What We Learned This Week
As if 2020 had not delivered sufficiently in terms of challenge, this week we have been faced with a further wave of change management to cope with. We have – and are finding – this to be extremely challenging, although I think we will survive.
Our family has added a different dimension. I hope you can see the picture – our new family member, Gina.
She is our response to the early passing of our previous dog, Lulu. Somehow the house just seemed so quiet and the walks in the countryside a little empty. No longer.
Since Gina arrived, we face a tidal wave of attention, new toys, tripping over what we though was a shadow, noises in the night, disrupted sleep patterns, and toilet training. (the last one just for Gina)
Imagine how Gina feels – she was in the middle of 7 brothers and sisters until Sunday.
What have learned about change this week?
• Kubler Ross’s change curve is a good representation of how things feel right now*.
• Change is fine when you know you have chosen it: we chose Gina, we may not feel we chose the impact of Covid 19.
• 2020 is giving all of us a crash course in change management.
• My training skills will work with a dog, but working with people can be more challenging and even more rewarding.
• I am not fooled: what is nominally dog training is about 5% training the dog, and 95% training the owner(s). On occasions I have discovered the same principle when doing management training.
• Change can seem to happen quite quickly.
• Progress does not move in a straight line, except when it’s on a plan.
Another of my training staples – the KASH model – is highly relevant. We are having to acquire new Knowledge (how you train a spaniel, not had one before), Attitude (this is our chosen path, not one we have had inflicted upon us), Skills (flexibility, listening, paying attention to canine body language).
And the big one – Habits. We have a new routine now, well it doesn’t feel like routine yet, but it will. The routine will develop further in the coming week once Gina’s inoculations have kicked in and we can take her for walks outside.
The dog training chimes with me on a number of levels, but especially so given the issues we face this year. While we need the knowledge attitude and skills, what helps us cope with change is devising a new habit or routine, a new way of approaching our day, where we know what to expect and have planned what we will do.
As the pandemic continues, it looks like we have yet to undergo all the change which is coming our way.
I hope your new 2020 habits are going well, and you have less mess on your kitchen floor than we have right now. Don’t worry: on our next training session I will not be asking you to sit and stay.
*https://www.cleverism.com/understanding-kubler-ross-change-curve/
Buzzword of the Week – Risk
Definition – Risk is the chance or probability that a person will be harmed or experience an adverse effect if exposed to a hazard. It may also apply to situations with property or equipment loss, or harmful effects on the environment. Financial risk is the possibility of losing money on an investment or business venture. Financial risks include credit risk, liquidity risk, and operational risk.
Alternate View – Ever present. Risk management has evolved from being just insurance, which only mitigates the financial consequences, to a suite of management practice to actively alleviate the consequences of things going wrong. Which they will: it is when not if. The subject of entire academic texts, a favourite of mine is Against the Gods: the remarkable story of Risk by Peter Bernstein.
Online Learning – my first online programme – How to Read Financial Statements – is now available. This is a series of 7 online lessons:
1. How finance fits with Strategy
2. The Language of finance
3. Owning & Owing – using the Balance Sheet
4. Measuring & Managing Profit
5. Measuring & Managing Liquidity
6. Budgets, what, why & how
7. The most important part of all
Each lasts between 20 & 40 minutes and includes the slides and videos to help you understand what good looks like in financial terms. There is a special offer price this week of just $49, and is available now at https://app.mastermind.com/masterminds/8443
Business Ready is a scheme providing funded business support for high tech startups around Warwick University. I am delighted to be helping them with online learning sessions on Finance, Business Planning, Pitching for Finance, Risk Management and Negotiation. The next of these is Monday 17th November – Time Management and Personal Productivity. Have a look at the link and find out more