DO YOU WANT YOUR BUSINESS TO THRIVE? CONSIDER READING ‘GOOD TO GREAT’ BY JIM COLLINS! “Good is the enemy of great.” This is how Jim Collins begins his book “Good to Great: Why Some Companies Make the Leap... and Others Don’t,” which discusses how a handful of companies perfected their business strategies to create great businesses. If you’ve ever wondered why some businesses only last a season while others last 15–20 years, then “Good to Great” is a must-read. Over the past three decades, Collins has analyzed 28 businesses by studying their leadership skills, practices, and business strategies to understand how these companies skyrocketed past their competitors. After conducting dozens of case studies and analyses, Collins outlines several results that make excellent companies stand out. Here are three takeaways from “Good to Great.” The first key takeaway is determining your “hedgehog concept” — a strategy you can use for many years. This approach is based on Greek philosophy: “The fox knows many things, but the hedgehog knows one big thing.” To find your hedgehog concept, ask yourself these questions: What can your company be the best at? What can you and your colleagues be passionate about? What economic indicator should you focus on? When creating habits and using technology, you don’t need to use everything on the market. There are millions of platforms, software, tools, and technologies to use within your business, but which one will strengthen your hedgehog concept? Collins suggests only implementing technology that complements your business. He
There’s no question that natural disasters are incredibly costly, and these disasters hit the United States especially hard in 2022. According to a recent National Oceanic and Atmospheric Administration analysis, the U.S. faced 18 major disasters last year that accounted for $165 billion in damages and the deaths of at least 474 people. These disasters made 2022 the third most expensive year for billion-dollar disasters, only trailing behind 2017 and 2005. Severe weather that ends up costing billions of dollars is becoming a regular occurrence in our country. People are continuing to build in high-risk areas, which puts them in even more danger as the planet gets warmer and wetter. Insurance company Munich Re estimates that severe weather events across the globe cost around $120 billion in insured losses and $270 billion in uninsured losses. The costliest event we experienced in America last year was Hurricane Ian, which caused $112.9 billion in damages. Munich Re claims that Hurricane Ian was the most expensive disaster for insured losses for the entire world in 2022. Roads were flooded and destroyed, communities were torn apart, and the loss of life was significant. Another major disaster we faced in 2022 that was quite costly was the yearlong droughts throughout the western and central states. A study published in the journal Nature Climate Change estimates that this prolonged period of dryness that started well before 2022 was the longest in over 1,000 years. It caused $22.2 billion in damages, and hundreds of people lost their lives. On top of Hurricane Ian and extreme droughts, we also saw wildfires out west, flooding throughout Kentucky and Missouri, tornadoes in the South, and winter storms across the country. At the time of writing, the cost of damages from the winter storms we experienced in December is still being assessed. There’s no telling if this extreme weather will continue in 2023, but 2022 served as a strong reminder of the importance of insuring your property, as severe weather can strike anywhere at any time.
recommends waiting before jumping onto a new trend, software, media platform, or technology. Be sure it aligns with your values, goals, and hedgehog concept. What do you do when your business is faced with uncomfortable situations, facts, or data? Great companies and business leaders don’t sweep hard facts under the rug and deny them. However, leaders don’t wave the white flag or give up. Instead, great companies and business owners acknowledge hard facts, identify pain points, and implement strategies to help overcome struggles and strengthen abilities. Along with learning tips and strategies from these three lessons, you will also have a chance to learn more about Collins’ case studies, what companies he studied, and the techniques used to create business powerhouses. You can find “Good to Great” online and anywhere books are sold. Happy reading!
2 • www.INSURICA.com • Specialized Insurance Programs for Specialized Industries.
Made with FlippingBook Ebook Creator