BUSINESS DECISION MAKING

Business Decision Making has been a surprisingly low training priority in most industries. This may be partly due to confusion over what skills this critical competency involves, and partly because there is little published on the subject of how Business Decision Making competencies help to drive performance improvements. Geoff's work with a number of leading financial services companies helped him to appreciate just how important it is to develop effective Decision Making protocols, for some fundamentally obvious reasons:

   • Compliance: Industry, Regulatory, Legislative and Consumer Requirements

   • Consistency: Given the same options, managers should make similar decisions

   • Risk & Return: Avoiding unnecessary risks, without missing the best opportunities

   • Performance: Weighing several choices to understand which will produce the better results

 

Working with several teams on this opportunity to improve Business Decision Making, Davidson created an easy to use process for evaluating seven key business outcomes to ensure each Business Decision is more consistently the better choice considering how it will affect:

   1. Adding Value to Transactions and Relationships

   2. Adding the Right Customers, Products, Services, Personnel and Systems

   3. Retaining the Right Customers, Products, Services, Personnel and Systems

   4. Increase Profitability by Adding Revenues and Improving Cost Ratios

   5. Minimizing Risks to the Company, Personnel and Systems

   6. Minimizing Risks to Customers, Stakeholders and the Public

   7. Meeting or Exceeding Legislated, Regulatory, Compliance and Industry Requirements