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Some decisions are best made after acquiring more information; some are best made immediately.
Just as you need to constantly sort the big from the small when you are synthesizing what’s going on, you need to constantly evaluate the marginal benefit of gathering more information against the marginal cost of waiting to decide.
#principleoftheday
@RayDalio
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@RayDalio Built the World's Largest Hedge Fund. He Swears by These 5 Meeting RulesTried-and-true principles, updated with modern tech for the post-pandemic world.
Rule 1: Clarify the meeting's purpose
Dalio says that you should emphasize a meeting's purpose well before it begins. That way, everyone can walk into the meeting prepared and the group can be intentional with their time. He also adds that "Meetings without someone clearly responsible run a high risk of being directionless and unproductive."
In today's world, this should be done with a collaborative agenda, shared in advance, so that everyone can see what's going to be discussed and add their thoughts as needed.
Rule 2: Avoid "topic slip"
Topic slip, as defined by Dalio, is the "random drifting from topic to topic without achieving completion on any of them." If you've ever left a meeting feeling more confused than you walked in, topic slip is a likely culprit.
@RayDalio suggests using a whiteboard to keep people on track. For the remote and hybrid world we now live in, I'd suggest assigning an estimated number of minutes to each agenda item so the moderator can keep track of time and move the conversation from one topic to the next. It's also worth ordering the agenda in terms of priority, so the most important items are sure to be covered.
Rule 3: Assign action items
"Too often groups will make a decision to do something without assigning personal responsibilities, so it is not clear who is supposed to follow up by doing what," Dalio writes.
But here's the real pro tip: create agendas directly in your work management tool! Each agenda item can live as its own task, and you can either complete them as they're resolved or turn them into action items by assigning them to the relevant person.
Rule 4: Align on decisions
Dalio says "The main purpose of discussion is to achieve completion and get in sync, which leads to decisions and/or actions."
We've already covered action items, but decisions are just as important. If you make a decision to change a company policy in a meeting but don't log it anywhere, it can create confusion down the road. If someone forgets the policy was changed or wasn't in the meeting, they might continue operating according to the old policy, which can cause problems. (I speak from experience--this has caused some major headaches in my business.)
Rule 5: Strive for efficiency
This last point is something near and dear to my heart. Dalio says, "while open communication is very important, the challenge is to do it in a time-efficient way." In other words, meetings are only worth scheduling if they're an efficient use of everyone's time.
This one is simple. Right before the meeting ends, create a Zoom poll asking attendees to (anonymously) rate the effectiveness of the meeting on a scale of 1 to 10. This will help you to hone in on recurring meetings that aren't a good use of time or should be improved in some way.
@RayDalio
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853
The 80/20 Rule states that you get 80 percent of the value out of something from 20 percent of the information or effort. (It's also true that you're likely to exert 80 percent of your effort getting the final 20 percent of value.)
Understanding this rule saves you from getting bogged down in unnecessary detail once you've gotten most of the learning you need to make a good decision. #principleoftheday
@RayDalio
