At this point with the economy in a recession, depression or what Wall Street or the media wants to call it, we need answers. I call the economic climate we currently find ourselves in as a CRISIS.
Why do I call this climate a crisis? This term is defined by Merriam Webster’s Dictionary as an unstable or crucial time or state of affairs in which a decisive change is impending, especially: one with the distinct possibility of a highly undesirable outcome. We are currently at this position.
Just yesterday someone spoke to me about a huge percentage of business took a hit. I told the young man many businesses are taking a hit now because of the economic climate. Many businesses, especially small businesses, rely on credit cards and bank loans to pull the out or assist them in times like these. Here is the issue which creates the crisis, the banks are not lending like they normally would which places a hold on loans and lines of credit.
So what is a business or an individual to do in such a crisis? I say that both should realign their culture of revenue generation, spending and investing. This applies to the six figure W2 earner to the non profit organization to a Fortune 500 company. We must examine the culture in which we do business. We must ask the difficult questions and make some tough decisions.
When was the last time you measured your organization’s strengths and weaknesses? Do you have a product or service idea that is tailor made for the crisis we find ourselves in? How do you go about possibly replacing key leaders and training others? These are just some of the questions that must be asked in order to examine the culture and to stop this crisis. I think crisis management just took on a new distinction!
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