There is a saying in business that a rising tide raises all ships. The idea transference is that good economic times and a bull market allow a lot of businesses (especially publicly traded ones) to appear to be in better shape than they actually are. Investors flock into the latest craze and ultimately get taught valuable life lessons.
We’ve been there…
Bear markets are said to return money to those who are supposed to have it in the first place. Much to the chagrin of those who have it and lose it due to inattention to market fundamentals etc…
We’ve been there…
Low tides serve to beach some boats rendering them useless; much like tough economic times rid the market place of ineffective businesses and business models.
The tension of wondering whether your business, its market positioning and overall business model is vulnerable to competitors and apathy (both internal and market oriented) can be a distraction, but this time can be put to effective use if you decide to take action.
“Let our advance worrying become advance thinking and planning.”
– Winston Churchill
Having a properly facilitated management review where all decision makers and thinkers in your company can come together to gain clarity on what the business looks like to each of them is an efficient way of defining what is common and what is not in a management team.
The process can be invaluable and serve to center collective viewpoints around the things that matter NOW. Action steps can be formulated and energies channeled back to what are the ideas that all can rally themselves and others around.