Faster Decision Making for Business Success
Business success is still happening, but how and why?
Over 2020 McKinsey and the Harvard Business School have been looking at what’s made a real difference to businesses over this changing year and a common theme has emerged –Speed. Specifically, faster decision making.
In recent months, organisations have had to make faster decisions than usual – improving productivity, making more effective use of technology, and increase their scope and scale of innovation. All in shorter time scales than they would usually choose whilst still making the right decision.
Here is a summary of a package of actions that have been helping the safe and sustainable introduction of these changes:
Faster Decision Making Actions
1. Speed up and delegate decision making.
The pandemic has shown it is possible to make decisions faster with fewer meetings and fewer decision makers in each meeting.
2. Step up execution excellence.
Leaders must ensure team members are clear about what needs to get done by whom, when, and why.
3. Cultivate extraordinary partnerships.
Partners are increasingly important in dealing with the pace of change, complexity, and disruptions that are becoming the norm.
4. Flatten the structure.
Rigid hierarchies must give way to leaner, flatter structures that allow the system to respond quickly to emerging challenges and opportunities.
5. Unleash nimble, empowered teams.
Having agile teams across an enterprise – enabled with the right structures, processes, and culture – allows the entire system to move fast.
6. Make hybrid work, work.
Benefits to a hybrid model include satisfied employees, lower land/building costs, access to a broader range of talent, and improved productivity.
7. Field tomorrow’s leaders today.
CEOs have gained insights into who the future leaders are, and the value of rapidly deploying top talent to the most important work.
8. Learn how to learn.
Skills can and do expire. Organisations need people who can continually learn and adapt.
9. Rethink the role of CEOs and leaders.
The future requires leaders to act as visionaries instead of commanders, with a clear vision of the future and empowering others to realise the vision.
Can you make your business faster and more successful?
Let Mistral Associates help you unleash real speed within your business, safely and sustainably.
Contact us for more detail about these actions and how you can make your business more successful.
