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Wednesday, January 25, 2012
Topic: Enterprise Management
Reference: Steve Tobak..(January 23, 2012).“10 dumb mistakes companies make over and over.” CBSNews.com, http://cbsnews.com/8301-505125_162_57363139/10-dumb-mistakes-companies-make-over-and-over. Cited January 24, 2012.
With the start of a new calendar year everyone is focused on getting off to a roaring start. Usually, there are new opportunities to evaluate new projects and new budgets allocated to resource new projects. There is generally a focus on getting things done and securing promising new achievements before the year gets away from you. I like this time of year because people return your calls, reach out to you, and express a positivity that wanes during the last quarter of the year. That is why it is important to think about avoiding past mistakes; wasting resources on ill-conceived projects, and falling into a familiar pattern of sub-optimal behavior. I try to avoid this by planning corporate development projects, networking functions, and project submissions to take place by the middle of January. That gives the organization realistic targets to hit, and near term goals to accomplish. This forces a re-look at risk profiles, innovation, and new opportunities. New opportunities drive new energy and new energy drives the acquisition of new success. It is also important in this process to be mindful of things that don’t work, have gone wrong, or paid little dividends in the past. Can they be tweaked, reworked, or updated for higher value? If not, then it is prudent to move beyond these items and add portfolio items that may make a significant contribution to your operation. I look for positive opportunities, collaborations, and outcomes. In the referenced article the commentator takes a different approach and looks at the dumb things that organizations do that hold organizations back and that should be avoided. This is a different approach but drives you to the same place – correct your missteps and create new value. Some of the mistakes that the commentator references includes: (1) killing promising new businesses to maintain old ones; (2) lack of objectivity; (3) failure to articulate strategy; (4) not challenging the status quo; (5) poor risk management; and (6) ignoring hot new trends. As I have often commented, #4 not challenging the status quo is one of my favorites. #6 ignoring hot new trends is also critical. Often new trends are a leading indicator of new opportunity. This is a good time to analyze those for your industry and outline how your organization can take advantage of them. No matter how you evaluate it, now is the time to get active and create new value. Checking your industry trends may be the answer that you are searching for.
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