What’s better than a crystal ball in predicting the future? Keen insights from experts in the know that help you make informed decisions.
Here are three tips for improving business in today’s economic and competitive climate, courtesy of the Paperboard Packaging Council from keynote speakers at its recent Spring Meeting:
1. Risk-Taking: Fail in Order to Succeed
Former professional poker player Caspar Berry encourages you to embrace calculated risk when short-term loss leads to long-term growth and success. To do this, you should decide what you want and what you’re prepared to lose or invest—even if this process is painful or frustrating. You should then incentivize your teams to embrace short-term failures. No one wants to fail, but it’s worth it if doing so means faster progress toward the desired objectives.
2. Greatness: It’s in the Pursuit
Don Yaeger, best-selling sports writer, shares lessons about greatness from writing for top sports legends. Greatness is about doing common things uncommonly well, explains Yaeger, and it’s the everyday pursuit of greatness that allows it to happen. To find greatness, you should encourage your employees to take responsibility for their actions and to strive for success, despite adversity.
3. Economy: Get Ready for Growth
According to celebrated economist Alan Beaulieu, since the North American economy will provide solid growth opportunities over the next 2.5 years, you should take advantage of the still historically low interest rates by borrowing as much money as possible to buy capital equipment (invest in automation and/or technology). You should also make sure you have the right people in the right seats so that businesses are poised to weather the predicted economic downturn of 2018-19.