The Quick Fix

I recently started the Netflix series Painkiller, about the origins of the opioid epidemic. The series dramatizes how the drug Oxycontin was developed and sold as a miracle painkiller - a drug providing long-lasting, effective relief from pain - while minimizing the downsides and risks of addiction. The personal and societal consequences resulting from addiction were tragic.

You can make money selling a magic pill. Not just painkillers. We’ve all heard some variations of ”If you take this pill, you will be happier, wealthier, and wiser with killer abs, perfect golf swing, and no pain.” There is good money to be made selling magic pills—everyone wants the quick and easy path to better. I am learning that the world of business consulting is no different; customers often look for magic pills.

As I started my consulting business, I have had multiple conversations with people wanting free advice or seeking a secret strategy that will immediately propel their company forward to wild success. I have amazing ideas, but I am not selling magic pills.

The easy home-run business idea rarely happens; when it does, it is often full of risks. I hate the saying, “Anything that good must be too good to be true.” The innovator and entrepreneur in me equated the “too good to be true” statement with don’t try, don’t take a swing, don’t do something new. As I have matured, I hear “too good to be true” to be an invitation to invite more people to help me with the process of risk assessment and discernment. What could go wrong? Where are the pitfalls? How can we do this the best way? How can we build something that will last?

All high-performing individuals and companies want to be their best. Getting there takes hard work, aspiring to be the best version of yourself, and surrounding yourself with great ideas and people who encourage, challenge, and even mentor you.

There are big opportunities in banking and all industries as we navigate the post-pandemic society, digital innovation, and a significant economic shift towards automation and artificial intelligence. Companies that are brave and seek to innovate and be creative during trying times will reap huge rewards if they: 1) create a culture of innovation and creativity and 2) balance that with risk management and discernment. If it were easy or a magic pill existed, everyone would do it.

After 28 years of experience in innovating, developing, and growing, I am equipped to help companies find this healthy balance that ensures they survive and thrive well into the future.

Erik Skovgard is an expert in innovative community Banking. He’s a former CEO who led a rural Iowa bank through rapid growth to become a pioneer in Fintech BAAS. He is passionate about Community Banking and shares his experience and lessons learned through Skovgard Consulting, specializing in strategic planning, innovation initiatives, leadership coaching, and serving as a Fractional CEO. Connect with Erik at?Erik@SkovgardConsulting.com.