This week our government enacted legislation (the so called Bailout Plan) via a process that comports totally with two of my main points of management philosophy:
A. Positive Crises, Danger or Opportunity: obviously we have/had a crises--as credit liquidity was screeching to a halt. This crises presented the need, or the opportunity, or both to at least partially remove the draconian overhang of securitized and individual non-performing mortgages. Had this issue not developed into these macro-crises proportions, this overhang may have had great and long-lasting effects. The government took the opportunity of the crises to make a one-time change in our nation's balance sheet. Take advantage of a crises in your business by making and implementing tough decisions that you would otherwise find difficult to do.
C. Decisive Action Trumps Perfection: most everyone agrees something had to be done, hardly anyone agrees with the exact structure of the legislation. Most importantly, hardly anyone believes that we would have been better off to spend several months coming up with a theoretically perfect plan. Execution is the key to any business strategy; decisive execution of a reasonably good plan.