Staying alive

If you haven’t read Rob Millard’s post The Greatest Banking Crisis of our Generation on his blog The Adventure of Strategy, you must.

It is very sobering stuff ~ but absolutely spot on

If you have not yet switched the focus of your strategy to creating contingencies to deal with the very serious possibility of survival under the worst possible economic scenarios, then do so now. Do not delay.

1.  Make sure that you have jettisoned all non-essential costs (but not the essential ones)

2.  Make sure that you are getting accurate and objective information from the market …. keep especially close to your key clients

3.  Make sure that you have a plan based on the “What If?” scenarios that you have identified might emerge

4. Keep your eyes peeled for opportunities as well as threats to be warded off

5. Unless absolutely unavoidable, stay true to your core strategic intent

This time will pass. Right now, a clear mind and strong leadership are absolutely essential.