Effective decision-making approach
In order to make the right decision, it is necessary to delegate authority to competent employees, Jamie Dimon states. At the same time, a good leader must provide every team member with the relevant and complete information. The expert stresses the importance of feedback and subsequent steps. According to the head of JPMorgan Chase, a poorly managed decision-making process will hardly produce the intended result. Besides, he acknowledges a major role of intuition that often becomes a crucial factor in decision-making.
Focus on real situation
A successful leader needs to maintain an unbiased view on the current situation and handle real numbers and facts. Jamie Dimon is convinced that the study of actual statistics can put you in the true picture of the market situation. He proposes comparing current sales, the number of employees, or real prices for goods to such economic data as GDP, inflation, and labor productivity. Further, the expert recommends studying the methods used for calculating certain values. According to Dimon, sometimes real numbers and statistical calculations can reach opposite conclusions.
Timely use of analytical data
The CEO of JPMorgan Chase underlines the critical importance of attention to detail and analytical approach to business development. However, even a thorough analysis cannot take into account possible changes affecting the outcome. Moreover, in some situations, there is no need to analyse. Sometimes it is worth betting on a new product or investment. Dimon cites the introduction of digital bank accounts, innovative technologies, as well as artificial intelligence. Making such decisions can play a vital role in running a company, the head of the global financial holding company points out.
Assessment of all factors involved
When analyzing the current situation, many leaders do not consider all the factors involved. This may skew the results and lead to long-term negative consequences. The expert is sure that before making an overall assessment of the situation, it is necessary to highlight the key points in order to make sure that they are carefully reviewed. Dimon recommends using this type of assessment in relation to existing and potential competitors. In addition, it will help you analyze the strengths and weaknesses of your own company.
Adequate understanding of current market situation
The chief executive at JPMorgan Chase notes that businesses often have to deal with uncertainty. Sometimes it is difficult for experts to predict the future of the global economy. In this case, market participants use intuition and current calculations. As a result, uncertainty is growing, although a company is handling the current situation well. Specialists at JPMorgan evaluate the existing laws and regulations from the perspective of their possible interpretations in 10 years. They analyze a wide range of probabilities to better assess the potential impact of the decisions taken. The main thing is to reduce the likelihood of poor results, Dimon stresses.