As you and I know, when times get tough the pseudo successful
company execs with little insight and integrity think only about
freezing hiring and maintaining or even lowing overhead.
Unfortunately, this “running blind” will cost them more than they
are willing to pay in the long run, but it keeps the shirt on their
back for now (their only real concern).
However, on the flip side, savvy business leaders like yourself can
profit generously from our economic upturn. How?
Once again, you now have the opportunity to “zig” when most
everyone else will “zag”. In simple terms, what does this mean
for you in order to leverage our current market to your advantage?
It means getting proactive instead of being reactive. Sound familiar?
“OK, but what do you mean exactly?”, you ask.
There’s a simple reason top business producers, sports icons,
and any other human being at the top of their game insist on the
leverage a different perspective can bring them, whether it be
analyzing competitors also at the top of their game, or relying on
a coach to uncover their weak points and drive their strong points.
Such is the perspective I want to deliver to you today, so you can
be among the mini icons of our current business opportunity in
order to leverage this situation aimed directly at draining our
- First, do something nice for yourself, I mean something
really nice. This first step is crucial in getting your mindset in
the right space for successfully achieving the following 4 steps.
2. Check-Up: Take your company’s pulse now and ask yourself:
Is it fundamentally weak or strong? Then listen more closely to the
beat. Identify in writing what areas are strong and what areas are
- Diagnose: Review your company’s financials and operations –
what can be coined as your company’s lifeblood? Ask yourself:
How well does the blood flow to the company’s vital organs (suppliers,
customers, employees, shareholders)? Where are the blockages
and how do we eliminate them? Where are the openings, and how
do we expand them?
- Treat. Use your checkup and diagnosis as a guide to develop
a vision of good health (aka risk contingency strategy) that is based
on your company’s internal strengths and weaknesses vis-à-vis the
external environment. Your treatment plan will bolster your strengths
and minimize your weaknesses and put you in a position to seize
market opportunities as they arise.
5. Adapt. Develop a contingency plan that can adapt to the changing tides of the marketplace while helping you stay the course and remain true to your goals and visions.
As I relayed earlier, there’s no better time than NOW to take
advantage of the hidden opportunities that lie within our economy.
Those of you who roll up your sleeves, take your company’s pulse, and
develop a risk contingency plan will not only turn the next crisis into
opportunity, but will create new opportunities for the next financial
The choice is yours and the stakes are high…
Bottom line? When the economic climate changes as dramatically
and as frequently as it seems to do nowadays, contingency planning
and risk management should be on every executive team’s agenda.
Face your risks squarely and come up with a flexible ERM plan.
Don’t wait until you’re forced to make a Mayday call to a world that
is embroiled in its own crisis. Slim chance anyone will listen…