What contributes the most to making good competitive-strategy decisions – Education? Experience? Outsiders with new ideas? Mark Chussil, in a recent HBR Online article (read it here) shares some findings from data he has collected based on competitive-strategy decisions.
Chussil has developed a matrix of decisions, highlighting the four styles of strategy decision-making as follows:
Chussil’s experience indicates that those in the best performing group are the “I don’t knows”. These are the people who take their time and consider alternatives before launching into making their decision.
This is opposed to those who “Already know”, and are overconfident, not really looking for other solutions, because they “already know” the answer. Close behind this group are the “Now I knows”, who have a high degree of confidence following pondering the issue for a time.
The lesson that Chussil draws out is to take a “not so fast” approach and really consider alternatives before committing to action.
The Avondale Business School can advise your organisation on being effective in these areas – find out how by contacting Warrick Long at the Avondale Business School
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