Recent economic reports suggest a rougher road ahead. The May jobs report showed only 38,000 jobs created with almost half a million people leaving the work force and the US unemployment rate was over 9%. At the same time, according to Mergers and Acquisitions, the magazine of the Association for Corporate Growth, middle market mergers and acquisitions 2015 activity was lower than 2014, and the fourth quarter showed “a dramatic dip.”
It’s not time to panic, but it is time to check on your plan for the next three years and become as flexible and agile as possible. With the political head winds, events in China and other global issues, business leaders need to be fleet of foot and able to change course quickly, both intentionally and in response to events.
The third element of Rick’s Four Dimensions of Executive Thought is Resources, which includes human resources, partnerships with suppliers and customers, and whether to develop capabilities internally or externally. Agility is one of the elements of the Executive Command Center, and executives should reconsider their business model for flexibility and agility in these rough times to be sure they can react quickly, whether the market turns up or down. Take a look at how your workforce is structured, how your relationships with suppliers work and how your supply chains flexibly move materials from suppliers to customers. With some planning, you should be able to be flexible and agile in response to rough patches ahead.
© 2016 – Rick Pay – All Rights Reserved