Managers: What’s Your Plan B?

Lead Change Blog

For career and business success, it’s worth pursuing a middle ground—one where we take calculated risks but have a fallback strategy in case Plan A craters. Caught off guard (by this new competition), Climax lost half its market share.” Leadership Coaching contingency planning Leadership Leadville Lessons from History Management mining paradigm shift risk managementSome people miss out on life’s opportunities.

The Big Picture of Business – Each Role Matters. The Value of Support Staff

Strategy Driven

She was the model for executive assistants and office managers everywhere. Some performers made careers as supporting players. Those vital employees in the business world might include the IT guy, the receptionist, the mailroom manager, the ethics adviser and the secretary to the Board of Directors. Here are some characteristics of support personnel and rising stars who will make it as professionals and business leaders: Act as though they will one day be management.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The Big Picture of Business – Entrepreneurs’ Guideposts to Real Business Success

Strategy Driven

Make an equitable blend of ambition and desire: Fine-tuning one’s career is an admirable and necessary process. There are no fast-forward buttons or skipping steps inn developing an effective organization, just as there are no shortcuts in formulating a career and Body of Work. Do you have a detailed, written analysis of your market area? There are many romantic notions about entrepreneurship. There are many misconceptions.

The Big Picture of Business – Pave and Refine the Company Way, Corporate Culture

Strategy Driven

Above that, Customer Focused Management needs to be implemented, meaning that all actions and decisions should be tied to customer outcomes. Where mid-managers buy the hype of the marketing slogans but stonewall the progress that would enable the company to live up to its claims. Since 92% of all problems in companies stem from poor management decisions, do a better job of training managers to be leaders.

Mentoring and Lifelong Learning

Strategy Driven

I have had many excellent ones in my long career and have in turn mentored hundreds of others. The mentor becomes a role model, offering insights about their own life-career. The mentor stands for mentees throughout their careers and celebrates their successes. If you cannot take the dirtiest job in any company and do it yourself, then you will never become “management.” ” Approach your career as a body of work.

The Big Picture of Business – Cut the Weeds: Focus on Priorities and Strategy, Avoid the Time Zappers

Strategy Driven

What types of ‘wild goose chases’ have you pursued in your networking career? Power Stars to Light the Business Flame , by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. One of the by-products of being high-profile is that you get hangers-on. Most mean well and want to associate with someone successful. Some are groupies, and some are outright users.

The Big Picture of Business – Doing Your Best Work on Deadlines: Mobilizing the Energy for Best Business Success

Strategy Driven

In it, Bogey reprised the 1930’s Broadway hit and movie that launched his career. Power Stars to Light the Business Flame , by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. The Big Picture of Business – Community Relations and Cause Related Marketing Are Business Strategies, Not Sales Promotions: Determining the Right Kind of Tie-In Causes.

The Big Picture of Business – Doing Your Best Work on Deadlines: Mobilizing the Energy for Best Business Success

Strategy Driven

In it, Bogey reprised the 1930’s Broadway hit and movie that launched his career. Power Stars to Light the Business Flame , by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. We just had the first live TV musical play extravaganza on television after a 50-year hiatus. The production was The Sound of Music , starring Carrie Underwood.

The Big Picture of Business – Communications Reflect Your Strategy

Strategy Driven

Rather than risk going out on a limb, employees either don’t learn or use their communication skills. The wise employee has the building of knowledge a part of their career path… sharing with others what we most recently and most effectively learn. Managers and employees with the most to lose are most fearful of change. Promote and graphically portray your company’s designated cause-related marketing activities.

3 Things All Business Owners Need to Know About Risk-Taking

Strategy Driven

As pivotal as it is to be systematic and strategic with everything that you do in business, you also have to be open to a spot of risk-taking from time to time. Here’s are three things that you, as a business owner, need to know about the taking of risks: 1. For this reason, every time you seek to take a risk, there will probably be a voice in your head telling you not to take it because everything is bound to go wrong. More to the point, why not take a bit of a risk?

The Big Picture of Business – Becoming a Legend

Strategy Driven

The art with which we build our careers and our legacy is a journey that benefits many others along the way. I remarked to Sonny that I often quoted his song “The Beat Goes On” as analogous to change management, and he was pleased. Understands that careers evolve. As an integrated process of life skills, career has its place. Are you a legend? Do you admire people who went the distance? Have you celebrated organizations that succeeded?

The UK’s Snap Election Reminds Us That Proposing a Change Forces People to Ask New Questions About You

Harvard Business

In retrospect, it turns out that Theresa May, the British prime minister, took a terrible risk by calling a snap election on the back of a 24-point Conservative Party lead over Labour in the polls. Is the lesson: Don’t take risks? No, the lesson is to take a customer-centric perspective on risk to avoid exposing yourself to risks that you didn’t contemplate. The same thing can happen in an individual’s career, too, if they take on the wrong project.

Why Buying a Company Can Be Better than Starting One

Harvard Business

Perhaps your most fundamental career choice is whether you will work in someone else’s company or for yourself. Although high growth might seem like a wonderful characteristic of a business, it comes with high risk. A rapidly growing firm also attracts competitors, which see the expanding market and the opportunity to attract new customers. Low growth, in contrast, means low risk, and low risk is great because it is your money at stake.

Why Leaders Need to Think More Like Professional Gamblers

Leading Blog

We tend to see situations in one of two ways: either events are certain and can, therefore, be managed by planning, investment, and reliable budgets; or they are uncertain, and we cannot manage them. A probabilistic HR manager will examine the data about where a company’s best people come from and how they perform throughout their career to identify new sources of talent that may have been overlooked.

Finance Can Be a Noble Profession (Yes, Really)

Harvard Business

As graduates explain their career choices to family and friends, they will confront the idea that our best and brightest are wasting their talent in an industry that doesn’t do anything worthwhile. But this anti-finance sentiment is detached from the reality of the profession and obscures the promise and peril of a career in finance. Finance teaches us that it is nearly impossible to isolate the effects of luck and skill in financial markets.

For a New Way to Manage Risk, Look to the Past

Harvard Business Review

By Focusing on Resilient Risk Management Ebola Battlers Can Learn from Venice's Response to Black Death NPR Every now and then, a story comes along that makes us editors say, "Why didn''t we think of that?" This is one of those stories, which looks at the devastating Ebola crisis through the lens of both history and risk management, with lessons that go beyond what''s happening in Africa. Risk management

Why Companies Are Betting Against Big Ideas

Harvard Business Review

This idea of prospect theory, developed by Tversky and Kahneman and reported in a classic 1979 article (for which the Nobel prize was awarded) demonstrated that individuals do not make decisions rationally by selecting options with the highest expected value, because they are risk-averse and 'losses loom larger than gains.'. Firms and key decision makers are simply risk-averse. Market size estimates based on existing flawed products can be biased downward.

What Every Executive Should Learn from Wal-Mart's Mistakes

Harvard Business Review

The New York Times exposed the international retail giant's history of bribing Mexican government officials in order to dominate that market. Facilitation payments" and other "costs of doing business" in various markets can no longer be condoned. Wal-Mart, for example, made an end-run around its investigations officer and assigned key parts of its inquiry to the management of the very business unit being investigated. Think globally and manage your risk.

Your Judgment of Risk Is Compromised

Harvard Business Review

A key aspect of risk intelligence is recognizing the limits to your knowledge. People's judgment of risks is deeply compromised by psychological biases. Since then, numerous studies have found evidence of the bias at racetracks and other sports betting markets all around the world. Indeed, it is probably the most discussed empirical regularity in sports gambling markets, and the literature documenting it now runs to well over a hundred scientific papers.

Will Economics Finally Get Its Paradigm Shift?

Harvard Business Review

That’s the argument of British money manager George Cooper ’s very interesting if less-than-felicitously titled new book, Money, Blood and Revolution: How Darwin and the Doctor of King Charles I Could Turn Economics Into a Science. Economy Finance Risk management Economics is due for a paradigm shift.

Writing Your Résumé When Your Job Title Doesn’t Reflect Your Responsibilities

Harvard Business

You’re ready to make a career move, up to a higher level or into a different industry or an entirely new field. So here’s how she made sure her résumé attracted the attention of hiring managers when she started applying for chief administrative officer (CAO) positions. Manage junior staff and evaluate performance. This was Sasha’s summary: Department Administrator – Efficiency Expert – Staff Manager - Crisis Handler.

COO 43

Instinct Can Beat Analytical Thinking

Harvard Business Review

Psychologist Gerd Gigerenzer has spent his career focusing on the ways in which we get things right , or could at least learn to. At times this belief has led the managing director of the Max Planck Institute for Human Development in Berlin into pretty fierce debates with his intellectual opponents. It has also led to a growing body of fascinating research , and a growing library of books for lay readers, the latest of which, Risk Savvy: How to Make Good Decisions , is just out.

The Hidden Dangers of Playing It Safe

Harvard Business Review

She kicked off her October management team meeting, which I was attending, by reading the following passage from my book: The dangers of taking too much risk are very clear. Businesses, families, and individuals are ruined in shocking fashion—“150-year-old bank and pillar of Wall Street is gone in the blink of an eye”; “Major oil company loses $90 billion in market value in three months”; “Kite surfer tries his luck in a hurricane and slams into a building.”

CFO 8

Four Things the Private Sector Must Demand on Cyber Security

Harvard Business Review

What if Washington and Beijing do reach a common understanding on the really big stuff — the massive security risks to sovereign interests — and take steps to reduce the threat of mutually assured cyberdestruction? A reasonable career move would be to specialize in "lower level" attacks like, well, corporate espionage and intellectual property theft. A major national effort to educate the public and market a new "culture of security" for Internet behavior.

Leadership & Change

N2Growth Blog

Now the good news : As much as some people want to create complexity around the topic of leading change for personal gain, the reality is that creating, managing and leading change is really quite simple. An Overview on the Importance of Change : While there is little debate that the successful implementation of change can create an extreme competitive advantage, it is not well understood that the lack of doing so can send a company (or an individual’s career) into a death spiral.

How Dumb Is Your Business?

N2Growth Blog

At the risk of drawing the ire of corporate elitists, I submit to you that the dumber your business is, the better off you are. If your company’s long-term business plan requires the acquisition, or retention of the uber employee then your business not only has a risk management issue, but it is likely not scalable. It applies to your branding, marketing, supply chain, and ultimately to your customer base.

28 Leadership Development Recommendations for your Individual Development Plan

Great Leadership By Dan

Here’s why: “Most organizations see leaders'' as drivers of results - exceeding sales quotas, deepening market share, boosting profits, etc. Do employees feel that their boss honors their career aspirations, building needed skills that serve their organization now and in the future? John Hunter , from Curious Cat Management Improvement Blog , says “ One item I think every leader should have in their IDP is to continue to improve coaching their staff.

Why Businesses Fail | N2Growth Blog

N2Growth Blog

Decisions made at the gut instinct or data level can be made quickly, but offer a higher level of risk. Decisioning at the information level affords a higher degree of risk management, but are still not as safe as those decisions based upon actionable knowledge. Assess the Risk/Reward Ratio : What are all the possible rewards, and when contrasted with all the potential risks are the odds in your favor, or are they stacked against you?

Blog 327

Ideas Don't Equal Innovation | N2Growth Blog

N2Growth Blog

Aside from being costly, a flawed execution can cast doubt on management credibility, have a negative impact on morale, taint the brand, adversely affect external relationships, and cause a variety of other problems for your business. Assess : Put the idea through a risk/reward and cost/benefit analysis. Contingency : Nothing is without risk, and when you think something is without risk, that is when you’re most likely to end-up in trouble.

Blog 325

6 Core Competencies of Margin Managers

The Kini Group

All margin managers would like to consider themselves in the top 1% of their profession. Margin managers are becoming a more integral part of their companies. And as finding good margin manager talent gets competitive, they have many opportunities to move up. If you want to take your career to the next level, you’ve got to dedicate your energy to a well-rounded approach to margin management. Direct Pricing Managers and Decisions.

Questions and Team Building | N2Growth Blog

N2Growth Blog

In today’s post I’ll share the questions that great CEOs use to align the interests and focus the efforts of their executive team… It is not uncommon when working with new clients that I find very fractured executive teams where team members more frequently work against one another, rather than with one another (see “ Managing Tough Relationships “). What’s our biggest risk in this, and what’s your fallback position?

The Big Picture of Business: Corporate Communications – Correctly Positioning Your Company

Strategy Driven

Business development has occurred primarily by accident or through market demand. As companies adjust comfort levels and acquire confidence in the arena of business development, there is a direct relationship to billings, client mix diversity, market share, competitive advantage, stock price and levels of business which enable other planned growth. Top management must endorse corporate imaging and other forms of practice development, if your company is to grow and prosper.

When Should You Quit Your Day Job?

Harvard Business Review

But what if you really want to pursue your passion full-time, right now — as a new business venture, a new career or a new way of life? Everyone will have a different answer to this question, because everyone has a different level of risk that they're comfortable with. It's a variation on risk management, of course: If you're going to play in a game with uncertain outcomes, 1.) What you're willing to risk is clearly defined.

New Supply Chain Jobs Are Emerging as AI Takes Hold

Harvard Business

Through AI, machine learning, robotics, and advanced analytics, firms are augmenting knowledge-intensive areas such as supply chain planning, customer order management, and inventory tracking. While AI will be deployed to manage certain tasks, including higher-level decision making, the technology’s true power is in augmenting human capabilities — and that holds true in the supply chain. alashi/Getty Images.

Case Study: Is Holacracy for Us?

Harvard Business

Rogier hadn’t once mentioned holacracy or self-managed teams, even though the executive team and the board had been talking for months about transitioning to just such a system at the global construction company. They’d met at university, and although Derek had gone on to graduate school and a career in banking, while Rogier had joined his family construction business and then founded Contect, they’d never lost touch.

How Our Company Learned to Make Better Predictions About Everything

Harvard Business

Founders bet years of their lives on finding product market fit, investors bet billions on the future value of ambitious startups, and executives bet that their strategies will increase a company’s prospects. Multiple predictions for the same event can be aggregated and averaged, and therefore help managers understand what entire teams or divisions are thinking. Manager: How surprised would you be if it wasn’t done by the end of the quarter?

Steve Jobs and the Purpose of the Corporation

Harvard Business Review

In the torrent of commentary following Steve Jobs' death, few have noted that his career and his company say something profound in the endless debate about the purpose of the corporation. One of the most recent and most trenchant critiques comes from Roger Martin , dean of the Rotman School of Management at the University of Toronto, in his book Fixing the Game (Harvard Business Review Press 2011). company with the highest market cap.

Strengthen Your Workforce Through Volunteer Programs

Harvard Business Review

Volunteering offers participants the opportunity to strengthen their skills, broaden their networks, break out of a career rut, and find new meaning in their job. According to the Deloitte Volunteer Impact Survey (PDF) , Generation Ys who frequently participate in their company's volunteer activities are more likely to be very proud to work for their company, feel very loyal, and are very satisfied with the progression of their careers.

Joining Boards: It's Not Just Who You Know That Matters

Harvard Business Review

For many, a corporate directorship is a career capstone. And 43% cited technology expertise, HR-talent management, international-global expertise, and succession planning as the skills missing most on their boards. The industry with the greatest skills gap was IT & telecommunications, whose boards are in serious need of international-global expertise and HR-talent management. But attaining one is far from easy.

What Africa's Entrepreneurs Can Teach the World

Harvard Business Review

I am now convinced, though, that the entrepreneurial driver behind talent churn in African labor markets actually yields significant net benefits for African economies. My think-tank colleagues and I were stunned to see how many concurrent businesses the typical entrepreneur owns and manages in Africa. We had explained the talent churn away as a consequence of small, sub-optimal, unscalable businesses that failed to give talented managers a vision of personal career growth.

What Boards Can Do About Brain Drain

Harvard Business Review

As labor markets continue to open up and nations and the corporations they house chase ways to stem the talent drain and retain their skilled workers, we wanted to know how those at the highest level of industry — corporate directors — viewed the problem and what, if anything, they were doing about it. We also asked the directors to assess their companies’ performance on talent management by evaluating the following nine practices: attracting top talent. Boards Talent management

Generation to Generation: How to Save the Family Business

Harvard Business Review

When we looked at board service, we found that FOB and non-FOB directors had served on an almost identical number of boards in their careers (5.8 A greater percentage of FOB than non-FOB directors said skills were missing on their boards and the missing skill they named most was HR-Talent Management—to a degree almost 3 times that of non-FOB directors. Strategic Challenges and Talent Management. Most family-owned businesses— approximately 70% —last just one generation.

FOB 8

Why the TSA Screening Revolt is Like Poison Ivy

Harvard Business Review

Someone who spends the extra dough is paying $50 for removing a 1 in a million chance of dying, a degree of risk dubbed the Micromort by Stanford decision analyst Ron Howard. Savage is the author of The Flaw of Averages (Wiley, 2009) and of an HBR article with the same title , chairman of Vector Economics , Inc (VectorEconomics.com), an adjunct faculty member at Stanford and Cambridge, and a frequent lecturer on risk modeling.