Stop Wasting Valuable Time
Most leadership teams fritter away precious hours on unfocused, inconclusive discussions. Results? Delayed decisions, wasted resources, and ill-informed strategies. Here's one way to make better use of your leadership team's time-and craft sounder strategies: Put real choices on the table. Evaluate at least three viable alternatives (not just minor variations on one theme) before approving any strategy. This practice encourages your team to choose the best course of action, not just the most obvious. After debating alternative strategies, British retail bank Lloyds TBS decided to exit international markets. The move helped expand the company's market value 40-fold between 1983 and 2001.
Today's Management Tip of the Day was adapted from the HBR article, "Stop Wasting Valuable Time," by Michael C. Mankins.
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