While the exact improvement in the U.S. economy remains unclear, several indicators are pointing positive. Investment markets are up, GDP is on the rise and the broad range of business leaders we talk to are generally much more optimistic about 2010. That being said, we all know that unemployment is still a problem, and health care reform is a wild card for many in the insurance and financial services sector. We are not out of the woods yet, but 2008 and 2009 are now behind us. Good riddance, some say!
As we emerge from this extended downturn, the opportunities for growth may not follow traditional patterns, nor are things likely to improve as fast as in previous recoveries. The executives of the companies we see best positioned to emerge quickly are keeping a firm hand on the wheel of their company. These leaders have a solid understanding of where and how to take advantage of future opportunities because they’ve debated and answered the important questions within their organizations.
• What trends and external changes are driving our business?
• How does our business model need to be positioned to take advantage and defend the business in this changing environment?
• How well are our internal business priorities aligned and focused on the growth areas?
• How clearly are the priorities defined up and down the organization?
• How well aligned are our people, processes, and technology with the needs of the future?
• What are we doing that gets in the way of these priorities, and what are we doing to clear the way?
- What are we doing that gets in the way of these priorities, and what are we doing to clear the way?
The next wave of economic recovery will not be 'business as usual.' Leaders today need to have an especially intimate understanding of where they’ve been and where they are going.
Are you close enough to it, or do you need to roll up your sleeves and get your hands dirty?
Steve Discher is an EVP at the Robert E. Nolan Co. a management consulting firm specializing in the insurance industry.
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