The best way to avoid problems and overcome barriers in a company is simple: Listen to the experiences and opinions of your employees. Although listening to negative feedback can feel challenging to leaders, it is one of the most valuable sources of risk intelligence.
In this episode, Grace explains the three ways for frustrated employees offer their opinions and which 5 steps will help you create Healthy Feedback Loops in your organization.
The PESTEL tool is used to evaluate various threats and opportunities in 6 key areas: Political, Economic, Social, Technological, Environmental and Legal.
It is typically used as during long-term planning to get a macro (big picture) perspective on issues that could impact the organization. Combined with the SWOT Analysis, this tool can provide incredible insights for risk intelligent decision-making.
My great-grandmother, like most women in the early 1900s, had two sets of dishes. One was a plain set for everyday family meals, and the other was a very fancy set that she only brought out on special occasions. Each plate, cup, and saucer was decorated with a design of delicate pink roses, curled ivy, and a beautiful gold inlay that encircled the scalloped edges.
She left the set to my grandmother, who then passed it on to my mother, who quickly discovered that fine china with gold detail is no match for the power of a modern dishwasher. The inconvenience of hand-washing every single item (and the risk of chipping or breaking the dishes) was too great. So those heirloom dinner dishes were hidden away in a china cabinet and only emerged on rare occasions.
As a strategic risk expert, I believe many leaders treat their strategic plan like a set of fine china. They know their plan is important; they invest time and money to create it. The final plan is detailed, logical, and beautiful.
The following is my perspective on owning a business, experiencing trauma, and bringing my failures to light.
I used to hate the idea of sharing details about my personal life or business publicly, mostly because it’s not fun to get rejected by strangers. As an entrepreneur, my business and personal decisions are intertwined; so negative feedback about my company can feel like a personal attack.
Sometimes, it seems like everyone else is succeeding while you’re the only one struggling. But the truth is, we all face challenges of some sort. Most of us just don’t like to talk about it. Because being transparent is scary.
When organizations welcome these qualities while maintaining structure and stability, they’re ahead of the game.
It is often difficult to find the right balance between an aggressive approach and a passive one when managing a business. In this article, I will describe the 5 types of risk, the 5 risk roles of executive leaders, and how these apply to balancing the Yin and Yang of Management.