Leadership Trait: The velocity of decision-making

There’s a great book called "The CEO Next Door" that delves into the traits associated with high-performing leaders. It not only identifies these traits but also dispels common myths surrounding what makes a successful leader. The authors present thorough research that sheds light on these crucial aspects. One trait highlighted extensively in the book is "velocity decision-making." Research indicates that leaders with this trait are more than 12 times as likely to be labeled as high-performing compared to those who lack it.

Velocity decision-making is characterized by the speed of making a decision rather than focusing solely on making the right decision promptly. This distinction is vital for leaders to embrace. While striving for accuracy is essential, the fear of making mistakes can hinder progress. It's crucial to be decisive, leveraging intuition, data, and feedback from teams to guide organizational decisions.

An intriguing finding from the study is that a significant portion of CEO terminations stem from indecision rather than poor decisions. Indecision can paralyze an entire organization, stalling progress and innovation. Conversely, making a wrong decision allows for course correction and keeps momentum moving forward.

We must prioritize the speed of decision-making, even if it means accepting the possibility of occasional mistakes. Our culture often emphasizes the need for precision and perfection, but research suggests that continuous forward movement is paramount. Another study discussed in the book highlights the iterative nature of innovation, indicating that breakthrough ideas often emerge after numerous attempts. Embracing this iterative process and fostering a culture that encourages experimentation and learning from failures is crucial.

It's okay to be wrong at times; what matters is our ability to adapt and adjust as we work towards our goals collectively. By fostering an environment that values decisive action and learning from mistakes, organizations can drive innovation and achieve success.

If you're interested in exploring this topic further, please feel free to reach out to me at [email protected].