In the business world, there is a constant tug-of-war between doing something ‘right’ and doing it fast. The pressure of profitability is forever pushing companies to get things done fast, and then faster still. Managers submit requests and the due date is “yesterday.” The more quickly a job is performed or a task is completed, the more it is praised by management and investors. Employees are urged to pick up the pace. An entire engineering discipline – ergonomics – was developed to focus on improving efficiency by saving time through small adjustments in motion. Sayings abound about not wasting time. Time waits for no man. Wasted time is a wasted life. Don’t waste time or time will waste you.
On the other hand, the more quickly a job is performed, the higher the chance of an error or mistake. Software updates are released too soon, full of bugs and glitches. New phones are rushed to market, often with serious defects such as combustive batteries. Haste is often the enemy of quality. That is why there are also sayings about the problem of rushing. Haste makes waste. And haste does not produce breakthrough ideas. Tham Khai Mend, Worldwide Chief Creative Officer at Ogilvy, one of the world’s leading advertising agencies, once said “Miners shift five tons of rocks to extract one ounce of gold. Just like you have to shift a ton of rubbish to get a good idea.” Detailed or creative work requires a great deal of thought, research, concentration, reflection and mulling over to produce the truly valuable nuggets. It is a process that cannot be rushed. And, work that requires precision and accuracy — such as surgery, architectural design, accounting, proofreading, and dispensing medicine – also cannot be rushed. In such work, quality is arguably more important than speed. So how does an employer balance the need for speed and efficiency against the often painstakingly slow nature of achieving quality? The answer is not to balance them. Improve quality and speed is sure to follow. Continue reading
While it might seem impossible to prepare for the “unexpected”, business owners must think about and prepare for crisis situations. Some of those might be man-made, such as a cyber attack by hackers. More commonly, though, those unexpected events are those of nature, such as the massive flooding of the last few weeks experienced in Houston due to Hurricane Harvey and the rampant forest fires that are sweeping through California right now. Blizzards. Tornadoes. Earthquakes. There is no limit to the kinds of crises that businesses can experience, and they can happen anywhere, any time. Whether natural or man-made, these events are a cautionary admonition that the unexpected can and does happen.
It is up to business leaders to prepare for all types of emergencies in order to offset the impact of those situations on the bottom line. So how does a business owner prepare for the unexpected? Regardless of the location or type of business, every company should have an Emergency Preparedness Plan to deal with crisis situations. It is just good sense for every company to have and share its plan of action with staff. And some measures should be thought through and taken long before an emergency occurs. If no plan exists, it’s time to create one. Here are some things to consider in developing a corporate Emergency Preparedness Plan.
Rabbi Avigdor Miller once marveled at the notion that “two gases [hydrogen and oxygen] — neither of which can quench thirst – can be united into a clear and sparkling liquid which pours down one’s throat in a life-giving stream.” He added that “No liquid in the world can take the place of water for relief of thirst. This fluid is the most potent of all elixirs, although its availability and its inexpensiveness cause it to be overlooked. It is the universal solvent and the vehicle of digestion and of blood circulation. If water could be obtained only from the pharmacist, it would be the most costly of liquors, both for its vital properties and for its enjoyment.” And yet, most likely very few in the U.S. open a faucet and marvel as water pours out… precisely because it is so abundant and available.
Yet, in places like Somalia, South Sudan, Nigeria, Yemen and even places in the U.S. such as Flint, Michigan and drought-affected parts of California, water is very scarce and the cost (and value) of water has skyrocketed. In such places, people have a genuine and profound appreciation for clean drinking water. That’s because the value of everything is deeply affected by abundance or scarcity, whether the item is essential for life or not. In the U.S., the abundance of water has caused the value of “this most potent of all elixirs” to be mostly taken for granted. On the other hand, other commodities that are not essential to life – such as diamonds, gold, rhodium, platinum, plutonium, taaffeite, tritium, painite, californium – are highly valued because of their scarcity, even if they have no life-giving properties. This value is subjective. This is known as commodity theory, and it is something that every entrepreneur, business leader, and sales professional should understand thoroughly. This is where the laws of economics and the actions of sales and marketing professionals meet. Continue reading
There are many benefits that come from playing chess. Psychologists often cite chess as an effective activity to help improve memory function. That is probably why chess is recommended in the fight against Alzheimer’s. Playing chess can also help the mind solve complex problems and work through ideas. It is also thought to increase one’s intelligence, although that’s not been scientifically proven. And the effects of chess on children – which has been correlated to children getting better grades in school — has led to chess being introduced in schools in a multitude of countries. That said, many are still intimidated by chess because it is perceived as a game for geniuses. But while chess is a thinking-man’s game — one that requires a great deal of strategic thought and tactical reflection — it is not just for geniuses and savants. Anyone can learn to play chess and improve through study and practice.
Indeed, many past and present political and military leaders – including U.S. Presidents Thomas Jefferson and James Madison, Sigmund Freud, Queen Elizabeth I and II, French Emperor Napoleon Bonaparte, former U.S. Secretary of State Henry Kissinger, former U.S. Vice President Spiro Agnew, British Prime Minister Clement Atllee, Alfonso King of Spain, and Vladimir Lenin – all played chess. Many titans of industry also play chess, including Bill Gates, Co-Founder of Microsoft, Billionaire Investor George Soros, Carl Icahn, Chairman of Federal-Mogul, Peter Thiel, Co-Founder of Paypal, Jared Heck, co-founder of GroupMe and Fundera, Seth Bannon, Founder and CEO of Amicus, and Victoria Lipschitz, CEO of Grid Dynamics. In fact, Boaz Weinstein, chess player and head of Saba Capital, once said that “Chess helps me in trading, teaching me to focus on the important decisions and to accept risk.” Last week, we looked at a few useful strategies. Let’s look at some more chess strategies that can be applied to business. Continue reading
Chess is one of the fairest games there is. In chess, opponents start with an identical force. The entire playing field of a chess game is out in the open. A player can see every move an opponent makes as soon as he makes it. And, in chess, no dice are used so it is never a game of “chance” and there is no luck of the draw. Moreover, there is no referee involved in chess that might “throw” a game or be partial to one side over the other.
The business world is perhaps not as fair, balanced and chivalrous as a game of chess. In business, competitors seldom start with identical workforces, and a company can easily hire a better force. In business, a lot of deal-making is done behind-the-scenes and a company might not learn about a competitor’s initiatives until much later. And, in business, a company can innovate a product or service – or how it delivers that product or service — in ways that totally change the playing field for competitors. In fact, a company can innovate to the point of actually changing the game. Think of how Uber has revolutionized short-distance transportation and how Airbnb is changing the hospitality industry.
So, in many ways, business and chess are different. That said, chess is all about strategy and tactics. The best chess players are those who have the ability to stay ahead of their opponents and strategize goals that can be achieved as quickly as possible. In that regard, running a company is a lot like a game of chess. To stay ahead of the competition, companies must think strategically and be quick to implement. That’s where chess strategy can give business leaders guidance. While many games use methods that can be incorporated into how business decisions are made, chess requires strategic decision-making, connections, timing, tactics and evaluation. Continue reading