Specialization Can Be Deadly Today — Diversify to Ensure Long-Term Survival

Specialization Can Be Deadly Today — Diversify to Ensure Long-Term Survival

Being among the best at something in business works great in stable times but can be fatal in black swan times. It seems that black swan times are with us for some unforeseeable period so specialization has become a serious vulnerability. The solution here is diversification – adding business units that are not likely to be impacted in the way that your core business can be.

Now Is the Time to Think Small

Now Is the Time to Think Small

“Big” is an easy target for many unpleasant events. Why? Because “big” tends to be all over the place and any impacts are going to hit “big” in a major way. “Big” also consists of many interdependent parts. “Small” is not everywhere so impacts may not even see it. The lesson: Restructure your big business into many small, largely independent units.

The Missing Smile

The Missing Smile

On a recent walk, I came across a masked mother and a young unmasked child. When the youngster spotted me, she ran toward me just beaming and waving. I couldn’t help but give her a big smile in return. The mother’s smile was barely visible. I see almost no smiles anymore. I miss them so much.