Join Mike Figliuolo for an in-depth discussion in this video Making hard choices, part of Executive Decision Making.
- Making executive decisions sometimes requires making tough choices. You might have to lay people off. Sometimes you're going to halt a major project or investment. All of these decisions you're assuming a great deal of both personal and professional risk. To help you through this, get perspective from advisors who have made similar decisions. Maybe somebody in your organization or a trusted mentor who works outside the organization.
Also, accept that going into it you might be wrong. That doesn't make you a bad person, it just means you've simply made the wrong choice. Remember that you're making a hard choice for the long term good of the organization. I know it's difficult to lay people off. So you may have to layoff 100 people and that's an extremely difficult decision. You're affecting people's lives. But you have to realize, if you don't make this decision, you could eventually have to layoff 500 or 1,000 people when the business fails because you didn't cut costs sooner.
Your business is going to change. Either you can change it or the market will change it for you. One is much easier than the other. That doesn't mean these difficult choices are simple, but when you put it in a broader perspective making these hard choices becomes a lot clearer and a lot more important.
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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- Assessing risks
- Making hard choices
- Getting the right data
- Communicating effectively
- Making the call
- Declaring success
- Dealing with problems