I recently read an article regarding the balancing act we all face between growing business and taking a pause. The thesis is that building and backing off at the same time can be the right answer if done with the correct foresight.
In the past, I’ve discussed times when the smartest play is to say “no” to new business, even when it means turning down work that might be lucrative. To summarize, if you don’t have the right management or capital in place to take on the work, a “no” doesn’t have to be a firm or permanent rejection. Careful decision making always wins.
I remember years ago, listening to the former president of US operations for UPS sharing a decision that did not turn out so well. At the time, UPS focused too broadly on saving cap X expenses, and within a short period, there was explosive market growth related to the steep upturn in online sales. Because of the earlier cuts, UPS did not have the equipment on the ground or in the air to take advantage of the new opportunity.
It’s a difficult balance, and choices matters.
