May 22, 2006

"Hey Phil, Is Slow Decision Making Costing Us Money? I Can't Decide."

In an era of information on demand, decision-making tools are more available than ever. Of course, as technology increases and is implemented sooner and with more efficiency, information will be even more readily available. According to CIO Magazine, information is the leading tool for quality decisions. So why do folks still take forever to make up their minds?

The Harvard Business Review has some ideas. It is about fear of change. Correction - fear of being different. In most cases, decisions take longer, far longer, than they need to because the decision-maker is afraid of stepping outside the lines of what is currently being done by the industry, by the company, by the world....

Those organizations that are unafraid of failure make decisions quickly, bring products to the market first, and are on the leading edge of profitability. They know they will fail. They move forward with the understanding that risk equals reward in spite of the obvious risk of failure. They do not focus on the opposite of what they hope to accomplish. It only takes a few rewards to achieve great success and it takes a lot of failures to arrive at demise.

You know your industry, your organization, and your people. Use your instincts and your knowledge to create belief and trust within all three areas. You probably already have all the information you need. Go, make a decision!