The beginning of the new year is often followed by a review of the past and a projection of good intentions (less committed than resolutions) for the coming year. Almost everyone I have spoken to recently would rather forget 2008. However failure to learn from history dooms us to repeating it. A bit like Ground Hog Day.
We should by now be able to recognize:
- market bubbles and gold rushes
- the value of regular pruning of both our portfolios and our staffing
- the need to balance hesitation with action as the foundation to good management
- the importance of being hard on issues but soft on people if we want to retain our best talent
- the ongoing importance of ethics, governance and operating excellence
- the value of showing up and doing a good job
- the value of diversification even when it simply mitigates losses
- and oh yes the value of risk management.
Not withstanding these cautionary intentions we need to relentlessly focus on:
- our customers, clients and relationships
- innovating as the means to achieving highest form of competitive advantage
- building trust and mutual respect between teams and with clients
- taking personal risks to achieve long term goals
- fearing lack of success more than risk of failure.
With these intentions as a backdrop as I learned in college there is always Hope.
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