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Be Aware Of The Cyclical Nature Of Your Business
| All business is subject to cycles. The evidence is all around us and the detailed nature of the impact of those cycles on our business is usually easily obtained and analyzed.
The first important step in dealing with business cycles is to collect information about your industry, your market place, and your company's history. Critical to the early recognition of reality (the ERR Principle) is being aware of what is going on within your industry and market that is cyclical in nature and therefore predictable as to magnitude and duration.
Once you understand your business cycles, you can predict their timing and their potential impact and prepare contingency plans before they are needed and implement them on very short notice.
Success in using this approach does require leadership that is absolutely proactive and completely non-reactive, essential if companies are to perform successfully over the long haul to the benefit of all stakeholders. |
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