Happy New Year, and this is going to be short: Stop looking at the idea of a New Year’s resolution as being another promise that you break. Instead, look at resolution by breaking the word down into its parts. You, your business, and I all need new solutions for the coming year. New ways of looking at things.
I read an interesting story in the Friday, January 2, Wall St. Journal about an economist from the University of Chicago, Raghuram Rajan, who spoke out in 2005 about financial development to say that incentives were skewed, with workers “reaping rich rewards for making money,” but not facing any consequences for losses. In early 2008, he recommended that boom-time bonuses be held in escrow accounts for a period of time. This is a policy that today UBS and Morgan Stanley are adopting. That’s one example of what I mean by a re-solution. A way of looking at things that is different and new.
Consider what kind of a re-solution would serve you and your clients during these challenging times as we all start this new year. I’ll bet you can come us with at least 10 great ideas you can implement just overt the next six months.