Challenging Times: Time for Reassessing the Plan
These are challenging times indeed. The contracting economy requires new tactics and strategies. The events that took place when the tech bubble burst early in this decade and the conditions in the marketplace after 9/11 are all too familiar. Some of the same fear from a business point of view is present today, many times over, it seems.
It is a time for calm, clear thinking, not for panic. But that does not come easy. We are going to lose some companies along the way. Some have been hanging on for a while and now are going over the edge. Some of that may be attributable to the inevitable, companies without a clear business model, inferior products or services, or inexperienced or incompetent management.
Others are simply at the wrong place at the wrong time.
Companies of all kinds need to take a close look at their businesses, including the all important business functions upon which their creative, technology, service or manufacturing operations are based. This is not just a good thing to do. It is a mandatory aspect of surviving, of succeeding in the short or long term.
It is time to take a serious look at all operations and to set priorities. For those companies that have been operating without a business plan, it is time to prepare one. Running by the seat of one’s pants is not a viable option. You know who you are. You need a plan for the business.
This includes the all important area of management, not just top management, but the line managers that are vital to the ongoing success of a business. It is not a time for mediocrity.
At a recent entertainment industry event I had a discussion on this topic with someone. She brought up an example of what I call “failing upward,” someone who changes jobs every couple of years in what seems to be successive increases in responsibility without the necessary skills. Failure should not be rewarded. It should result in a demotion, not a promotion, yet some continue to fail upward repeatedly.
“Under New Management” has both positive and negative connotations. Be careful.
It is within the framework of the current challenging economic environment that we predicted that there would be further examples of failing upward, a process that few companies can ever afford, especially now. Sometimes such changes impact not just the hiring company, but ripple to the other organizations along their food chain, from vendors and suppliers to the customers.
What is required, we agreed, is that as companies of all kinds assess their organizations and contemplate changes, that they consider bringing into their companies people with bona fide track records, not just a series of jobs. Change for the sake of change is not a viable strategy.
While this newsletter does not purport to include a complete list of to dos for those assessing their operations in these trying times, we recommend that you read a few of the articles of a timeless nature that we have written in the past. These articles address some of the topics that we have noticed are arising with more frequency during the current challenging economic times.
These articles include Never Accept the Status Quo, written shortly after 9/11; Building for Tomorrow, Operating for Today; Ten Steps to a More Profitable Company; The Seven Steps Beyond; When Showing Up is Not Enough; and others.
Of course, we are available to discuss how our services might contribute to your success. Quite often an independent, objective and knowledgeable perspective can make a big difference.
