Coinbase is a digital currency exchange platform that enables customers to buy, sell, and store cryptocurrency. As a company, Coinbase is founded on two core values – Clear Communication and Efficient Execution. In order to live up to these core values, they have created a decision making framework in order to ensure that decisions are made quickly and efficiently. Let’s explore this framework further.
A Decision Making Framework
A decision making framework is a structured process for making decisions that helps an organization reach consensus. It provides clarity on who can make decisions and how those decisions will be made with respect to the company’s strategy, values, and goals. At Coinbase, their decision making framework includes the following three steps: (1) Identifying the Problem; (2) Exploring Solutions; and (3) Making Decisions.
When Is A Decision Making Framework Needed?
Coinbase believes that any time there is uncertainty or disagreement about how best to move forward in achieving a goal or objective, then it’s time for a decision making framework. This could be anything from deciding which of two products has more potential for success, whether or not to launch a new feature, or when to launch an event.
Who Is Involved in Any Decision?
At Coinbase, anyone who could provide valuable input into the problem at hand is invited to participate in the decision-making process. This includes stakeholders such as product managers, engineers, designers, customer service representatives etc., as well as external partners such as advisors or investors who may have unique insights into the problem at hand. All participants are encouraged to share their ideas openly during deliberation with respect and kindness towards each other’s opinions.
How Should Input Providers Share Information During Deliberation?
CoinBase encourages all participants of the decision-making process to be open minded and transparent when providing input during deliberation so that everyone can understand why certain solutions were chosen over others without feeling judged or unheard by their peers. They also encourage clear communication around what information will be used for what purpose so that everyone can feel empowered by their contribution rather than feeling like their inputs were ignored or overlooked.
Conclusion:
In conclusion, Coinbase has created a comprehensive decision-making framework designed to ensure quick and efficient execution of decisions while maintaining clear communication amongst all stakeholders involved in the process. By empowering all contributors with transparency into how their input will be used in the decision-making process, they hope to foster collaboration amongst all team members while remaining accountable to their core values of Clear Communication and Efficient Execution throughout every step of the process.
