Atlantic Canada's Small Business Blog
Helping Atlantic Canada’s businesses execute their BHAG
How would you react when you notice a bunch of sharks keeping their distance from a bloodied meal? Imagine in your mind’s eye: speculators and hedge funds (sharks) circling around the meat (the US dollar), but still apprehensive to go in for the kill. After all we are talking about the world’s largest economy, albeit a one on crutches. Why haven’t we seen a hammering of the US dollar as we have seen in past crisis across the globe? Being the vehicle currency, the US dollar enjoys dominant share in central banks’ reserve portfolio worldwide. While there are some countries who have reduced their exposure to the US dollar, no country has given up trading in the US dollar altogether.
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Let’s talk strategy - your vision, your BIG HAIRY AUDACIOUS GOALS! Without a vision and plan, you are not going very far.
The common-sense approach to portfolio, program and project management. It’s the survival of the fittest in today’s economy.
The one function most confused with sales. Let’s get one thing straight - marketing is NOT sales. We’ll just talk marketing here.
I just passed the PMP® exam last week - and as with any project closure one needs to file away lessons learned. But first some comments on project management and the PMP® certification exam. Having gone through the exam, I now more firmly believe that project management is common sense.Read the PMBOK again. It takes a few readings for the PMBOK contents to sink in. I did not read it three times- though I would have liked to review it at least twice. I managed to go over it just once.
We are living in one of the most unsettling periods in human history. Businesses are being nationalized. William Gale, an economist at the Brookings Institute, along with Fed Chairman Ben Bernanke suggests that while the recession might end by the end of the year, sustainable recovery may take a while. Perhaps the greatest economic lesson we will learn is that we cannot spend our way out of a recession. People cannot spend what they do not have. And this goes for governments too. Speaking of people, when they find themselves on path to poverty losing everything they have worked for all their lives, I guess rationality goes out of the window.
If a risk has already occurred in your business and you are looking at solutions (i.e.; reacting to the risk), then it is an “issue” - a “problem”. It is no longer a risk. Risk is the possibility that something good or bad is likely to happen in the future. So when a risk has occurred, there is no such thing as probability then – the risk has turned into an event. Risk management is a continuous and iterative process in which you are constantly evaluating your good and bad risks, its probability of occurring and plan what you would do if the risk occurs. If you have not thought about a particular risk and it occurs, then you will immediately switch into a reactive mode and take decisions that you have not thought through. Risk management is all about being proactive. But do not undertake a risk management strategy exercise without a strategic plan in place.
Who is John Galt? If you recognize the question, you have no doubt read Ayn Rand’s Atlas Shrugged. This question portrays a sense of helplessness and despair in her novel. With each passing day, did you not notice the things that are being done in the interest of the “public”. Are we traveling down the same path as mentioned in Rand’s book? The similarities are striking. New Brunswick seems to understand that where the Premier Shawn Graham promises to lower personal income taxes to 9% and 12%. I say abolish taxes totally with immediate effect.
If I were an American International Group Inc. (AIG) employee I would quit – in a hurry. I’d rather be at home than become a government employee. Isn’t that what an AIG employee has now become? “Because the government gave me money, I got to do what the government asks me to.” I cannot run my business (unit) without thinking if my actions are going to upset the government and public. Today it is the retention bonuses – tomorrow I’ll be told I can’t make money. AIG won’t be returning to profitability any time soon in this scenario
Now that you have your business objectives that are measurable as defined by your strategy you need to look at the initiatives (programs) you need to undertake. Simply put, a program is a series of related or unrelated projects that further a certain goal. Just to drive home the point, the program is a portfolio of projects designed to achieve your organizational goal (strategy). Having a good program management also ensures your resources are prioritized and aligned.
“The current crisis is unprecedented!” “Governments globally are reducing interest rates to historic lows in response to this crisis.” “Government is urging banks to lend.” “TSX is down another 100 points …”
Not a day goes by these days without us hearing the words of economic gloom and doom. Deficit’s seem to be the new economic mantra. It seems to be the magic wand that will seemingly fix our economic woes. And perhaps it will. But I am not sure that getting into a deficit to fund infrastructure spending is the key to our economic recovery. A deficit may be effective depending on how we get into deficit.
I received the following email a few days ago. From my experience working with an investment bank, I know that VCs NEVER send out such emails soliciting clients. This is most likely a scam. This is the first time I have received one. Beware of such emails - you have been warned!
