Recently I have seen a phrase mentioned by a couple of different Fortune 500 firms during conference calls. While discussing their financial results, they have mentioned that they are "focusing on things that they can control."
When I first heard this phrase it struck me as odd. I inferred from the phrase that they were trying to convey diligence with regard to managing in an uncertain environment.
However, in our current period of economic weakness, effective management during uncertainty and "uncontrollable" circumstances, is paramount. While no one says it is easy or straightforward, my analysis indicates it will be imperative, especially if there is further economic deterioration, as I believe will unfortunately occur.
As we have seen, this period of economic weakness has held plenty of unforeseen events and surprises. As I mentioned in here:
http://sites.google.com/site/prosperitybypen/you/business
there is a lot on the plate here with regard to managing a business in our "new (economic) environment." Perhaps the biggest mistake will be to underestimate the complexity.
I will be discussing more of this issue soon...
SPX at 944.38 as this post is written...
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