Today we’re talking about faster decision making and why it’s so crucial to not losing your business and creating success.
- On two different occasions, firing slow almost caused me to lose my business. [01:14]
- When you’re small and there’s not a big committee making decisions, one of your big advantages is to move really quickly. [01:33]
- When you find yourself thinking about the what-ifs, you need to distill it down to one simple question. For me, it was “Will this tool help me make more money than I’m spending on it?” [01:40]
- When you’re thinking about hiring someone, you have to think if they’re a good fit for the big picture of the company and if they’ll get the job done. [02:24]
- When you’re thinking about letting someone go, think whether the person is providing more value or taking it away. [02:36]
- This is why committees aren’t good for decision-making: they take a very long time. [02:58]
- Being able to move faster and make decisions quicker is important, because it frees you up to move on to the next thing. Even if you make a bad decision, at least you’re not spending gross amounts of time agonizing over it when you could be focusing on something more important. [03:18]
- Because you’ll never have 100% of the information you need, I’d say 30% to 60% is good enough. [03:34]
- I recommend looking at your decision-making framework in terms of possible regret or any other parameters that will boost you to act faster. [03:50]
Resources from this Episode:
- How Failing to Fire Fast Almost Killed My Business
- Jeff Bezos Regret Minimization Framework
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