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Risk Management – Principles for Responding to Unexpected, Catastrophic Black Swan Events

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StrategyDriven Risk Management ArticleBlack Swans events are rare (low probability), catastrophic (high impact) incidents that are seemingly unpredictable, go unrecognized, or are deemed so unlikely as to not reasonably warrant expensive preventive measures. There characteristics include:

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About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Why have a Risk Management Program?

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Most people think of risk management as an insurance policy, the price paid to help prevent potentially negative outcomes from being realized by their company. Such a view leads to the conclusion that risk management is a business expense with a highly subjective value proposition.

We at StrategyDriven would suggest the insurance view of risk management is far too narrow. Instead, effective risk management enables a company to accelerate its business operations and to become more aggressive in the marketplace; approaches that in today’s fast paced environment is immeasurably valuable.

An analogy we use is that instead of correlating risk management to an insurance policy, leaders should think of it in terms of a high performance automotive breaking system. High performance breaks, such as those on racing cars, enable the driver to reach higher rates of speed while still maintaining the same level of safety as slower drivers whose cars have less capable breaking systems.

In the case of an effective risk management program, earlier warning of potentially adverse events occurs such that less costly adjustments can be made to avoid those risks; allowing the organization to speed its decisions and actions while maintaining the same risk profile as a company employing a less effective risk management program. Thus, an effective risk management system serves as both an insurance policy and a performance enhancer.

About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal, and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

5 Ways To Improve Your Delivery Service

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5 Ways To Improve Your Delivery ServiceDelivery is a core aspect of business. Whether you’re operating out of your bedroom or you’re a corporate giant, the delivery service matters. It all comes down to the final product you deliver to your customer. The delivery aspect is tricky when you’re a small business. Packaging and posting each item yourself takes time and dedication. But, it doesn’t get much easier when you start making more sales! Things become a great deal more complicated, and mistakes become easier. Whatever size your business, you could stand to improve the delivery service. Here’s how.

1. Automated software

Our first trick is to automate everything. From the moment an order comes into your system, it should automatically produce an address label. The software should track the delivery through your fulfillment process, checking off boxes as it goes along. This way, if something goes wrong or a parcel gets lost, you know where the problem is. That software should track the package all the way to delivery (more on that later). With software systems like this, you always know where things are.

2. Choose the right logistics company

As your business grows, you’ll begin to manage increasing order numbers. At a certain point, your small operation won’t be able to handle everything. When that happens, you’ll want to consider outsourcing your delivery system. The final part of your supply chain solutions should be a reliable delivery provider. Logistics companies have the resources to go abroad with ease, and they run their deliveries like clockwork.

3. Use GPS and telematics

The most crucial part of the delivery process is monitoring and measuring. You should track every single parcel that leaves your warehouse, and know where it is at all times. If there are any problems, you can spot exactly where the last check in was. Even using expert freight management solutions offers you real-time shipment tracking and regular status updates, which can be very helpful. By doing that, you can monitor their performance. How fast are the deliveries? Could they be even faster or more reliable?

4. Keep customers updated

There’s nothing worse than keeping your customers in the dark when it comes to deliveries. Use the automated software, and the tracking facilities, to keep your customers updated. Let them know when the package is dispatched. Let them know when it’s out for delivery, and the best time to expect their driver. At the end of the day, your entire delivery process is shaped around customer satisfaction. Keep them happy!

5. Exceed expectations

Speaking of customer satisfaction, it’s your job to go above and beyond the typical delivery service. Your customers have a baseline of expectations. In other words, they expect the delivery on time. They expect the product to be safely packaged. All you have to do, is add a little extra flair. Good customer service on the doorstep will exceed their expectations. So will a creative or unique package. Or an extra note to say thank you for their service.

Your delivery system is the heart of your business. Execute it with precision, and always exceed your customer’s expectation!

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Leadership Lessons from the United States Naval Academy – Make the Decision Your Own

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StrategyDriven Professional Leadership Lessons from the United States Naval AcademyNations entrust their military personnel with the responsibility of providing for the national defense and securing the rights and liberties of their people. This goal places many who serve in harms way, whether during peacetime or when at war.

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How To Be A Leader Who Gets Real

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How much do I tell, how much do I withhold? When does self-revelation serve a conversation, when is it self-indulgent?

These can be tough questions for any leader to figure out. Here’s a recent case of somebody getting it right. Bill de Blasio, Mayor of New York City, last November announced a bold initiative to better tackle mental illness in the city. His initiative features increased access to mental health services for all New Yorkers, in recognition of the causal link between mental health issues and homelessness in New York.

To drive home that mental health is everybody’s issue, de Blasio made the announcement surrounded by his immediate family. And in conversation with NPR’s Linda Wertheimer, his outspoken wife Chirlane McCray by his side, de Blasio explained his family’s very personal link to mental health.

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About the Author

Achim Nowak, president of Influens, is an international executive coach to Fortune 500 executives and entrepreneurs. He is the author of the new book, The Moment: A Practical Guide to Creating a Mindful Life in a Distracted World (New Page Books).