One of the keys to a successful business is the ability of the board and executives to make decisions.
Decision-making is a critical component for any business but when it’s done using an unstructured process there are a number of ways that it can have a profoundly negative effect on the organisation. Projects get delayed, budgets blow out and ultimately poor strategic choices could be made.
In this episode of the Board Success Podcast, Martyn Lomax shares his expertise on the power of structured decision-making processes within organisations. He believes a structured decision-making process goes beyond defining roles, and responsibilities and identifying the common challenges an organisation faces. Martyn discusses the importance of having a decision register - a tool to record, analyse and understand the rationale behind decisions made.
Martyn Lomax is a highly technical startup CEO, investor and early-stage startup mentor. With 15+ of experience in networking and security tech in large US firms, he then built, grew and successfully exited a B2B software startup in 2020.
Since then he has been investing in and mentoring startups in a range of industries. He has an eye for product design, infosec, software architecture scaling and building teams. In 2022 Martyn co-founded Janua with a focus on the world of Decision Intelligence and helping leaders empower teams to make better decisions.
Martyn also touches on the broader impact of a good decision-making process. The board can achieve enhanced oversight, promote informed decision-making, manage risks and so much more. Also, it ignites positive transformation and efficiency in organisations.
Listen in to the episode to learn how Board Members and aspiring leaders can navigate the world of decision-making with precision and insight.
WHAT YOU’LL DISCOVER IN THIS EPISODE:
- Martyn's journey towards the decision-making space (00:23)
- What decision-making problems Martyn's system aims to solve (02:25)
- Common issues to organisational decision-making and how to address them (05:49)
- The benefits of implementing a structured decision-making process (13:15)
- Confronting biases that impact the decision-making process and the best way to manage them (18:20)
- The advantages of using a system for decision-making processes (22:31)
QUOTES
It's important to have the right people involved to bring specific elements to a decision." -Martyn Lomax
"A decision that we make now with the best data is our best chance of making a good decision." -Martyn Lomax
“The Decision Register is a key component of decision science and if you haven’t documented your decision, how are you meant to do a review of any substance or accuracy in the future?” -Martyn Lomax
“Define what needs to be decided, do the analysis, come up with a recommendation and record it. It means you're informed, you avoid the bottleneck and you're more efficient as a business going forward.” -Martyn Lomax
