A Fortune’s Worth of Decision Making Tips & Techniques
I admit it. I’m behind on some of my magazine reading. I think I have a couple of Reader’s Digests that haven’t been cracked yet, except by my son who loves to read the jokes. But hey, that’s the way I started reading Reader’s Digest too.
I do a decent job of staying current with my Toastmasters Magazine because it’s a fairly small magazine… the articles are short and the topic (public speaking for those of you who don’t know what Toastmasters is) is one I love.
The third magazine I subscribe to and am most behind on though is Fortune magazine. I never imagined I’d read this magazine much less enjoy it so much. But I was tired of subscribing to the same old magazines for school fundraisers, the price was good, and I thought it would be useful for me as a business owner in development.
But I LOVE this magazine! It can be difficult to get through, and many of the articles go -zing- right over my head, but I’ve gained so much by reading what business leaders and companies are doing.
The issue I refuse to give up on is their 75th-Anniversary Special Issue and is dated June 27, 2005. If you can find a copy in your local library or if you know someone who reads this magazine, you must read this issue.
The focus for the month is on decision making.
Highlights of some key decisions made in the past are identified and disected in “20 That Made History” (pg. 58). For instance:
- In 1903 when King Gillette decided to make throw away razors in a society that kept everything.
- In 1955 when Ruth Handler of Mattel decided to buy a corporate sponsorship for the Micky Mouse Club at the phenomenal price of $500,000. This at a time when toy companies rarely advertised except at Christmas time.
- In 1972 when Forch Motor Co. decided a few exploding Pintos were nothing to be concerned about.
The good, the bad, and the ugly as the saying goes.
And then in the article “Great Escapes” (pg. 97) I learned about “nine decision-making pitfalls–and nine simple devices to beat them.” One of my favorites (but they were all so good!) was dealing with the echoes of “yes men.” The solution? Voice questions, not opinions. Don’t let your team know your thoughts until you hear all their’s first.
An article on decision making guru Jim Collins (dare I admit I’ve never heard of him before?) is also chock full of great ideas and insight into the decision making process.
An article on the tragic events on Storm King Mountain in 1994 when a wildfire claimed the lives of 12 firefighters brought me to tears. The timeline of events and the decisions made or not made at crucial points indicated a flaw in the leadership and decision making training that the men and women who fight these forest fires were provided. Fortunately, blame wasn’t just placed on the leader who died on the mountain. Fortunately, the focus wasn’t put on new techniques or strategies for fighting fires. Instead training programs and scenarios were created to better prepare these firefighters to make decisions based on the constantly changing conditions that can happen on a mountain or in a forest.
Hey, I just checked Fortune magazine’s website and they have a special trial offer of 3 free issues. With your subscription you can view the archives of magazines so you can check out the June 27, 2005 issue that I’m writing about today.
As I continue to read this issue I’m amazed at some of the gumption the leaders of various businesses had. I’m impressed with their sense of calm determination under fire. I’m bewildered by some of the dumb things they decided to do, too. But I can better see how decisions impact the pay-off or price for a company.
And yes, I’ll use some of these tips and strategies (many I already carry in my decision making toolbox) as I build my own business.
This issue is definitely NOT one for the recycling pile.
