Leadership & Mindset
Risk Management when outsourcing (part 3)
Do I own the risk for outsourced activities? The most common misconception I have to deal with is customers that believe they “offloaded” a risk because the process or function was outsourced. Stand up and yell the following as loud as you can “Outsourcing an activity does not mean an organization has avoided the risk”. Many would argue that they have SLAs and penalties so the outsourcer is responsible. Generally penalties in a contract are motivators to perform but rarely compensate the customer for their full loss (for the occurrence of a business disrupting risk).
Risk Management when outsourcing (part 2)
This is a multipart discussion that will be posted over the next several days. Understanding how your company seems risk and the different types of risks will allow you to frame your risk management efforts with the proper light. Defining whether your risks are endogenous, exogenous or both is also critically important. Managing Risks The next question that comes up is “how do I handle risk?” For the purposes of our discussion: Do Nothing Hedge the risk by investing in risk mitigation processes, technologies and tools Transfer the risk via insurance or securitization Switch to a provider with a “better” risk profile Exit the business or relationship generating the risk The debate about outsourcing
Risk Management when outsourcing (part1)
This is a multipart discussion that will be posted over the next several days. Over the last 5 years, I have seen a huge surge in the number of companies adopting formal risk management frameworks and methodologies. This is sometimes driven by regulatory requirements and other times by experienced executives that understand the importance of risk management. I wanted to take a quickly look at risk management in the context of outsourcing. What is risk? The definition of risk is intuitive but can be summarized as “an event that may have a material impact on your business and its success or desired outcome”.
How to tag information
There are lots of information management programs out there that ask you to tag your notes, ideas and files (think of Evernote, Springpad, PersonalBrain, etc). Why tag Regardless of the program you use, the purpose of adding tags to your data is to make it more descriptive and therefore easier to organize and find later. Having used 4 or 5 different tools that use tagging, none of them provide any guidance on how to do it efficiently (read best practice).
How to set personal goals
I will use this entry to talk about setting personal goals. Yes.. Yes… I know it is June and that most people set their personal goals in January but how are those coming along? Do a cleanup Before building a new house, the contractor will clear the ground to ensure he is starting with a solid footing. The same concept applies to your personal life. Before even thinking about your goals, make sure you “clean your house” (both physically and mentally) to ensure you start with as clean of a slate as possible.
"What is the next action" may be the most powerful question you can ask
In a previous article, I wrote about the wondrous power of implementing “Getting Things Done” as explained by David Allen. One of the most powerful tips it teaches is the power of asking “What is the next action” for each and every project on your to do list. It is a powerfully simple question that can be transformative if systematically implemented. For those that do not know GTD, here is some background information you need to understand the power. Anything that requires more than one action to complete is defined as a project in GTDland.
5S is an easy Japanese philosophy to improve your work environment
My current employer is committed to achieving excellence and empowers its employees with simple yet powerful work strategies. One of the tools we use is called the 5S. It comes from the management practice of the Japanese giant Toyota and each of the 5 guiding principles start with the letter S: Seiri – Means to sort. It mandates that you get rid of anything that is underused or not used. It allows your employees to work in a clean environment with less distraction.
Getting Things Done may be the most important business skill
From a very young age, I realized that if I really wanted to succeed, I had to be smarter, faster and better than everyone else in my field. I have spent thousands upon thousands of dollars on training products and seminars. When working with younger professionals, the question I get asked most often is this : “What do I consider the one most critical skill required for success in business”. This is a great question and the answer is simple, learning a technique that allows you to GET CONTROL of your to dos.
How to handle a "crappy job"
One of my first articles was entitled “the YOU brand” and is still one of my favorite articles. I strongly recommend you read it as it has helped many people change their approach to career management. I will assume you read it and accept the premise that you are selling your services to your company in exchange for salary, benefits and working conditions. What happens if you are in a “crappy job”? Crappy can mean different things to different people.
So you hate change?
Change makes people uncomfortable. They feel anxious, overwhelmed and just plain scared. Change means you have to deal with the big unknown instead of the warm and comfy day-to-day routine you have gotten used to. “The only constant in business IS change”. Re-read that sentence and repeat it at least 10 times a day. The days where you joined a company out of school, worked for 40 years and retire are long gone. As the rules of business change, so do the qualities demanded by employers.