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How to Innovate in a Downturn – WSJ.com
What do nylon, Hewlett-Packard and the iPod have in common? Would you believe they all launched during a major financial downturn?
Excellent article by Harvard B School Prof and McKinsey partner Bhaskar Chakravorti from the Wall Street Journal, chastening entrepreneurs that this is NOT the time to hunker down. Rather, “There is considerable anecdotal evidence that crises can be catalysts for creativity.”
Need help “making lemonade”? Chakravorti’s article will do it!
written by Nancy Chorpenning
\\ tags: Business Development
Plotting a Smooth Course When You Take the Helm – WSJ.com
One of our clients is adding a COO to his firm, someone to focus on running the business while he concentrates on being the “visionary” and the face of the firm. So this Wall Street Journal article with tips for incoming CEOs to smooth the transition, it caught my eye.
Sure enough, here are a few quick (but not easy…) pragmatic and helpful recommendations from an array of experienced consultants. It occurs to me that these are good reminders for ANY business head, especially during times such as these when they may need to act more decisively than usual.
Resist the pressure/temptation to be a “know-it-all”
Find some people you really trust to give you the lay of the land
Consider worst-case scenarios with cash flow, aligning costs with revenues
Set an agenda, and be decisive – demonstrate leadership
Communicate constantly – it may feel like over-communicating, but do it anyway
These times of uncertainty (and enhanced creativity!) offer an opportunity to introduce the kind of change that more stable times don’t afford. Leadership will count more than ever. Don’t blow it!
written by Nancy Chorpenning
\\ tags: Add new tag, Change Management, Leadership, Management
Scrum for Social Media
Although this is an article specific to Social Media (a current passion!), there are some very practical and simple lessons for managers wanting a structured process to get things done thoroughly and quickly. No, the two are not mutually exclusive. It’s about FOCUS and ACCOUNTABILITY. Of yes, and if you happen to be planning, say, developing a company website there are direct applications.
My favorite learning is the new definition of “Scrum.” Not referring to Rubgy, the new definition:
“a project management process with less planning, more prototyping and faster turnaround. Taken from agile software development process, scrum is easy to learn; requires little effort to start using; and works ideally for social media [and OTHER!] projects.”
This isn’t the only way to manage introducing a new product, but it is one to consider. See how it fits your business!
written by Nancy Chorpenning
\\ tags: Accountability, Focus, Management, Marketing
