The theme for this month’s newsletter and blogs is “Don’t wait.” Now that the election is over, many leaders in many companies are waiting to see what changes the new administration might bring.
Playing the waiting game is actually gambling with your company—something you don’t want to do.
Gambling Versus Strategic Operation
You wouldn’t earn your income by gambling. At least, most people wouldn’t. There are those select few who regularly win when they gamble, especially in poker. Most, however, lose. And anyone trying to win in a casino will usually discover, much to their disappointment, that the odds always favor the casino. Even when people have winning streaks, the casino usually wins it back because most gamblers don’t know to quit while they’re ahead.
Short version: gambling is certainly not a way to go.
In a business, you certainly wouldn’t want to gamble in the hopes that the company would do well. You wouldn’t take a chance on opportunities, for example, that would only pay off if the economy went in a certain direction. The more intelligent thing to do is to strategically plan the company’s direction based on what has been successful for the company in the past.
The Common Denominator
What is the common denominator when it comes to gambling? Uncertainty. When you place a bet, you may be hopeful that you will win, but you never know for sure until the dice land or the ball falls or the cards are dealt.
In business, that kind of uncertainty is unacceptable if you expect your company to succeed.
We’ve just had a major election, bringing in a new administration. There is a certain amount of uncertainty as to what changes that new administration will bring, and just like gamblers wait to see where the next card is going to fall, some businesses are waiting to see in which direction the markets and the economy are going to go.
That kind of gambling won’t work if you expect to remain competitive. Despite the change in administration and potential changes in the economy, your smarter competitors will have figured out their strategy before the new year and will be operating from it and doing well during the months that some others will be waiting to see how the economy will go.
When The Changes Arrive
These two methods of operation—waiting as opposed to confidently strategizing and proceeding—will result in two different ways of getting the show on the road and two different results from any potential changes.
The “gamblers” who have waited to see where things will land will rush and jump onto a direction of operation only after that direction is certain. Only then will they start seeing success.
Those who have planned well no matter the eventuality, and who have been moving along while others have been waiting, will see steady success right from the beginning of the year. If the economy does indeed improve as some have forecast, it will just be icing on the cake for those businesses.
Don’t gamble with your company—in other words, don’t wait to see where trends are going to go. Lay out your strategy and get moving right away.
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