6 ways that Dubai’s top governance advisors manage to stay objective
A governance advisor in Dubai has to walk a very tricky tightrope
Not only is the advisor responsible for guiding executives through tough business decisions, but he is also expected to stay objective while doing it. But how do the top governance advisors in Dubai manage to stay objective in the face of mounting pressures? How do they not allow their biases to influence their decisions? More importantly, how can you learn from them and adopt this line of thinking yourself?
Here are 6 ways using which governance advisors in Dubai can stay objective
Implement a scoring system for better governance overview
The best way to ensure that you stay objective is to introduce hard numbers into your decision-making process.
The concept goes like this: you assign a numerical weight to every factor of your decision, depending on its importance and impact. Potentially profitable outcomes get labelled with positive points, while possible repercussions of failure get negative points.
Moreover, every factor’s effectiveness is balanced out objectively, with every aspect taken separately from each other. This limits biases from entering your decisions and clearly outlines the strengths and weaknesses of every course of action.
Acknowledge your governance biases
The first step toward filtering out your biases is to acknowledge them. Understand your weak spots, and how you might be leaning toward certain outcomes.
Maybe it is a past experience that is colouring your decision. Maybe it is a personal issue with the people involved.Whatever your biases stem from, once you have identified the sources, you can move toward compensating for it.
By alerting yourself to any potential biases that might creep up, you automatically ensure that your mind gives less weight to those considerations, increasing the objectivity of your decisions.
Pros and cons lists are your friends
The age-old expedient of making a list of pros and cons of any decision works just as well today.
For your every decision, note down all major advantages and disadvantages. Furthermore, give weight to numerical data, such as financial estimates and budgeted expenditures. By comparing the pros and cons of the various paths before you, you can understand the impact of each and arrive at the objective best path to take.
Be analytic for governance excellence
It is said that numbers never lie. In order to be objective, it is best to rely on hard data and numbers instead of gut instinct.
Make use of analytic tools to remove any conscious or unconscious biases in your decision-making process. By emphasizing information gathering, you ensure that your decisions take into account all the relevant factors.
Reverse your line of thinking before giving governance advice
A useful thought experiment to root out your biases is to reverse your line of thinking. Start from the opposite conclusion from yours, and start working your way backward.
Also, as you try to muster the arguments against your own decision, you will swiftly be made aware of all the counterpoints that may arise. Moreover, it becomes easier to spot fallacies in your original line of thinking and correct them.
Having a holistic view by seeing through different governance lenses
The best way to avoid getting stuck in a way of thinking is to take the views of others into account. By listening to opposing voices, you may be able to notice factors that are not readily apparent to you and adjust for them accordingly.
Moreover, The key to this is to take a non-confrontational approach and invite critical views, instead of driving them away and closing your mind. A good governance advisor in Dubai must listen to all voices and understand every different view, before deciding upon the most relevant one.
The legal landscape for governance advisors in Dubai
Dubai has an interesting mix of business types. From SMEs through to large listed companies on the DFM or Nasdaq Dubai. Many large family businesses operate in Dubai. Such structures may need to consider both their family governance together with their corporate governance model.
Corporate governance is important for businesses of all sizes. This also includes state owned enterprises and government corporations. Good governance reduces the risks of fraud and increases their sustainability.
Having a governance advisor in Dubai is a great way to gather objective analysis and advice. Would you like to learn more about the art of governance advice? Then give us a call on +971(0)4387 3554 for a quick, no pressure chat today. You can also email us on [email protected]. We also provide accredited continuing professional development (CPD) training. If you are a governance professionals or company secretary we have a training course for you. Governance Gurus – your corporate governance training experts in Dubai for accredited CPD training.