No one has a crystal ball. Yet those with wisdom know a sizeable shift is coming. Can you see it?
The stock market has become volatile; it’s safe to expect some wild swings in the days and months ahead. The larger issue business owners and executives must grapple with is the tremendous uncertainty facing so many industries. Continuing to do as you’ve always done is a recipe for disappointment.
In fact, the more success a business has experienced, the more the C-Suite should pause, prepare and ultimately prosper…or perish predicated on their decisions.
A few important characteristics high performing executives demonstrate include humility, curiosity and a “teachers heart.” These simple concepts demonstrated by the C-Suite and sales professionals can radically assist in helping connecting with colleagues and customers.
Jim Collins, the well-respected author of best-selling business classics Built to Last, Good to Great and Great by Choice wrote arguably his most instructive tome called How the Mighty Fail and Why Some Companies Never Give In.
Last weekend, How the Mighty “popped off” my bookshelf and I re-visited some of its core perspectives. Here’s my take on a few of Collin’s brilliant ideas. Do any of these resonate with you and your business?
Success Can Lead to Sloppiness – It take years to build and grow a successful business. Change is a never-ending certainty. Yet for some executives, they assume their recipe for success will always taste great. Arrogance, and worse omnipotence, can become a company killer.
An Insatiable Want for More – Growth is good. Satisfying additional customer needs is noble. Not having well defined processes and the discipline to implement the processes is problematic. Ensuring the right people are pointed in the right direction is critical to success. In-fact, having an organization filled with inspired and responsible problem solvers is a must.
Decision Making without Using Data – In today’s hyper technological world, there is little room for grandiose gut decision making without collecting and communicating the facts and figures. Making too many bold moves and transformative transitions without establishing fact-based mile milestones can lead to disastrous results. Patience and purposefulness can pay massive dividends. As Collin’s states, “The signature for mediocrity is not the unwillingness to change, it’s chronic inconsistency.” Use scorecards and KPIs understood by all.
Failure to Fix – There are lifecycles to every business. Just and growth that is well managed can lead to additional positive growth, declines couple with a denial of one’s shortcomings can lead to an accelerated death. Executives must know their strength’s and weaknesses. For the confident and well-prepared CEO, turbulence should be welcomed. Refinements can be made and adjustments tested. For those unprepared, turbulent times will expose their boils and potentially create their undoing. Be intentional. “Hail Mary’s” are fun to watch but are not part of thoughtful game plan.
It has been said that common sense is in short supply. Wisdom is the utilization of knowledge and experience. Be wise; pause, prepare and prosper. The shift is coming.Share