May 2009 :: George Bernard Shaw Was Wrong: Five Lessons from a Meltdown
In the April 2008 Special Edition I wrote about Market Corrections, Seinfeld and Naps. In that issue were four suggestions about ways to rescue yourself from the sea of sameness – especially during periods of difficult markets.
Now that we are 12 months out – and who among us really thought it would last this long? – it’s time to add to the list.
Relationships: When I was a young, dumb kid (emphasis on dumb), I argued with my grandfather about the importance of relationships. My thought was that the ‘what’ you know trumped the ‘who’ you know. If he was still around, I would give him the deserved credit for his sage advice that relationships are everything.
More than ever, relationships define those that prosper during the storm or get colleagues the employment of their choice when others have to rethink their desires. What actions are you undertaking to deepen relationships?
Learning: As difficult as it may be, stop along the way and ask yourself, ” As painful as it has been, what will I take away from the experience?” We are coming out of one of the most historic periods in our professional lifetimes. What did you learn? Take some time to catalogue those thoughts. What new skills, lessons or behaviors have you acquired?
Value proposition: Have you recalibrated your value proposition? I talk about ‘bones on the beach.’ This is caused by the market tide going out and exposing all the sales professionals that created their success exclusively on the backs of their firm or based on a single product. Now that so many great firm names are tarnished, is the brand that is “you” still shining?
Media: Stay away from the media in large doses. It can be successfully argued that the recession might be exacerbated by John Q. Public watching way too much Brian Williams and/or CNBC. Just keep repeating: ”They sell commercial time to make money.” The more viewers, the more they charge. The more sensational the story, the more viewers.
Lather, rinse, repeat.
Knowledge: If you are not a student of the business, you are naive. It has always been true that we need a global understanding of the economy and its markets to serve our clients properly. Now there is no option. Those that have the ability to understand, process, and act upon the myriad of information coming fast and furious each day will win clients.
George Bernard Shaw said: ”We learn from history that we learn nothing from history.”
He was wrong.
