Have you ever ridden the Loch Ness Monster at Busch Gardens in Virginia?
According to UltimateRollercoaster.com, it was the world's first roller-coaster with interlocking loops spanning 3,240 feet. Imagine the thrill of being pulled up “13 stories into the air with a 114-foot drop. This “creature” offers a spine-tingling, breathtaking ride at speeds up to 60 mph.” You go through two “inversions” and pull a G-force of 3.5 Gs.
I have ridden that roller coaster numerous times with my three boys, yet every time I stand in line for that ride, I still feel the fear and excitement, the anticipation of another wild ride.
That is the best way to describe how I feel now about the economy for the foreseeable future — excitement and fear. Turns out that Ernst & Young coined this phrase in its report, Business Redefined: A look at the global trends that are changing the world of business, in which they said this: “Thus, against a background of economic growth,a series of dips will be superimposed on a slow underlying recovery — that is, a Loch Ness Monster recession.” Welcome to the new normal!
Then I found a study by IBM's Global Business Services titled, Succeeding in the New Economic Environment, in which they studied early winners since the turbulence began in 2007 and 2008. What they discovered, I believe, can help all of us as we continue to ride this “Loch Ness Monster” economy.
Here are the top three ways to succeed in the “new normal”:
I encourage you to read the full report here.
Here is an mindmap I created (using MindManager) of the key points from the study. It makes a good framework to check yourself against. You can download the mindmap here.
Top six trends changing the world of business
How to thrive and survive the new normal