Hello TEC Members and Business Friends,
I, like many TEC Chairs have two business lives. The happiest part of my day is working with TEC members. We often discuss strategy, growth options, dealing with success and other optimistic issues. Of course, in TEC we also deal with difficult issues—business and personal. But on average, TEC members are significantly more successful than non-TEC members and WAY, WAY ahead of the S&P 500 and many public companies.
The other half of my business life is often spent with businesses that are in trouble or heading for trouble. What is interesting to me is how consistent the signs of trouble are as are the reactions of business owners to these early signs. I’ve noticed that the business owners’ reaction was similar to Dr. Elisabeth Kübler-Ross’s Five Stages of Grief Model.
Remember Roy Scheider in “All That Jazz”? He did a great job of reviewing them.
1. Denial
2. Anger
3. Bargaining
4. Depression
5. Acceptance
It turns out that a lot has been written that the Five Stage Grief model IS representative of many types of personal and business changes that we experience.
So let’s review the five stages in a business context.
|
Elisabeth Kübler-Ross Five Stage Model |
|
| EKR Stage | Symptom |
| Denial | “If only we can land one order”, “I hope the economy will improve.” (BTW, Hope is not a strategy) And this is where most people stay stuck. |
| Anger | “Why me?” “It’s not fair.” “It’s the(employees, customers, vendors) fault.” |
| Bargaining | To the bank, “If you increase my line beyond the collateral just this one time, we can make it up when the economy turns around.” |
| Depression | “I quit.”, Selling the business at a low point |
| Acceptance | Bankruptcy OR doubling your effort and investment |
I’m not writing this to bum you out! What’s critical is recognizing in yourself if you are facing a business challenge and are “stuck” in one of the EKR stages. If you are, get some help! It’s amazing what a little outside perspective can do for you.
I have some links to some excellent websites on the subject. Email me if you’re interested! Enjoy the great weather and remember, “Hope is not a strategy!”
JRH
