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Tackling the global financial crisis
October 31, 2008 will be a day to remember. We have just seen one of the worst months in financial history.
- By Gustavo Rojas, Special to Gulf News
- Published: 23:43 November 4, 2008
October 31, 2008 will be a day to remember. We have just seen one of the worst months in financial history. We will all remember what it was like during the global financial crisis just as our grandparents and parents remember last century's Depression.
Today's global challenges do not compare or resemble those days during the crash of 1929. We now live in a global economy, the internet era, a world where many of us are highly-educated with many skills that were non-existent during the years of Depression. We are all wondering how this will impact us, our businesses, our trading partners, our strategic relationships.
How do we or how can we prepare for what might be looming in the months to come? I'm sure there have been numerous articles already on this subject and you might have already been exposed to some. Well, here is another one that may give you a different perspective and hopefully help you cope with our current crisis.
Experience
We have all experienced crisis. You might not think so but deep down if you go back and do an inventory of all the major events that have affected your lives, you will find situations that required you to take action.
They might not have been major ones but if we really look into our past, we have navigated through rough waters at some point during our lives, the loss of a dear family member or friend, moving away from home, new job and/or new boss possibly even in a different country. You were able to overcome those challenges, did you not?
So, we all will be able to cope with this situation. Why, because we are prepared, experienced, hard-working and innovative thinkers that will pull together during tough times and come out stronger.
Lessons were learned during the past crisis even if they might pale in comparison with current events. How significant those were is not as relevant as what you learned from those times. I'm sure many of you would find those lessons to be similar to many others. My list can be summarised as follows:
- Keep a clear head, don't rush to conclusions before you have all the information;
--Use facts rather than gut feelings to take decisions;
--You do not need to know everything, the power to overcome critical situations exists in sharing knowledge and experiences;
--Surround yourself with individuals who share your values but do not shy from voicing their opinions and will challenge the status quo; and
--Work hard, only you can overcome your crisis, no one is going to solve it for you.
This is no different than those rules required to run an effective and performance-driven organisation. As Charles Darwin said: "It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change."
So, go think, learn, innovate and take action and you will be able to cope with today's challenges and meet future ones head on.
Gustavo Rojas is Director Americas and Global Head Supply Chain at Cedar Management Consulting International.
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