Data about job losses, housing starts and foreclosures, venture capital pull-backs and stock market volatility can be used to justify almost any thesis. Watching the panic parade play out in both traditional and online media has resulted in at least one identifiable outcome from the C-Suite: Fooled into Inaction.
Whatever thesis you subscribe to, shouldn’t you be taking some kind of appropriate corrective action to match your conviction?
I found three good and recent examples in predictable places to illustrate the kind of critical thinking that can help you break from the crowd to form your own roadmap. The first is from Irving Wladawsky-Berger. There’s a lot to digest in his post, but Diversification, Mass Extinction, and Survival poses this central question: What can a company do to maximize its chances of survival at such times?
Attempting to answer that question for your business is likely a better use of your time than marching in the Panic Parade.
The second example comes from Chuck Hollis. “Better Times Ahead For Service Providers?” suggests some reasons why a downturn could help these types of businesses. More importantly, you can learn from Chuck’s reasoning and apply to your own business. He’s spot on with the notion that “Transparency of Costs” will be something that will become familiar to all.
The difference-maker for business will be those that deal now with many of these issues while the paralyzed enjoy the parade!
Finally, Brad Feld put up a guest post he received via e-mail from Sarah Reed. I found The Legal Lexicon for an Economic Meltdown a refreshing and humorous reminder that this has all happened before. Humor is a necessary stimulant for critical thinking.
Survive or Thrive?
Remember that while you’re watching the parade, there are other individuals doing the planning to thrive in the current climate.