Business

 

Fast Company

 

Innovation

 

VadiK teachings Vadim Kotelnikov

Making Quick Decisions

Turn promising ideas to action faster

Vadim Kotelnikov, founder of 1000ventures - personal logo VadiK

Inventor Business e-Coach

Author Innoball

Founder Innompic Games icon

 

 

Slow companies are unable to make decisions quickly. They wait until they have enough facts to be 100% sure and it is usually too late by then.

Fast companies develop a simple system that allows them to make strategic decision quickly and thus stay ahead of their competition.

  Fast Decision Making Fast Decision Making Techniques 80/20 Principle Guiding Principles Idea Evaluation By Weighted Criteria Idea Evaluation: 4x2 Perceptual Positions Vadim Kotelnikov e-Coach Fast Decision Making Techniques, Fast Idea Evaluation

 

Sun Tzu: The Art of War

Cleverness has never been seen associated with long delays.

Sun Tzu

 

Jack Welch advice business quotes

If you can't come to a fast decision, and you can't get everybody in the game quickly, then you don't have the right values.

Jack Welch

GE

 

Peter Drucker management quotes

In every success story, you find someone who made a courageous decision.

Peter
Drucker

 

Mark Zuckerberg business advice quotes Facebook

Move fast and break things. Unless you are breaking stuff, you are not moving fast enough.

Mark Zuckerberg

Facebook

 

 

Know Your Enemies

"Nothing slows down an organization more than paralysis by analysis the inability to make even smallest decisions quickly." ~ J. Jennings and L. Haughton

 

Losing Organization

Enemies of Business

Enemies of Innovation

 

 

 

 

 

  

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 Business Process Management System (BPMS) Frequently Switching Responsibilities Fast Company: Fast Thinking, Fast Decision-making, Fast to market, Sustaining Speed

Fast Decision-making Strategies1

  1. Set guiding principles they should not be just defined, they should be lived and enforced

  2. Blow out the bureaucracy the fastest thinking firms don't have bureaucratic structures

  3. Unpackage every proposal. Beware of package deals and package propositions. Most packaged decisions are filled with hidden agendas. Unbundle decision packages to be able to quickly assess the best and worst scenario for each component. Break the decision down into bite-sized pieces, review each piece, make a series of small judges, evaluate synergy effects between the components, and then make the big decision.

  4. Shuffle portfolios to fill your company with capable and experienced multiskilled individuals

  5. Constantly reassess past decisions and actions

 

10 Commandments of Innovation

  • Question everything. Question and reassess past decisions... More

 

The GE Leadership Effectiveness Survey (LES)

  • Quickly sorts relevant from irrelevant information, grasp essentials of complex issues and initiates action.

  • Makes good decisions with limited data. Applies intellect to the fullest... More

Enterprise Process Management (EPM) Gives Your the Power To:

  • Collaborate and communicate atop a scalable web-based business intelligence (BI) framework for faster, smarter decision-making... 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!

One key to successful business evolution and growth in today's rapidly changing economy driven by knowledge and innovation is to let go of centralized control. People who stay closer to customers know better the market needs and can respond faster to rapidly changing customer requirements. In flat organizations, decisions are made faster, entrepreneurial creativity of employees is released, and ideas are managed better... 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.

Get rid of bureaucracy. Bureaucracy is the enemy. "Bureaucracy fears change, is terrified by speed and hates simplicity... Big corporations are filled with people in bureaucracy who want to cover things cover the bases, say they did everything a little bit. Well, now have people out there all by themselves, there they are, accountable for their successes and their failures... Some who looked good in the big bureaucracy looked silly when you left them alone."... More

 Lessons from Jack Welch  3Ss of Winning

Speed: Elimination of clutter allows faster decision making... More

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... More

Analyzing Proposals: Six Thinking Hats

The Six Thinking Hats proposal analysis tool invented by Edward de Bono5 is particularly useful for evaluating innovative and provocative ideas. While most of our thinking is adversarial, the six thinking hats technique overcomes these difficulties by forcing everyone to think in parallel. As participants wear each hat white, red, yellow, black, green, or blue they all must think a certain way at the same time... More

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.

 

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...

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...

 

 

 

 

Bibliography:

  1. It's not the BIG and eats the SMALL... it's the FAST that eats the SLOW, J. Jennings and L. Haughton

  2. Relentless Growth, Christopher Meyer

  3. "Buffett Still Scores More With Less", Susan Pulliam and Karen Richardson, The Wall Street Journal

  4. "Tired of Strategic Planning?", The Times of India

  5. "Six Thinking Hats", Edward de Bono

  6. The 80/20 Principle, Richard Koch

Smart Executive

Techniques for Fast Idea Evaluation and Decision Making

Idea Evaluation: 42 Perceptual Positions

Frequently Switching Responsibilities

Tao of a Winning Organization

Guiding Principles