So I am a procrastinator. I will just admit it. Have not completed by 2014 taxes (yes, they were due 3 months ago), but we filed an extension. I have a big writing project which is also over due. This is the right Bain blog post for me here. Basically, here are Bain’s 7 ways to stop wasting valuable time. Get the most out of your executives. . .
Bain agrees with Peter Drucker who said that peoples’ time is the company’s most valuable resource. (Who would be so stupid to disagree with Drucker, right?) Bain’s words are shown in blue color below.
1. Separate operations from strategy
Operational matters require detailed discussion and analysis. Strategy requires a big-picture, forward-looking view. The two mindsets are different, and the two kinds of topics mix poorly.
This is an incredibly deep point. Seems like executives spend too much time conducting status-quo operational reviews, when they should also plan for deeper, thoughtful, all-day strategy sessions too. These two are not the same.
2. Focus meetings on decisions, not discussion
BAAM. Awesome. Send out the information stuff as pre-reads, and make decisions. Too often meetings are wasted time. Clearly explain to meeting participants, this what we will decide on today in this meeting. BAAM.
3. Prioritize high-value items
Decision architecture. This is deep stuff. Think through your business, and the chain of decisions which need to be made. Prioritize them and focus your attention on that. What is critical path? What is core to my success? Which decisions matter?
A useful tool for identifying important decisions is a decision architecture— essentially, a list of key decisions along each step of a business’s value chain, prioritized by the value at stake and the degree of management attention required.
4. Move items off the agenda
Get things done. No reason for things to linger on the agenda. Simple
5. Demand real choices for each major decision
This is a fascinating story that highlights the need to have a culture of authenticity, trust, and shared vision. You do not want people surrounding you who only say yes. You want real choices and real options.
It’s said that whenever Henry Kissinger, the former US secretary of state, asked his foreign policy team for alternatives, the team would always present one that led to unconditional surrender to the Soviet Union, a second that led to thermonuclear war and a third—the one the team favored. Ask your teams to present real choices, not false ones.
6. Introduce a common language for decision roles
Get into the rhythm of making decisions and develop norms so the team can quickly make decisions. Not to detract from this good Bain post, but my wife and I have a simple system when we disagree on a decision. We ask, “On a scale of 1-10, how much do you WANT to do this?” Likewise, “On a scale of 1-10, how much do you NOT WANT to do this?” If she is a 9 and I am a 3. . . then clearly, the 9s win.
7. Make decisions stick
Clear enough. Explain to people WHY the decision was made, create the incentives (rewards and punishments) for compliance. Make it easy to see if the right behaviors are followed. Be consistent in messaging and follow through. Don’t Yo-Yo.