dispatches from the new world of work

The Black Swan 44: Tactical Rules for Survival (and Success) in Looney times

[Herewith, the list referenced in Friday's Post—it is also attached as an MSWord file and as a PDF.]

"I [will] not accept the explanation of a recession negatively affecting the [new] business. There are still people traveling. We just have to get them to stay in our hotel."—Horst Schulze, former president of Ritz-Carlton, on his new luxury hotel chain, Capella, from Prestige (06.08)

There's really only one story these days, collapse of the financial markets. We are a long way from knowing the outcome. For starters, if you are under about 50 years of age, you've never lived through, as a manager, a truly deep and lasting recession—the last one was in the early '80s. Some of us will combust, some (most) will more or less muddle through—and a few will see opportunity and jump on it.

I have prepared a decidedly un-profound set of "tactical rules" for weathering the storm—and maybe coming out ahead. Named after Nassim Nicholas Taleb's profoundly important book, The Black Swan (a highly improbable nasty event), this list is presented below, in shorthand:

1. K.I.S.S.
2. Hammer on the basics.
3. Focus on us, not the competition.
4. Puzzle-solving: How to turn this into an opportunity.
5. MBWA/X.
6. MBWA/I.
7. MBWA/Vendors.
8. Waaaaay over-communicate!!!!!! (With everyone—start with your banker.)
9. All work is team work.
10. Transparency.
11. Work the phones.
12. Perception of fairness.
13. Share the pain.
14. Decency!!!!!!!
15. Grace!!
16. "Thank you."
17. Control your impatience—no temper tantrums.
18. Constant attitude checks—you.
19. Dress for success.
20. Avoid burnout/you, the team, the entire organization.
21. Re-emphasize the company values-philosophy. (Now, more than ever.)
22. Quality!!!!!! (Now, more than ever.)
23. No corner cutting. (Now, more than ever.)
24. Constant reviews/War room.
25. Celebration of small wins.
26. People First/HR is King.
27. Help people with personal financial management.
28. Be generous to those who are let go—e.g., healthcare benefits.
29. Don't over-analyze.
30. Don't under-analyze.
31. Cuts all at once—if possible.
32. Cuts explained in great detail.
33. Quantitative calendar management—focus on "to don'ts."
34. Increase customer-service training.
35. In general, minimize training cuts.
36. Be(very)ware R&D cuts; R&D quick pay SWAT teams.
37. Beware such things as sales travel cuts, ad cuts.
38. "Across the board" = Dumb.
39. Is this a time to over-invest if cash is at hand? (E.g., distressed innovative start-ups?)
40. Stealth work on the likes of XF communication.
41. This could last a long time—LT prep is necessary now.
42. Prepare/Be prepared for more Black Swans.
43. Excellence. (Now, more than ever.)
(44. Remember all this in peacetime—Chuck Knight's legacy.)

[Please re-read Success Tip #139: Work the Damn Phones! Treble Your MBWA! (Managing by Wandering Around.)]

Tom Peters posted this on 10/06/08.

Comments

Great list for business success at any time of the financial ebb and flow.

As a training professional may I add a No.35(a): Maximise Training Benefits!

In hard times the best people are needed with the best attitudes. Good, effective training can take your average people and make them great.

Certainly watch the costs AND maximise the benefits!

Posted by Stephen Hart at October 6, 2008 10:02 AM

Thanks for posting these tips. Shared them on Twitter. Hope lots of people take your insights to heart.
Best,
David

Posted by David Damore at October 6, 2008 10:09 AM

I would add two more to the list:

- Lead by example - not with rules.

- Remember Darwin -> the most responsive to change survives!
..

Posted by Jeff P. at October 6, 2008 12:08 PM

What goes down must come up.
What did you do to prepare for that?

Posted by nextgenradio at October 6, 2008 4:30 PM

A great list of 44 things to do in 'normal' times as far as I can see. Perhaps if we did these things all the time we wouldn't experience bad times. Good to see simplicity at number one Tom :-)

Posted by Trevor Gay at October 6, 2008 4:45 PM

My addition...When all forces say tighten up, loosen up!

I see so many organizations moving to command and control as the players at the top start dictating measures. It sends a message that talent is our most important asset, UNTIL it really matters. Then we need to take over. You need your best and brightest to engage right now, don't shut them out, invite them in.

Posted by Mike Neiss at October 7, 2008 8:51 AM

Mike Neiss--so right. I am seeing it right now in a company I have spent half my life with but am leaving in a few days. Times get tough and secrecy prevails. Top management retrenches and begins making all the plans in special secret meetings. Managers with millions of dollars of product responsibilities and dozens of direct reports are completely out of the loop. Rumors abound and there are no facts available to counter them. The "leaders" are not leading, they are hiding. This company is looking more and more like the US gov't every day. Everyone is more concerned with playing CYA games than solving the problems. Those who do want to solve the problems are either powerless or otherwise unable to do anything except cut direct labor--the old failsafe.

man on viagra

Posted by Red Island Rhodes at October 7, 2008 12:12 PM

Tom,
I am in Boston at a MarketingSherpa conference and I found this post on your site while browsing the Internet between sessions.

This is a great read. I really agree with numbers 18. Constant attitude checks—you.

and number 25. Celebration of small wins.

Attitude is so important and celebrating small victories sure does help.

I re-posted this on inSocialMedia.com for our community to read.

What do you think about possibly adding this one to the list?

"Take Responsibility"

Best Regards,

Nelson Bruton

Posted by Nelson at October 7, 2008 12:51 PM

Posted by ?? at October 7, 2008 11:48 PM

If interested, look at this link:

www.slideshare.net/andresagostini/staggering-century21-leadership-as-per-andres-agoistini-arlington-virginia-usa-wwwagostininewsblogspotcom-presentation

Andy

Posted by Andres Agostini (Andy) at October 8, 2008 3:01 PM