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The Quintessential Survival Guide in the Corporate Quagmire! | |
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Before You Head Off, Make Sure You Know Where You Are Going - The Importance of Clear Objectives.
The title of this article sounds like simple advice, but so often we undertake activities and projects without really understanding how they are going to help us to achieve our aims. I have outlined below some of the causes of this cavalier (and costly) approach to business improvement along with how we might approach things differently. The latest thing! In business we are often worse devotees of fashion than any teenager. We undertake initiatives, programmes and structural changes regularly to follow the latest trends in management thinking. Think of business process re-engineering, lean manufacturing, web services, outsourcing, "off-shoring" - the list is endless. Now each of these have their place and can have a dramatic, and often very positive, effect on an organisation, but how often are they selected simply because they are what everyone else is doing or what the consultants are pushing this year? All of the activities listed above are tools to achieve certain aims and every organisation's aims are unique. Don't follow everyone else down the A1 if you are trying to get to Aberdeen! Busy fools Although in some organisations bureaucracy can lead to action never being taken on anything, in many the opposite is true. Particularly in the SME sector, action is prized much higher than planning. This can help in adapting quickly to change but often has the effect of creating "busy fools". Doing something is better than doing nothing, but it is worth a check to determine whether we are doing the right thing. That five minutes to check the map before we pull away can save hours in getting lost on the way to our destination! Stop and Think! Before undertaking any activity or project, stop and think about how it meets your strategic objectives. If you don't have any strategic objectives then get that sorted before you do anything else. With a clear idea about what your organisation is trying to achieve you can "cherry-pick" from the tools and techniques available and ensure that all of your resources are focussed on activities that will help you to achieve those aims. The success of these activities is also greatly enhanced, as employees understand why they are undertaking them, instead of paying them lip service while dismissing them as the management team's latest fad. Full steam ahead! Once you know where you are going, and you have selected the tools, techniques and projects that will take you there, you can charge full steam ahead, safe in the knowledge that you are not heading in the wrong direction. Glen Feechan is Chief Executive of Feechan Consulting Ltd (http://www.feechan.co.uk), a business consultancy specialising in business process improvement training and consultancy. Email Glen at glen@feechan.co.uk. Glen is also the editor (and regular contributor) of Changing Business ezine (sign up at http://www.feechan.co.uk).
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Greece warns bailout rebels of disaster (Reuters) Reuters - Greek Prime Minister Lucas Papademos told lawmakers to back a deeply unpopular EU/IMF rescue in a vote on Sunday or condemn the country to a "vortex" of recession. Greece's grim choice: deep budget cuts or default (AP)
A look at economic developments around the globe (AP) AP - A look at economic developments and activity in major stock markets around the world Friday: NY's AG isn't backing down from Wall Street probe (AP)
Summary Box: Commodities fall on Greece debt woes (AP) AP - GREEK WOES: Commodity prices fell broadly as a plan to fix Greece's crippling debt crisis remained far from settled, renewing concerns about global economic growth. Most commodity prices fall on Greece debt woes (AP) AP - Commodity prices fell broadly Friday after a plan to fix Greece's crippling debt crisis suffered a setback, renewing concerns about global economic growth. Bernanke urges action to heal housing markets (Reuters) Reuters - Federal Reserve Chairman Ben Bernanke on Friday issued a call to action to restore U.S. housing markets, saying depressed house prices and sales are a serious drag on the economic recovery. Obama call for manufacturing revival a tough goal (AP) AP - President Barack Obama is making a strong election-year push for an economic revival "built on American manufacturing." But he faces an uphill slog, with little consensus even within his own party on how to do it. Gov't on pace for $1T deficit despite January dip (AP) AP - The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year. Bernanke: Weak housing has hurt consumer spending (AP)
January budget gap shrinks (Reuters) Reuters - The monthly budget deficit narrowed to $27.4 billion in January from $49.8 billion in the same month a year earlier, partly because some benefit payments normally made in January were shifted to December, the Treasury Department said on Friday. Anxiety over incomes hits consumer morale (Reuters) Reuters - Americans felt worse about their personal finances in early February, but rising confidence in the labor market's prospects should help to support spending and the broader economy. Romney appeals to U.S. business with harsh China talk (Reuters) Reuters - Mitt Romney slammed China's "autocratic model" of capitalism in a speech to technology executives on Friday, keeping up attacks on the economic powerhouse days before a visit from a Chinese official expected to be the country's next leader. Housing a "significant headwind" to recovery: Fed's Pianalto (Reuters) Reuters - The housing market is holding back the broader economic recovery now that foreclosures have become "a national crisis," a top Federal Reserve official said on Friday. Exclusive: Future of bank benchmark rate under review (Reuters) Reuters - A global probe into whether banks colluded to set the interest rates at which they borrow money from each other has thrown into question the future of the benchmark they use to price financial products worth an estimated $360 trillion. Bernanke urges action to heal U.S. housing markets (Reuters)
Spain cuts firing costs in new labor reform (Reuters) Reuters - Spain cut severance pay for workers on Friday and watered down collective bargaining rights, giving more power to employers as it attempts to kick start its moribund jobs market and slash Europe's highest unemployment rate. Portugal watches Greek debt drama with foreboding (Reuters) Reuters - Portugal's economy will shrink as much as Greece's this year, according to IMF projections. The two will have identical current account deficits and the red ink in Portugal's budget will be almost as deep as in Greece's. Trade deficit widens to $48.8 billion in December (AP)
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