One of the most powerful tools in a leader’s skill set is the art of reflection. The ability to look back on past strategic decisions, understand their outcomes and use these insights to refine future strategies. Every decision, whether successful or not, holds valuable lessons. By analyzing these decisions, you gain insights into what worked, what didn’t, and why.
How to Reflect Effectively on Strategic Decisions
It is crucial to allocate time for reflection.
One of the biggest downfall of many leaders is believing they’re too busy to spend time just “thinking.” Nothing could be further from the truth. Focused thought and careful reflection can lead to important insights.
Record key decisions and their outcomes.
Studying these records helps in identifying patterns – both successful and unsuccessful. Ask yourself: What led to this decision? What were the expected outcomes versus the actual results? What external and internal factors influenced the results?Â
Reflection should not be a solitary exercise.
Involve your team in this process. Their perspectives can provide a broader view of the decisions made and their effectiveness. This approach enriches the reflection process and promotes a sense of collective responsibility and learning.
Avoid dwelling on mistakes as failures.
View them as opportunities for improvement. Mistakes are inevitable, learning from them is optional.
Use the insights gained to improve future strategic decisions.
Replicate successful strategies, avoid past mistakes.
Be prepared to adapt your strategies.
This might involve making hard decisions like abandoning a long-held strategy that is no longer effective. I have seen far too many organizations fall prey to the “sunk cost paradox.” Once the money has been spent, it’s gone. If the strategy isn’t working, walk away.
Being a skilled decision-maker does not happen by chance. It takes dedication and focus. Without this sort of reflection you will miss out on opportunities in the future and be doomed to relive past mistakes.
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