A quote from Evangelos Venizelos, Greek finance minister regarding the austerity measures they passed to avoid defaulting on their financial obligations:
“When you have to choose between bad and worse, you will pick what is bad to avoid what is worse.”
It made me think about business planning. During the Great Recession, plenty of companies had to slash budgets and overhead to stay afloat. These are uncertain times (just ask the citizens of Greece) and I think part of planning for prosperity is thinking through possible worst-case scenarios.
If you had to institute your own austerity measures to survive, what would you cut first? Have you at least thought about bad-case and worst-case scenarios if we hit another recession?
Howard Shore is a business planning expert who provides business strategy and consultation services. To learn more about how an executive coach, management consultant, leadership training, or business coach can help you, please visit his website at activategroupinc.com or contact Howard Shore at (305) 722-7216 or email him.