Join Mike Figliuolo for an in-depth discussion in this video Considering strategic, financial, and operational impacts, part of Executive Decision Making.
- There are three major considerations that separate executive decision making from day-to-day or managerial decision making. First, you have to think through the strategic impacts of the decision you're going to make. Look at how the decision affects your organization in the market, and what are your competitors going to do based on the decision that you make? Second, consider the financial impacts of the executive decision. It's not just the short-term financial impact that you have to look at.
You also need to look at the long-term impacts on revenues, costs, profitability, and even the company's value. The third consideration is the operational impacts of the executive decision. What are the changes to your people, your processes, and even how you run your business based on the decision that you make? Some examples of true executive decisions include: Mergers and acquisitions, large-scale IT projects, going global with your organization, expanding the markets you operate in, and even layoffs or restructurings.
To make good executive decisions, make sure you consider those strategic, financial, and operational impacts. Because when you do, you'll have higher confidence in the short-term and long-term impacts of the decisions that you make.
Mike helps you find the data and tools to support your decision, make the call, communicate decisions effectively, and lead your organization through the change. He'll also address common problems that arise from these high-profile decisions: cultural differences, quality of information, trust, and accountability, to name a few.
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- Explore methods for communicating more effectively.
- Review decision-making styles to find the best one for you.
- Recognize the right time to declare success.
- Recall how an understanding of inherent biases can help you get the right data.
- Review methods for building trust.
- Explore how to make the right call while assessing risks.