It is no secret that disruption, transformation, the need for speed and being ever vigilant to moves in the market are now critical for business survival. But how well are Boards prepared to assess those management initiatives presented to them for approval?
In a previous article I outlined the 10 Questions the Board should ask Projects. These questions provide a structured approach the Board can use to effectively assess strategic proposals.
I also suggested 7 tests when reviewing Board Project Reports for the Board to apply.
Mindset of directors while assessing these complex proposals was the subject the last article on transformation proposals. Mindset in the Boardroom. Are you ready for that transformational proposal?
In my latest work with Directors on Advisory Boards a question emerged ‘Do I have the right to apply INTUITION?’ The recent publication THE INTUITION TOOLKIT by Joel Pearson is a great resource to address this question. Joel proposes the SMILE model
S: Self-Awareness (Feeling emotional? Don’t trust your intuition)
M: Mastery (Learn before you leap: why mastery matters for intuition)
I: Impulses and Addiction (These are not intuition)
L: Low Probability (Don’t use intuition for probabilistic judgments)
E: Environment (Use intuition only in familiar and predictable contexts)
This model is particularly useful for Directors to be aware of when and where their intuition may or may not be helpful. I commend this book to anyone who makes complex decisions, often time sensitive with incomplete information.
