Fast Decisions and the Speed of Decision Making
Don’t assume that all speedy decisions are made rashly. In fact, data from our change management simulation found that many decisions made fast are often the best ones. Slow decisions made with too many decision makers involved and with too little strategic urgency can result in wasted time, missed opportunities, and frustrated stakeholders.

The Research – Too Slow and Not High Quality Decisions Are the Norm
Unfortunately, a recent Mckinsey survey found that only 20% of the executives felt that their organizations excel at making both speedy and high quality decisions. Though respondents reported spending almost three-quarters of their time making decisions, the majority reported that their decision making time was spent ineffectively.   Sound familiar?

The Impact on Business
Slow, inefficient decision making takes an enormous toll. The companies that make sound decisions fast and implement them speedily have higher rates of growth and are two times as likely as their competitors to show higher overall returns from their decisions.

Speed and Quality Decision Making
Good leadership development programs ensure that decision makers know that they do not need to choose between how quickly a decision is made and the quality of the decision. Speed does not always reduce the value of a good decision. It is sound decision-making practices that yield decisions that are both high quality and fast.

Some Best Practices for a Faster Decision-Making Process
Especially for new managers who may be afraid to make speedy decisions without approval from their boss and consensus from their team, these best practices are proven to help make better decisions faster.

  1. Delegate and Empower
    After investing in decision making skills, encourage effective decision-making among lower ranking employees. Empower teams with the authority to make decisions that affect their jobs and then support their efforts with a culture of continuous learning where mistakes become opportunities to do better next time.With the proper guidelines for empowered decision making, employees will feel more engaged and committed to the organization’s success. And by reducing the number of hierarchical levels required to make decisions, you reduce the time to action.
  2. Be Selective
    It is not only the hierarchical levels that slow down the process, but also the number of people involved in the decision making process. Bring in only those colleagues who have the knowledge and the vested interest in decision to be made. Exercise discipline in both the number of decision makers and the number of meetings required.Thoughtful selection of participants and effective meeting facilitation will add to decision-making efficiency.
  1. Clarify Decision Making Roles
    Make sure that each decision-maker understands their role. Set expectations clearly and be transparent with all participants on who is responsible for what.

The Bottom Line
Good decisions made in a timely manner boost confidence, morale, and growth.  Can your leaders, managers, and teams make good decisions fast enough?

To learn more about how to make better decisions faster, download 3 Steps to Set Your Team Up to Make Better Decisions

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