It feels like there is a great amount of political rhetoric describing the United States economic situation. To recap: the recession, the double dip, the rebound, the fiscal cliff, the debt ceiling, and so many more. Whether our economic situation is uncertain or not, there is enough speculation to make even the most risk-friendly business a little concerned.
We recommend a really simple thought process to know you’ve at least considered the “what if’s”
- Plan A: How is my company/department/practice positioned grow if we see strong economic growth the next 6, 12, 24 months?
- Plan B: How is my company/department/practice positioned if we see retraction and optimization now, and each year after?
- Plan C: How is my company/department/practice flexible if both happens at once?
I know, it seems like a simple idea. Plan for the best, prepare for the worst. What we’ve seen is that many organizations know this philosophy but, struggle on the execution.
Take a minute with a colleague, leader, or team member. Talk about legitimate potential scenarios of expansion, retraction or both simultaneously. Discuss concepts around flexibility with team members. Think outside of the norm. Think about non-traditional solutions and plan accordingly.
If you are too busy managing your professional life to understand what is happening right now in legislature, we encourage you to change that dynamic. Every day decisions are being made that will trickle down to each of us. Do what you can to be educated, or better yet, be part of the change!