In times of uncertainty, resources like time and talent can be game changing.
What exciting times we live in – scary, but exciting! These are times we will talk about for years, if not generations, to come.
For the past six months, the news has been so dismal. What we once considered bad news is now looking good – and today’s bad news is coming at a continuous fever pitch. We cannot control the forces that are challenging us economically, but we can control how we deal with them.
During a conversation at a recent industry gathering, a colleague described the forces we are dealing with as numbing. I understand what he meant. When constantly barraged with bad news, we all become numb to the impact. Worse, when dealing with the unpleasant issues that those forces are creating, we also become numb to the consequences of our actions.
This numbing effect is natural, but it must be controlled if we are going to survive and to thrive in the future. But how does the numbing impact us and how can we regain control over those threatening forces?
We are impacted in three basic areas. First, we begin to question our abilities. Second, we begin to accept failure. Finally, we may squander the resources that could help us make it through these challenging times and enable our future success.
Confidence is necessary for peak performance, but when conditions change and previously sound decisions start to fail, confidence all too easily vanishes. Everyone needs to understand that we are in uncharted waters, and past navigational decisions will need to be changed, sometimes on the fly, with minimal data. Sticking to the basics of good management, good reasoning and positive effort will, more often than not, see you through even the most challenging situations. We all need to get back to basics and to focus on what we do well in our businesses.
Accepting failure is an attitude – one that is not tolerable. We need to keep focused on how we must change in order to overturn the forces that are challenging us. Attitude must be “can do” rather than “oh, well”. As economic conditions deteriorate, change will be inevitable. We must keep thinking of what we need to do differently and how we can prevent failure. This is not an easy task but, looking at the history of our industry, very doable when the right attitude is applied.
Squandering resources happens in good, as well as in not-so-good times. However, when the economy is down, those renegade resources, time, talent and treasure, are a rare and worthy prize if properly utilized. We certainly need some treasure [cash] to survive, but the most valuable resources in times of uncertainty are time and talent.
Time can mark the difference between getting to a destination and running out of gas. Time well used can and does make a difference, while time wasted creates an environment that accepts failure. We all need to utilize every hour of every day to make sure we do what needs to be done, make the changes needed and ensure cost effective customer satisfaction in order to survive and thrive. Time is measured by how it is used – or squandered!
Talent can make the difference between success and failure, explicitly or implicitly. The problem is that talent is often taken for granted. Yes, hiring and retaining talented people costs money, and in difficult times when saving money should – or must – happen, decisions are made that directly impact how effective a company's talent is.
When adverse forces are severe, we often need to cut the number of talented people we have, relying on fewer people to get the job done. Most people understand these types of decisions need to be made. In unprecedented times like these, we need to be aware that our talented employees are the people who put in the time to create the treasure needed to survive and to thrive. Talented people are the best resource to separate survival from failure.
Those in our employ are hearing the same barrage of bad news. Our employees are the talent who invest the time to uncover the treasure that affords us the opportunity to move forward. What we must do is short circuit the mind-numbing noise by communicating better and being more understanding and appreciative of the individual and collective needs of the people in our employ. This can have a significant impact on enabling survival and success in these unprecedented times.
As we make the painful, but necessary decisions, remember that without talent, you have no time, and without productive time, you cannot create treasure. We all need to utilize and to appreciate the resources we have at our disposal to work through these challenging times. We have the tools in our employ and we should direct them thoughtfully.
PCD&FPeter Bigelow is president and CEO of IMI (www.imipcb.com);
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