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- David Benjamin and David Komlos are, respectively, the CEO and chief architect of Syntegrity, where they help leaders rapidly solve complex challenges, generate strong buy-in, and mobilize people for action.
- A recent McKinsey Global Survey found that only 20% of respondents said their organizations excel at decision-making.
- Benjamin and Komlos address this dilemma that many business leaders face, and outline 5 steps to learn how to swiftly and wisely hand down tough business decisions.
- They say to focus on making decisions at the right level, getting commitment from the employees involved, and ensuring a robust and speedy process.
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Long ago, business leaders accepted the notion that they must sometimes "go slow to go fast" when it comes to making big strategic decisions about their thorniest problems. Like the tortoise and the hare, the traditional idea was that slow and steady wins the race: If you don't rush into key decisions and instead take the time to plan carefully and thoroughly, you'll eventually beat others who are racing forward without care.
That may have been true in the past - but "go slow to go fast" is a recipe for disaster in today's world, where the pace of change is exponential. You can't afford to be the tortoise today, because the hare isn't taking a nap anytime soon.
A recent McKinsey Global Survey proves this point. When it comes to decision-making, McKinsey found that a majority of respondents say that much of the time they devote to decision-making is used ineffectively, and only 20% reported that their organizations excelled at decision-making. Most organizations make trade-offs between speed and quality of decision.
Most importantly, the survey found that organizations that excel at decision-making also make high-quality decisions fast. They don't compromise speed for quality, or vice versa. The notion that you're either a "slow and steady" tortoise or a "fast and reckless" hare is a false choice. The McKinsey report provides evidence that your decision-making process can be both fast and high-quality.
Traditional approaches to high-stakes decision-making take too long, cost too much, and don't deliver quality or impact commensurate with the investment of time and resources. So for organizations, finding new approaches that yield quality decisions fast has to be a top priority.