I personally believe that the following procedures and actions would be very effective in making one more productive and better prepared to visualize risk and manage uncertainties: Hand Over risk Take Over new journey - HOTO
1. Dismantle fixed performance contracts. Negotiate better scope and terms. Nothing is standard and nothing is permanent unless parties to the contract, decision and agreement agree that the conditions are standard and fixed. Changes can always be made that suit the parties and result in more effective agreement.
2. New self rules for evaluation: Determine certain rules which when followed daily and routinely - make your working, progress, tasks, and actions more effective and productive.
3. Revise action planning rules.
4. Revise concepts formation rules.
5. Define and establish new performance indicators. Performance indicators are an effective methodology that confirm progress in the right direction and also act as precursor for impending risks, changes in plan and actions required. They reaffirm progress as well as help anticipate and thus manage risks more effectively.
6. Redesign information gathering methods.
7. Redesign what you want to do.
8. Analyze cost. It is an important parameter of any project.
9. Revise forecasting methods.
10. Revise working style and culture.
11. Frame new financial monitoring rules.
12. Work on network of people.
13. Devolve decision authority.
14. Change rules for capital expenditure.
15. Create new governance and internal framework.
16. Reorganize operating hierarchy level.
17. Create self belief affirmations.
18. Create new customer segment.
19. Set up service level agreements.
20. Create rules for assimilating new venture.
21. Communicate about the new model.
22. Formulate quality assurance of the new venture.
Change the way you work to perform better under uncertainty and do it by implementing and practicing new ideas, ways, techniques, and then thinking about changes you could make. Focus on your areas of limited knowledge and expand it in a manner that makes you more effective, efficient and productive at managing risks and uncertainties.
IBM focused on innovation- in 1932 IBM committed 6 percent of its revenue to R&D and created a corporate research laboratory. DuPont also increased its investment in R&D to about 93% in the span of nine years from 1930 to 1939. In 1930, P&G enlisted college educated women to do door-to-door market research survey and this helped P&G for effective marketing strategy.
GE capitalized on government spending across range of new federal programs. Chrysler adopted new advertising strategies to launch new model (Plymouth with elimination of vibration and noise) of cars. Asihi, a Japanese company focused on distribution and mass-marketing channels to come out from the recession.
McDonald accelerated the opening of new stores with a pace of about 300 every year. Some companies shifted from products to service business and so on... All of the above examples show that during crisis and uncertainties, we need to adopt brave and promising strategies and decisions that can bring back normalcy and success through new sustainable actions. The old one-size-fits-all will not be adequate.
The best leaders supplement their shaping bets with options that let them course quickly and effectively. The best way during crisis and uncertainty is to undertake an emergency room surgery, carving away the old habits and amputating ineffective practices.
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