Let’s run a little scenario with you.
You lose the best person in your team today…someone you trust their business judgment 90% to make good decisions. The replacement you only trust 30%! How does tomorrow look? Not very good, and only one person/position changed within your team.
Here a two key reasons that one of your top priorities should be growing your business judgment pipeline.
Reason 1 – If they can’t, it must be you
If your team cannot make decisions on their own, then all those decisions are coming to you. Since you only have 24 hours per day, the team’s pace quickly becomes your pace; and you end up doing more of your team’s job and less of yours. The result: the team cannot move forward without you.
Reason 2 – Your team’s not as valuable
If you have your own company, and you are making all the decisions; then your company is less valuable. If you sell and leave, who is left to make the decisions? The buyer pays you less, because the decision making value leaves when you leave. Also, they stagger the payout as it will take them time to grow the business judgment within the team to make the decisions you have been making all along. Both don’t sound very good for you.
Here are two key actions you can take to grow your business judgment pipeline.
Action 1 – Involve and delegate
Involve your best people in your decision making, help them to understand your thought processes and the assumptions you are making. Then, in steps, begin delegating outcomes and the decisions linked to those outcomes and coach them through the successful execution of the outcomes. A great way to grow their business judgment in a more controlled way is through projects, where there is a more defined framework for their decision making.
Action 2 – Inspire their self development
Your people cannot learn fast enough through only company provided training, so it is important to inspire your people’s self development. The foundation of their business judgment comes from their instincts, and the more your people learn and grow, their instincts become more refined and help them to make better decisions.
What’s your plan to grow your business judgment pipeline?