YOUR RANT: How do you make decisions at work today?
911 REPAIR: As we move from an economy with "strong fundamentals" to a "recession" to possibly something even worse, our frame of reference must change. All of your old customer buying patterns and accepted market realities must go. We need a new approach to work and decision-making. Which reminds us of the guy who drove home from New York City in reverse. This was no small feat: He drove through the Holland Tunnel using only his rear view mirror.
How is this different from how most of us work today? We base our work on old patterns and projections, a.k.a., the rear-view mirror. That doesn't work. Things have changed dramatically, and we've got to change, too. So we've listed three Dos and one Don't for upgrading your decision-making for these difficult times. For more, check out "The Daily Drucker" by Peter Drucker (Harper Business, 2004).
-- DO challenge your assumptions. What worked yesterday probably won't work today. Your customers have just laid off employees and are less willing to spend, your vendors might not be able to deliver the goods like they used to and it takes a lot more to light a fire under your own people. Talk about your perfect storm. That's why it's so important to dig deep to ask yourself what you assume about your customers, your suppliers and your employees. Then see if these assumptions are still real. For example, try to contact your top customers and ask them about their spending plans for the year. Don't just make assumptions on your own about them.
-- DO collect data. Most of us have spent our entire careers shooting from the hip. We take advantage of our years of experience to address our new challenges. However, things have changed dramatically these days, so we must stop guessing and do our homework. When it comes to data collection, many of us suffer from MEGO -- my eyes glaze over. But today, we all have to become born-again data collectors and insight generators.
-- DO weigh pros and cons. Lady Justice had it right. She's the model for our judicial system, and she is holding a scale. Most of us could use a lesson from her to do a better job of weighing pros and cons before we act. For most situations a clear action does not readily appear. You've got to explore both the best- and worst-case scenarios with fresh eyes. Resist the temptation to race through this part, and take the time to sort out your options.
-- DON'T let pride get in the way. Many of us are so invested in our beliefs that it's painful to step away. But we've got to do it even if it hurts. With spending ratcheted down, we all have precious little room for error. So put your ego on ice and see things as they are, not as you'd like them to be.
Follow these tips and your career should go forward even as the economy goes in reverse. |