GB Ep 55: The Importance of Swift Decision Making

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
• EasyWebinar
• Jeff Bezos Regret Minimization Framework

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DISCLAIMER: Your results may vary depending on the stage of your business. Like any program, there are no guarantees that you will have the same result. It's all about the work you put in!

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