1 00:00:00,760 --> 00:00:04,080 Speaker 1: What's the first question you ask yourself or your team 2 00:00:04,519 --> 00:00:07,760 Speaker 1: when you need to make a big decision? Do you 3 00:00:07,800 --> 00:00:11,880 Speaker 1: double check your processes, weigh out the pros and cons 4 00:00:12,920 --> 00:00:16,760 Speaker 1: meet up? CEO David Siegel wants you to ask one 5 00:00:17,200 --> 00:00:21,680 Speaker 1: question before any others when it comes to important decisions. 6 00:00:22,720 --> 00:00:26,920 Speaker 1: He says, you should ask yourself, is this a trapdoor decision? 7 00:00:27,960 --> 00:00:28,040 Speaker 2: So? 8 00:00:28,560 --> 00:00:32,159 Speaker 1: What is a trapdoor decision? And why do they matter 9 00:00:32,440 --> 00:00:40,839 Speaker 1: so much when it comes to making better decisions. My 10 00:00:41,000 --> 00:00:44,680 Speaker 1: name is doctor amanthe Imba. I'm an organizational psychologist and 11 00:00:44,720 --> 00:00:48,640 Speaker 1: the founder of Behavioral science consultancy Inventium, and this is 12 00:00:48,760 --> 00:00:51,800 Speaker 1: how I work a show about how to help you 13 00:00:51,960 --> 00:00:55,720 Speaker 1: do your best work. On today's My Favorite Tip episode, 14 00:00:55,800 --> 00:00:57,840 Speaker 1: we go back to an interview from the past and 15 00:00:57,880 --> 00:01:00,680 Speaker 1: I pick out my favorite tip from the interview. In 16 00:01:00,680 --> 00:01:04,800 Speaker 1: today's show, I speak with David Siegel about trapdoor decisions 17 00:01:04,920 --> 00:01:08,240 Speaker 1: and we start with David telling me what on earth 18 00:01:08,280 --> 00:01:11,160 Speaker 1: this type of decision is my. 19 00:01:11,280 --> 00:01:13,040 Speaker 2: Term that I tend to use when I talk to 20 00:01:13,360 --> 00:01:17,760 Speaker 2: my teams, is the idea of trapdoor decisions and non 21 00:01:17,800 --> 00:01:21,880 Speaker 2: trapdoor decisions. A lot of times most decisions are non 22 00:01:21,920 --> 00:01:24,920 Speaker 2: trapdoor decisions. So deciding to that you want to have 23 00:01:24,920 --> 00:01:28,360 Speaker 2: a child, and having a child that's a trapdoor decision. 24 00:01:28,720 --> 00:01:32,080 Speaker 2: You kind of really aren't going to unwind that decision, 25 00:01:32,160 --> 00:01:36,440 Speaker 2: I hope, And that's not a reversible decision. Most people, however, 26 00:01:37,360 --> 00:01:44,200 Speaker 2: overestimate how ir reversible something may be and underestimate how 27 00:01:44,280 --> 00:01:50,360 Speaker 2: actually reversible something is. Oftentimes and you know, maybe not 28 00:01:50,480 --> 00:01:53,680 Speaker 2: easily changed, but it certainly is more changeable than they 29 00:01:53,680 --> 00:01:56,520 Speaker 2: may realize. Even a company strategy, which is so important 30 00:01:56,560 --> 00:01:59,600 Speaker 2: for a CEO, you know, to not delegate and to 31 00:01:59,720 --> 00:02:03,080 Speaker 2: own that again can be pivoted in many ways. So 32 00:02:03,240 --> 00:02:05,680 Speaker 2: my first statement before going into delegation, which I will, 33 00:02:05,960 --> 00:02:12,320 Speaker 2: is to say, don't assume that decisions are irreversible. Many 34 00:02:12,400 --> 00:02:16,440 Speaker 2: decisions are very easily reversible. It just may take a 35 00:02:16,440 --> 00:02:19,160 Speaker 2: little bit of time. That's point one. My philosophy on 36 00:02:19,240 --> 00:02:22,960 Speaker 2: delegation as a CEO is the following. I hire functional 37 00:02:23,000 --> 00:02:26,320 Speaker 2: experts who are all better than me in their functions. 38 00:02:26,480 --> 00:02:28,160 Speaker 2: Our head of marketing a heck of a lot more 39 00:02:28,160 --> 00:02:30,359 Speaker 2: about marketing than I do, and our head of content 40 00:02:30,440 --> 00:02:32,600 Speaker 2: it was the same, or head of product of technology 41 00:02:32,600 --> 00:02:35,480 Speaker 2: knows the same around tech. So the reason I hire 42 00:02:35,520 --> 00:02:38,480 Speaker 2: them because they are the experts. So if there is 43 00:02:38,639 --> 00:02:42,400 Speaker 2: any area that is a decision to be made that 44 00:02:42,560 --> 00:02:46,160 Speaker 2: is a clear functional decision, then that is one hundred 45 00:02:46,120 --> 00:02:50,680 Speaker 2: percent delegated all the time. Step one. Step two is 46 00:02:50,880 --> 00:02:54,040 Speaker 2: if I believe that I am the one and only, 47 00:02:54,200 --> 00:02:58,040 Speaker 2: uniquely best person to make that decision, which is by 48 00:02:58,040 --> 00:03:00,799 Speaker 2: the way, extremely rare maybe one or two percent of 49 00:03:00,800 --> 00:03:02,280 Speaker 2: the time, and I can go into what those are, 50 00:03:02,680 --> 00:03:04,520 Speaker 2: then I should be making that decision. But the other 51 00:03:04,639 --> 00:03:07,320 Speaker 2: ninety eight percent of the time someone else should be 52 00:03:07,320 --> 00:03:09,720 Speaker 2: making that decision because they will do a better job. Now, 53 00:03:10,400 --> 00:03:13,840 Speaker 2: my role is to challenge the decision, is to question 54 00:03:13,880 --> 00:03:16,920 Speaker 2: it if I think rol's questioning, but certainly not to 55 00:03:17,000 --> 00:03:20,440 Speaker 2: make that decision. So then, per your question, what are 56 00:03:20,520 --> 00:03:24,920 Speaker 2: the things that specifically a CEO should be most focused on? 57 00:03:25,320 --> 00:03:30,040 Speaker 2: Here they are, so number one is as Jim Collins said, 58 00:03:30,400 --> 00:03:33,480 Speaker 2: first who, then what? In his book Good to Great, 59 00:03:34,240 --> 00:03:37,080 Speaker 2: focus on who is on the bus, who your executive 60 00:03:37,120 --> 00:03:39,000 Speaker 2: team is, Who are the people they're going to be 61 00:03:39,080 --> 00:03:42,200 Speaker 2: leading the company underneath you, and make sure you have 62 00:03:42,280 --> 00:03:44,760 Speaker 2: those right people. Don't start focusing on what the right 63 00:03:44,760 --> 00:03:47,120 Speaker 2: strategy is until you have the right people in place. 64 00:03:47,200 --> 00:03:50,120 Speaker 2: That's probably the number one most important decision that you 65 00:03:50,160 --> 00:03:54,400 Speaker 2: have and agonize, agonize over who those right people are 66 00:03:54,600 --> 00:03:56,960 Speaker 2: and make sure that you're not afraid to make changes 67 00:03:57,080 --> 00:04:00,320 Speaker 2: if they're not the right people. That's top priority decision one, 68 00:04:00,560 --> 00:04:03,560 Speaker 2: Top pritory decision Number two is what I like to 69 00:04:03,680 --> 00:04:11,360 Speaker 2: talk about, which is key strategic processes to enable smart 70 00:04:11,520 --> 00:04:14,680 Speaker 2: decisions by a company. I know that's a mouthful, sertly 71 00:04:14,720 --> 00:04:18,279 Speaker 2: explain what that means. What that means is I don't 72 00:04:18,320 --> 00:04:21,560 Speaker 2: believe that I should decide the strategy, because I think 73 00:04:21,600 --> 00:04:24,920 Speaker 2: it needs to be a collaborative process between me, the 74 00:04:24,960 --> 00:04:28,200 Speaker 2: executive team and also input from lots of employees. But 75 00:04:28,279 --> 00:04:32,560 Speaker 2: what I should decide, however, is what processes do we 76 00:04:32,600 --> 00:04:35,560 Speaker 2: want to set up within the company. And it could 77 00:04:35,600 --> 00:04:40,160 Speaker 2: be OKAYRS, which is a common process that are used 78 00:04:40,200 --> 00:04:42,800 Speaker 2: which sense we're objectives and key results or what other 79 00:04:43,000 --> 00:04:44,560 Speaker 2: And it could be quarter it could be annually, it 80 00:04:44,560 --> 00:04:48,080 Speaker 2: could be monthly reviews, whatever those processes are to make 81 00:04:48,120 --> 00:04:50,799 Speaker 2: sure that you're developing what the strategy of the company 82 00:04:50,839 --> 00:04:54,200 Speaker 2: should be, and also more importantly, how you're pivoting and 83 00:04:54,240 --> 00:04:57,640 Speaker 2: how you're adapting that strategy as you gain additional data 84 00:04:57,680 --> 00:05:00,920 Speaker 2: and additional information, and that you're not constantly making changes 85 00:05:00,920 --> 00:05:03,040 Speaker 2: and pupil's heads are all over the place, But you're 86 00:05:03,080 --> 00:05:07,359 Speaker 2: also not stuck in and doing things when data and 87 00:05:07,440 --> 00:05:11,400 Speaker 2: other information proves otherwise. So actually building that almost strategic 88 00:05:11,440 --> 00:05:16,760 Speaker 2: process infrastructure is to be really, really important to enable success. 89 00:05:17,560 --> 00:05:20,120 Speaker 1: I hope that you are feeling a bit inspired to 90 00:05:20,240 --> 00:05:23,400 Speaker 1: define the types of decisions that you and your team make, 91 00:05:24,200 --> 00:05:27,520 Speaker 1: how many of them attrapped or decisions, and if you 92 00:05:27,560 --> 00:05:30,880 Speaker 1: manage other people. I wonder whether you could be delegating 93 00:05:31,360 --> 00:05:33,919 Speaker 1: maybe a few more of your decisions to your team. 94 00:05:34,640 --> 00:05:37,160 Speaker 1: If you're looking for more tips to improve the way 95 00:05:37,160 --> 00:05:40,719 Speaker 1: that you work, I write a short fortnightly newsletter that 96 00:05:40,760 --> 00:05:43,600 Speaker 1: contains three cool things that I've discovered that helped me 97 00:05:43,680 --> 00:05:47,800 Speaker 1: work better, ranging from software and gadgets that I'm loving 98 00:05:47,839 --> 00:05:50,919 Speaker 1: three to interesting research findings. You can sign up for 99 00:05:50,960 --> 00:05:54,560 Speaker 1: that at Howiwork dot code That's how I Work dot co. 100 00:05:55,920 --> 00:05:59,240 Speaker 1: How I Work is produced by Inventing, with production support 101 00:05:59,240 --> 00:06:02,560 Speaker 1: from Dead Sets Studios, and thank you tomt Nimba, who 102 00:06:02,640 --> 00:06:05,600 Speaker 1: does the audio mix for every episode and makes everything 103 00:06:05,680 --> 00:06:08,800 Speaker 1: sound so much better than it would have otherwise. See 104 00:06:08,800 --> 00:06:09,400 Speaker 1: you next time.