Beating The Summer Doldrums
The last two weeks of summer can
be brutal.
At work, there is a tendency to
drift into automatic pilot until after Labor Day, which begins a hectic sprint
to the end of the year.
At home, bored kids desperately
need to go back to school so they will quit playing Xbox. As adults, it’s becoming all too easy to spend
too much time channel surfing, Internet surfing or both, now that summer is
just about played out.
If you’re an investor or advisor,
the stock market is in a similar state. Last Friday’s trading range on the Dow
was the narrowest in 5½ years and the 3-point range on the S&P was the
narrowest in 7½ years. Investors are in the summer doldrums as many have
gone to cash because of the Euro-crisis, the impending fiscal cliff, the Presidential
election, or the usual fears of an October meltdown.
At a time like this, we have two
clear choices: 1) We can worry about what
is going to happen next, like the Anxious
Idiot recently wrote in a New York
Times blog, or 2) We can take advantage of a precious resource of which
there is never enough – free time.
Time To Think
Peter Drucker, the father of
modern management and the person who coined the term “knowledge worker,” realized
in 1960 that time was one of the most important elements in successful
decision-making.
In The Effective Executive, Drucker
wrote that the best decisions flow from sufficient time to analyze an issue
from every angle. The most effective decisions
are the ones in which we carefully weigh the pros and cons. Instinctive
decisions, as we are accustomed to making on the fly in the heat of the
business day, are often the worst.
The challenge in the digital era
is that deliberation can take weeks, months or even years. That seems almost impossible
to manage in the frenetic world of business today.
Carpe Diem
With Prof. Drucker in mind and a
little more time than usual on our hands, we offer a simple plan for rolling
back the summer blahs and the anxiety that often goes with them.
§ Take time to really think through an
opportunity or problem. Whether it's your job, your portfolio or your life, invest the
time to fully examine it. Come back to it on a number of occasions between now
and Labor Day – or even beyond. You
don’t necessarily need to make a decision right away, but time spent now can
help prevent a poor emotional decision in the future.
§ Find time for the people you’ve been putting
off. You know who they are: A co-worker, high school friend or distant family
member, get them on the calendar today. Not seeing them feeds your anxiety. You’ll
feel better if you do the right thing.
§ Treat yourself to the luxury of more
education. It’s easier than ever to access the brightest
minds on the planet. Through iTunesU or Coursera, you can take university
classes on every imaginable subject online in two weeks or less. Quite often, diving into a field completely
unrelated to work can trigger insights that can be applied at work. The good news is that you don’t even have to
try hard to connect the dots. Your active mind will do it for you.
We spend a lot of time at year-end
looking at our New Year resolutions, but why not take this lull in the action
to do a mid-year refresh?
Summer doldrums don’t have to be
brutal. We just have to make an affirmative choice to do something about them.
General Mills has adopted this approach!
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