It’s that time of year again – baseball fever!
Sidebar: Congratulations to the USA Women FIFA World Cup Soccer team; what an amazing group of competitors…warriors really. The stories of how each player made the team, some at the last second and with some “divine” help are just incredible.
Ok, back to our theme…baseball. MLB All-Star break is now over and the second half of the season is beginning. Ask any baseball player and they will tell you that this is the time to separate the winners from the losers. In fact, what’s already in the works now can teach business leaders a lot about how to win in an increasingly competitive market. What’s that? Trades! To be specific in business terms, risky and gutsy decisions; with a whole lot of strategy sprinkled in for good measure!
It fascinates me to watch which teams trade amazing talent and which teams risk moving forward with the players already in place. Those that make these decisions often put it all on the line and often with gifted creativity. Below are some things that business leaders should consider as they consider their next move:
- Risk – Are you going to go for it? Do you understand the risks vs the opportunities? The NY Mets are far from 1st place right now and some are saying they might trade their star player. They’ll likely get some draft picks and youthful, promising farm players, but should they do it? How do you manage and decide on risk? Carefully, and with trustworthy council I hope. The winners in business do this with great skill.
- Strategy – This should ask – where are we now and where do we want to be? For some teams, they are in last place but feel like they can make a run for it in a year or two with the right moves; so trading may be the right decision. Alternatively, some teams – like our Texas Rangers – are in first place and need to plan ahead for the playoffs and possibly another championship series. Should they repeat last year’s move and pick up a seasoned pitcher with playoff experience? Time will tell…
Experience – So much in business strategy consulting is about Risk and Planning. I’ve also observed decisions based on experience (i.e. a player’s age and time in the “big” leagues). In some cases, when a business needs a particular service, one thing to consider is whether you want services provided by those with extensive experience (knowledge experts) or those that bring the latest and greatest concepts. This will often depend on your specific business need and key objective(s), but something you should consider.
Like in baseball, decisions always have the potential for great rewards/benefits or significant costs/lost opportunities. Be sure to seek outside, objective, assistance. At Operational Strategies, we are business strategy consulting experts, so let us know of we can help as you consider your next step.
Author: Keith German