Users wanted “routers.”
Kodak poured money into the marketing of their film. People wanted digital photography.
Speed is only worthwhile if you are going in the right direction. How do you move faster than the competition after setting the correct direction? It is all about decision-making clarity.
Be the decision agile. Just like air occupies the available space, decision-making will consume the available time. Rarely will you need more time. It would be best if you chose to decide. Do I need to spend more time on research and analysis? Or am I using that as an excuse to postpone the decision?
Make the most impactful decision first. Mark Twain once said, “If it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest first.” Make decisions that will make the most difference first.
Only make decisions once. Only change your decision if new data presents a better profit opportunity and a solid reason to change your mind.
Only seek advice from qualified. Talk to experts in the field or those known for good judgment. Make it your own decision. Use the input to make it foolproof.
Prioritize. Some decisions are trivial and trumped by speed. A few conclusions are worth the laser focus.
Set the correct direction, decide, and gain speed.
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