There is not much of a silver lining to the Gulf oil spill, but people in charge – whether entrepreneurs, executives or longtime business owners – can garner valuable wisdom from one of the many mistakes that made the disaster more likely.

Potentially, busy with the severe recession, the financial sector bailout and the fight for a national health care plan, the Obama administration missed at least one ball it should have been keeping in the air: effective regulation of the oil industry in general and of deep-water drilling in particular.

The potent lesson for those of us in charge? There’s a question we should ask ourselves often, and that we should grant ourselves the mental space and creative license to answer: What am I missing?

It’s natural and tempting to get on a track and follow it, or to create a plan and execute it without taking the time and energy to step to the side and take stock – frequently. Are you missing opportunities? Not alert to certain dangers? Letting issues, people, money, or projects slide while you deal with everyday urgencies and tempests in a teapot?

It’s true that people in charge have many of their best ideas while driving, showering or taking a vacation. Extend that freedom of mind into your everyday routine. Assign or put aside routine tasks to facilitate your own creative thinking. Read a business book on a new topic. Ask yourself if there’s anything on your mind that you’re not dealing with (it’s often right there below the surface). Access your right brain.

What am I missing? I’m glad I asked myself. I’ll ask again. And again.

If you’re like many US company executives or entrepreneurs in 2010, you bet you are. And for good reasons.

-Shareholders are demanding results after a tumultuous run
-Cash flow is… eh
-You’re itching to hire, to grow revenues… in short, to do what companies do best

Even as you focus on the immediate, you’re no doubt aware that you mustn’t lose sight of the more distant horizon (the cross country drive vs. the drag race). How can you align the two?

-Don’t accept today what you don’t want to live with tomorrow. Cutting your prices, appealing to a less-desirable customer or client echelon, conducting down-and-dirty marketing and sales campaigns… these choices may allow you to meet short-term goals, but if they harm your firm’s market profile or long-term prospects, think twice. In fact, think about Wall Street investment firms and how some of them look to the public today (thanks in some measure to basing bonuses and such on short-term results).
-Even when you’re generating the quick buck or the immediate sales, have your five-year game plan not only in mind but also in writing. Where does your company need to be? What is the path from A to B to C? Post Great Recession, it may be time for a new marketing plan, perhaps even a new business plan. Talk with us.
-Get some help. Create an advisory board, talk with a well-reputed business growth consultant, watch what’s going on in your industry and similar industries. Remember that 2013 will look as different from 2010 as did 2007. Conditions are changing as we speak.

We welcome your perspective, either as a comment to the blog or through a private email to our offices.