Are You Prepared to Survive and Thrive in “The Perfect Economic Storm?”
We’ve had a lot of discussion here at the office the last 90 days about what we could do to add the most value to our clients this coming year, maximize our opportunities, and minimize the hard costs to them.
These continue to be difficult times for many organizations and individuals. We are experiencing what I call the Perfect Storm. If you saw the movie, you know that the people in the movie had weathered many storms. A rare combination of things, however, layered on top of one another created “The Perfect Storm”, a storm of such monumental proportions that people used to storms could not withstand it.
For several years we've had an economic slowdown. We’ve experienced it before. Business goes in cycles – we all know that. Then came September 11. For the first time we felt unsafe, we felt violated. It impacted all of us psychologically, though not all of us were personally touched by it. It extended the economic recovery, and probably deepened the impact of it. Now we have a crisis in corporate confidence. Major companies have been brought down because of a lack of character and integrity. We are in the midst of an economic “Perfect Storm.”
Will you survive this “Perfect Storm?” Better yet, will you thrive in it? One thing we do not have to do is wait it out. We can do something. And we will. So I have a radical proposal for you. Let me challenge you to act on it. Here is how to:
Weather The Perfect Economic Storm – 5 Strategies for Surviving and Thriving in the Turbulent Times
Whether you live in the US or not the events of the last thirty six months have impacted you, your organization, and your country. We are all tied together in ways that we never have been before. Individually we have experienced economic slowdowns (even recession and depression), but we’ve bounced back. We’ve survived terrorism (remember Oklahoma City) and bounced back. We’ve survived fraud in the corporate boardroom (remember the Savings and Loan crisis) and bounced back.
Never have we experienced all three at once and this has created the Perfect Economic Storm. Here are five specific strategies you can use on an individual, functional, and corporate level to not only survive, but thrive in these turbulent times.
1. Focus like a laser. Whether individual, departmental, or corporate ask yourself, “What are my competitive advantages?” Can you add value by driving costs down? Is there something new you can innovate? Is it time to spend more time really finding out what your customers – either internal or external want? What would happen if you changed strategy, rethought structure, or revamped processes? You probably can’t do all of these effectively at the same time, but ask yourself, “Which two of these, if focused on, would create the most value?” Then act.
2. Rotate through the ten Core Skills that are key to multiplying individual and corporate value 100X. People are hired for their technical and/or management skills, but are often fired for their lack of people or CORE skills. Here are the ten CORE skills:
1. Make and keep commitments
2. Face each day with a positive attitude
3. Persist until you succeed.
4. Have a clear positive self-image.
5. Multiply your value 100 fold.
6. Treat this day as if it were your last.
7. Master your emotions.
8. Laugh at the world and yourself.
9. See a need, take action.
10. Seek guidance. So now you’ve had a look at all ten CORE Skills. I’ll drill down on them in the next couple of Blogs.
3. Think about how the three barriers to change impact you – and remove them. Think about how you can make change sustainable. The
three barriers are: the environment, habits, and multiple priorities. The environment because others in your environment may like the status quo. It’s not easy being the pioneer, the one who takes the lead. It’s necessary, however, for change to take place. Habits because we’re used to doing things in certain ways and can do them unconsciously. When we start to do something new it requires focused, conscious effort. We can only sustain so many new efforts at any one time. Multiple priorities plays it’s part because while we may be trying to change in one area, it is, after all, only one area. Many other things must be sustained. While individually, each may not require much effort – when combined with all the other factors that we’ve just discussed, becomes a major factor in change not achieving permanence.
4. Start operating on the
BDH (Be-Do-Have) Formula. Do you know that 95% of all people operate a on the HDB formula – and they never have enough. Those that operate on the BDH formula are in the 5%. The HDB formula says, “If I only
Had_____, then I could
Do _____, and I would
Be. So achievement is always based on having something. And often it is something more or something else than you have right now. So people operating on this formula will never have enough to ever do what they want and be what they want. They are constantly in a state of dissatisfaction. However, when we focus on Being who we want to be (and the Ten Core Skills helps with this) then we find that we can Do more and this results in having more. In other words: As I
Become, then I'll be able to
Do, which will enable me to
Have. The key to operating on the BDH formula is to focus on developing on a daily basis the Ten Core Skills.
5. Finally, we need to be following a strategy for overcoming the crisis of character and a plan for building (or rebuilding) integrity. People need people that they can trust. What are we doing to become more trustworthy? People need people who will follow through. What are we doing to insure that we follow through on commitments? People need people who will brainstorm ways things can be done, instead of looking for all the reasons they can’t! Once more, what are we doing to become one of those refreshing people who look for ways things can be done? Once more it begins with the Core Skills – and it begins with you and me. We don’t have to wait for our organization, boss, spouse, or children to be different for us to be better. We can start today on being who we want to be. That’s an awesome responsibility – and an exciting challenge. I’m committed to walking that path. Will you join me?
Until next time -- add value and make a difference!