Delivering customer or beneficiary benefits requires 4 ingredients; insight, strategic focus, expertise and business flexibility. Understanding customer or beneficiary needs is the insight. Choosing which of them to meet well involves both strategic focus and expertise. Building up and maintaining business flexibility ensures survival of the organisation in an uncertain world. Perennial business brands typicallyContinue Reading Business and Charity Success
Risk management remains an evolving practice across a wide range of sectors and organisations. Typically, the Board of Directors or Board of Trustees wants the organisation to maintain a risk register – one that catalogues the key risks, assigns risk owners, rates each risk and devises proportionate risk mitigations to manage those risks. Some sectorsContinue Reading Business Flexibility meets Risk Management
When is the best time to handle loss? Beforehand? Investors put a stop-loss in place. Policy makers put ceiling and floor limits on future activity. Engineers design pressure values. People choose an engagement period and sign pre-nuptial agreements, before they get married. Insurance companies design cover contracts & premiums, after first assessing probability of claimContinue Reading Commitment versus Cutting Your Losses
The World is obsessed with actions. Stakeholders want them. Accountants value them. Politicians couldn’t survive without them. In Physics, potential energy matters as much as kinetic energy. Employers hire potential, recognising that strength comes not just from proven action, but from having versatility under uncertain conditions. Astute buyers bypass one deal, knowing others will follow.Continue Reading Options versus Actions
How does personal flexibility (PFL) help to manage uncertainty? First, let’s look at what uncertainty is and how it arises. What uncertainty is Firstly, uncertainty can be positive as well as negative. Why positive? Not knowing who your future soul mate is, or whether you will even find one, makes life exciting. And probably changesContinue Reading Managing Uncertainty and Personal Flexibility