Wouldn’t you hate to be the owner and captain (manager) of the Dali, the cargo ship that rammed into Baltimore’s Francis Scott Key Bridge, leading to its collapse into the Patapsco River? Paying attention to some business basics would have helped the Dali avoid business disaster for the crew and owners of the Dali.
Image borrowed from ABC 15 Arizona
Yes, the ship issued a last-minute mayday that allowed police to halt traffic moments before the crash. Yet, eight individuals working on the bridge were catapulted into the water when the ship struck. To make matters worse than this unfortunate loss of life, Morningstar DBRS, a credit rating agency, estimates the amount to replace the bridge to be between $2 and $4 billion, making it the costliest marine insured loss in history.
No, you don’t want to own the Dali or be the captain who was accountable for safely bringing it into the Helen Delich Bentley Port of Baltimore to unload the cargo entrusted to you. Nor do you want to ever experience a catastrophe even remotely like this tragedy. So what do you do?
The answer to how you ensure tragedy doesn’t befall your business, your customers, and your employees is to apply the following three cohesive competencies across your business consistently:
- Business Assessments to identify the “what.” The areas needing improvement and their underlying reasons.
- Business Intelligence that provides the “why.” The data and insights needed to guide the needed actions.
- Management Skills to deliver the “how to.” The capabilities needed to execute the plan and leadership to turn those insights into higher sales and profits that lead to greater cash reserves.
To help illustrate this, imagine your business is like a ship and you’re the captain. Below are examples of how the above-interrelated competencies would play out.
- Business Assessment is like checking the ship’s hull, engine, and navigation systems to ensure seaworthiness.
- Business Intelligence is like studying weather patterns and currents to plan the best course.
- Management Skills are the captain’s ability to steer the ship, delegate tasks to the crew, and adjust course based on changing conditions.
Clearly, the Dali failed in their “business assessment.” The unforeseen mechanical issues robbed them of their ability to ensure their ship could get them to their desired port. Their “business intelligence” failure gave them no advance notice of what was about to happen, resulting in them losing the ability to navigate the ship under the Francis Scott Key Bridge, leaving the ship’s captain only one option, and that was to alert the police of their pending collision.
Don’t let this happen to your business. Click here to take the no-obligation business assessment and learn what’s working well and what needs improvement across five management areas. Areas you need to know better today to earn more money tomorrow.
