This article also appeared in Finweek on 22-Nov-2013
In 2011, when Barack Obama had to approve the raid that would kill Osama bin Laden, he didn’t decide quickly. Instead, he chose to sleep on it first. After taking 16 hours to reach his decision, he got a lot of criticism. As a business leader, often you’re faced with complex, high-impact situations that call for big decisions. Should you make these immediately? Or like Obama, should you give yourself time to weigh up all the options? Research suggests that time (and sleep and meditation) can help you make better business decisions, even tapping into your creative side. Continue reading →
In my previous life in corporate, one of the biggest time-wasters was the budgeting process. We would write off three months preparing budgets for the next year. Invariably we tweaked last year’s numbers, added some inflation and extra for contingency, and there you had the new spend which you had to defend.
Why is this exercise destructive for your business?