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    Making smart decisions: act fast, not necessarily first

    Decision Making Management Readings Time Management

    Frank Partnoy posted a great article on the HBR Blog Network today.

    I've heard it said many times in business circles that "velocity wins"—meaning the faster we move and the faster we make decisions, the better. Partnoy disagrees. He argues that speed is killing our decisions. If we get caught up in a fast decision cycle, where speed (of decision-making) is everything, we risk making poor decisions and suffering the consequences as a result. Partnoy commended the decision-making framework developed by John Boyd, fighter pilot and military strategist, as a means of improving decision quality. The framework is called OODA (Observe, Orient, Decide, Act).

    In my opinion, OODA has considerable applicability in business. Boyd asserted that the ultimate goal is to act fast, but not necessarily first. I agree. Making smart decisions is more important than outright speed.

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    Too many irons in the fire?

    Chairman Corporate Governance Effectiveness Governance Integrity Research Time Management

    Periodically I hear directors introduce themselves with "I'm a professional director". Sometimes, they add "I sit on NN Bboards", where NN could be as high as eight or even ten (boards). Wow. Presumably this means all of their income comes from director fees, and somehow more Boards is better or more prestigious. Am I impressed? Not really.

    The core role of any director is to maximise the performance of the company they serve. But how can they do this effectively if they spread their time across as many as eight or ten boards? Ten boards means a maximum of two days per company each month. In this scenario, how can any director possibly understand the issues and strategic options sufficiently well to contribute effectively around the board table? 

    Governing a company is demanding. It takes time to understand the issues. Can a director have too many irons in the fire? The stories starting to emerge in the media suggest the answer is a clear "yes".

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    A balanced lifestyle

    Accountability Integrity Societal Wellbeing Time Management

    The latest Regus work-life balance report has just been published. Generally, people are working harder than they were two years ago. However they say they are able to manage their work and home lives adequately.

    Interestingly, workers and owners in smaller businesses are better off than in larger businesses. This surprised me, because I often hear anecdotal comments from small business owners and workers who say they work harder and longer than workers in big businesses.

    I struggle with the concept of a work-life balance. A work-life balance implies a separation between our work-life and our personal-life. Yet with the ubiquity of mobile technology, smartphones, working-from-home arrangements and an "always on" mentality, the supposed separation has become very blurred. For me, the notion of a "lifestyle balance" has much more meaning. What do you think?

    For the record, the average work-life balance across Regus' global survey of 16,000 workers in 80 countries is 124. New Zealanders punched above average with a score of 126, but near neighbours Australia returned an even higher score of 129. Maybe that's why the current net migration figures are favouring the lucky country.

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    What defines you? Are you a successaholic?

    Accountability Complexity Effectiveness Integrity Time Management

    We live in a busy world. Most of us have a lot going on in our lives, particularly our work lives. Daily, we seem to have more to see and more to do. And through our wireless devices, we are "always on" and constantly checking in—even when we are not at work. Superficially, this commitment to cause sounds good. But is it as good as we think?

    As life speeds by, we are all at risk of  being swept along with it. But an excessive focus on work and success can lead to significant compromises in other areas, particularly in our personal lives. And that can be unhealthy.

    Leslie Perlow, Harvard Professor and author of Sleeping with your Smartphone, recently wrote a great article on how to overcome this addiction to success which is played out through our mobile devices. She offers some practical tips that will enable you to devote more time to your personal life and become more productive in your work life. I commend this article to you. It'll only take 5 minutes to read. If you are game enough to try Leslie's suggestions, I'd love to hear how you get on—and I'm sure she would be as well!