In a week, an average manager makes more than 70,000 decisions. Poor decisions, whether every day or strategic in nature, can cause irreversible damage to an organisation. Behavioural Economics and Management Sciences points to two major hurdles that negatively impact decision-making.
- Cognitive Biases
- Lack of Systematic Process for Decision-making
Cognitive biases are an evolutionary tool designed to aid us to navigate our everyday lives but left unchecked they can lead us to poor judgement. Being aware of the most common biases that affect decision making is the first step for individual executives, but for teams, it’s essential to use a well-defined process for quality decision-making.
Beyond the individual executives and senior management, scaling decision-making best practices to the whole organisation requires more than a checklist. Adhering to tried and tested principles can help you elevate the quality of decision-making throughout your organisation.
I’ve explored these topics in detail in the keynote below. You can go through the complete deck or jump straight to the part you’re most interested in using the Quick Links on the second slide.
I recommend viewing the presentation (Below) in the Presentation Mode (Fullscreen) for an optimal experience.
Download the presentation as PDF.
Strategy statements are meant to be inspirational and ooze ambition. Perhaps that’s why mission, vision and strategy statements are often a little ambiguous.
Apple – Think different.
Samsung – Create the future.
Bayer – Science for a better life.
A good mission statement is a powerful marketing tool, on the one hand, it communicates your brand’s position and differentiation and on the other, it’s a source of inspiration for your customers and employees.
While powerful and effective at telling people where the organisation is headed they don’t say much about how that ambition is realised.
That’s where metrics come in.
Continue reading “What Happens when Your Values and Metrics are Misaligned?”
Successful businesses are good at doing two things better than the rest.
- They’re good at creating value.
- They’re good at capturing value created by others.
The best among them are good at doing both simultaneously and consistently. True power lies in knowing what you’re good at right now and where you need to improve.
Continue reading “3 Most Important Questions Every Leader Should Ask Their Strategy Team”
I think of myself as an objective and rational person.
In reality like most people I’m biased.
Having biases is human. No one is above that.
Acknowledging and correcting them is also human.
It’s this act that makes us better people and better leaders.
Here are several ways in which your biases can influences your strategies.
Continue reading “Common Biases & Behaviours that can Derail your Strategy”