AIG is hanging in the ropes, even so there was a last minute rescue attempt.
Lehmann Brothers, a very old financial institution, declared bankrupcy a couple of days ago. Barclays buys some assets in the firesale. Merrill Lynch, another blue chip company, was sold buy the Bank of America.
The trust is lost and it will take a long time to rebuild it in the remaining organisations, financial institutes, and banks, but this is a different topic.
Actually the Bank of America is seen as a winner in the current crisis – makes me think. How come that some companies grow from strength to strength in a crisis, while others struggle and some fail? But is is always like this, so which side do you choose to be on?
Going into a potential crisis, there are questions that everybody, individual or company, needs to ask him- or herself. Because, please remember, there is a whole bunch of “people” out there, for whom a crisis is new. The last crisis was in 1997 – this is now over 10 years ago. Plenty of fresh people who joined the workforce since, and who never experienced a crisis before. For them, the question will be – how to handle this? This is new – what to do?
Well, for all of you, here are a couple of questions that might be of interest, to prepare yourself for the crisis:
1.) What kind of activities are you going to continue? Where is your focus, and how do you want to go through any potential upheaval in your operations?
What kind of activities are you going to stop? It is easy to do a lot of unrelated stuff, when the economy booms. Have a review – Which one of these activities did bring some returns? Which one did not? Stop those and, again, focus.
3.) What are you going to do lesser of? Don’t stop everything, but there is stuff that you need to do lesser of in order to succeed. E.g; what about long meetings? Or useless, but usually entertaining outings?
4.) What are you going to do more of? Are you getting prepared for the life after a recession? May be you can think of activities you need to do to be ready – get your workforce ready. Do you want to do more focused training?
5.) What resources do you need to succeed? There have been crisis before. May be you need advisors to get over with it in the smartest way possible. May be you need a different “type” of people. Find it now.
6.) What baggage do you drop? May be there is deadwood in your organisation? Drop it and save the money for better times.
And I see you in the end of the tunnel!
It is about focus and having clear plans and objectives at hand. Also, think of fallback plans. What do you do if all else fails? What will you do, after the crisis, if all else succeeds?
Things will change, be prepared!!
Andreas is the founder of Asia Mind Dynamics and a certified trainer of internationally recognised certification programmes:
- Neuro Linguistic Programming (NLP) with the American Board of Neuro Linguistic Programming (ABNLP),
- NLP Coach Training with the Coaching Division of ABNLP,
- The Words That Change Minds -Language and Behaviour Profile of which he also is one of 17 Global Master Trainers
- Creating Your Future Coaching™ Techniques at the Masters Level with the International Timeline Therapy Association
- Hypnosis with the American Board of Hypnotherapy (ABH)
- Master Trainer with the International Association of Counsellors and Therapists (IACT).
We also train companies to achieve higher performance especially through our signature programmes on Leadership, Sales and Advanced Communications.
To find out more about us or our programme and what makes us so very different as trainer and coaches, send an email to andreas.dorn AT gmail.com or contact us at +6012 287 5048.