“You can accomplish more in a crisis than in steady-state periods.”
In the Nov. 23, 2009, Los Angeles Business Journal, there is an interview with Ted Carver, Jr. the CEO of Edison International. He was talking about a time of crisis in California when the electricity prices were deregulated and the cost of electricity was turned on its head. He was asked what he learned from the crisis. He said, “In a funny way, you can accomplish more in a crisis than in steady-state periods. You don’t ever want to squander one of those opportunities to effect change and make a difference.”
For most business owners, the last year has been an “opportunity” to effect change. Headcount had to be cut. Capital expenditures stopped. New projects put on hold. 401k contributions halted. And, did I mention the number of people that had to be let go to keep companies afloat? For some whose businesses have been streamlined, and projects and people down-sized, this has produced a sense of relief. In general, most businesses have figured out by now how to stay profitable at these lower levels. However, walk into any business and you will find everyone working harder and longer.
SO, how do you find opportunity in all of this? In previous periods of disequilibrium, there were individuals who emerged as hugely successful because they took advantage of the changed circumstances. Those who have cash can buy businesses and property at reduced rates. Competitors may be weaker. Increasing marketing and improving customer service can retain customers and attract new ones. What about reaching out to new customers through social media?
As we get to the end of 2009, engage your team to reflect on what the world will look like in 2012. Don’t just think of 2010. Where will you need to put your resources? What will you need to let go of? What is one thing you will have to do differently? What have you been afraid to try, that you can’t wait any longer to see if it works?
Let me know what you decide.
