Every morning before work I have coffee with an interesting mix of people at my local Peets. One of my friends was sharing information he had gleaned from a talk given by former HP CEO Carly Fiorina who is now a major player in the McCain campaign. The point she made about today's business climate was so "spot on," I just had to share it.
Using the analogy of a bullfight, Fiorina said that every bull has a corner of the ring that they feel is their comfort zone or safe place so whenever they get into trouble, that's where they go. There's only one small problem with this strategy. The matador already knows his bull's favorite corner making it even more vulnerable. Therefore heading to what feels like a safe place to the bull may actually be the beginning of his demise.
Businesses in tough economic times according to Fiorina, are not much different. Their instinct is to go to ground or their "safe place." When faced with a difficult climate, they tend to stand still and take no risks. Not surprisingly like the bull, doing that may make them more vulnerable as well. In a downward environment, companies really need to be moving, changing, and thinking "outside the box" in order to generate new revenue streams [before the competition beats them to it] otherwise "they may go the way of the bull!!"