The end of the writers’ strike, which brought the world of entertainment to a near standstill in the USA, brings several points to mind for managers and executives in all industries and markets.
- Understand the needs of your suppliers – both internal and external.
- While the bottom line is often shareholder value, it is essential to understand those who contribute and how they benefit the overall enterprise.
- Listen.
- If you say “no”, make sure you understand all the potential consequences.
- Never underestimate the power of any group (writers, customers, regulatory agencies, production workers, parts suppliers, etc.) to bring your business to a halt.
- Always have a “Plan B” and ideally a Plan C” too.
- Even after you say “no” be willing to negotiate.
Obviously many articles, white papers and books will be written about the writers’ strike. Perhaps even a couple of movies too. Hopefully, managers and executives beyond the world of entertainment will learn some lessons from the event.
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