Strategy is Thrift
Always remember thrift, a careful and diligent use of resources when making strategicdecisions.
- Once a strategic direction is decided upon; fund the initiative fully, with thrift in mind. Maintain focus on a direction.
- Do not blindly cut or shift costs to others. Be responsible with the real costs of running a business even if you do not appear to be the direct payer.
Make decisions that will stand strategic scrutiny and are justifiable in a downturn.
- Would the decision outcome in question be different if the economy and/or the financial situation were different? If the answer is 'yes', think it through again.
Life conditions provide plenty of opportunity to manage uncertainty and complexity; do not create more by under-thinking. Remember the decisions made in a down economy. If these decisions were too drastic think them through again with thrift.
- Changing decision-making in response to economic whims is not thrifty.
- Commit to decisions that carefully and diligently use resources. If a strategic decision needs to be changed too often, the information is poor, the decisions are not strategic or the decision-makers are not acting with thriftiness.
As the economy picks up it is easy to forget the difficulties of the recent past ... try not to do this.
Originally published June 17, 2009