Welcome to the first STEP Journal of 2022. The global COVID-19 pandemic has brought challenges aplenty, as well as opportunities that no one could have predicted. Such times lead to reflection, particularly at the start of a new year when the tradition is to make resolutions for the coming period. Leaving personal targets to one side, I have given some thought to what might be suitable resolutions and objectives for me to pursue as a professional advisor, taking account of what I have experienced and what I have seen clients struggle and succeed with over the past 12 months.
- Patience is a virtue. Despite all our best efforts, the urge to take action in the face of change is significant. It is often desirable, of course, but hopping on the bandwagon is not always necessarily the right answer. Decisiveness is key, as one ought not be paralysed by an inability to reach a conclusion. However, deciding not to act or having the strength to wait and take a different path are as much decisions as actively changing tack and following the majority. There can be merit and advantage in not following the herd – we know that disruptors can be mightily successful.
- Being fleet of foot. Where action needs to be taken, being able to move and implement swiftly can be vital. We have seen businesses fail because of their inability to cope with change, while others pounce on opportunities that have come their way as a consequence of the pandemic. Reliance for future success on the story of the past or on singular change is a dangerous recipe. Long‑term success and survival require agility and insight into what is happening.
- Putting your eggs in different baskets. We know that huge success can come from a great idea or product, but once this has spawned and grown, broadening horizons, focus and targets are demonstrably valuable. The risk of withering on the vine or being disrupted by new technology increases the longer one’s focus remains solitary. Diversification and branching away from what might innately feel comfortable reduces the chance of long-term failure, even if it may not offer the same type of startling growth achieved with the original great thought.
None of this is news, but I will certainly be reflecting on the above when considering a client’s position and long-term strategic options or vision.
Enjoy this issue’s content!
