Imagine That! Studios

How a Nice Game of Chess Can Protect Your Company’s Image

Chess, from Lewis Carroll’s classic Through the Looking Glass to the Cold War techno-thriller WarGames, has always served as an allegory for strategy. The real trick in this Game of Kings is to think several moves ahead, considering as many outcomes as possible. This is a valuable lesson we can live by in business. Even when times are at their best, regardless of where you are in the corporate hierarchy, all possible outcomes should be considered, followed up by the important question “How will this reflect on me?”

Is this hesitation? No, this is critical thinking — devising fast, creative solutions as you are looking down the road for what is waiting around the corner. This is why chess is not only good for the mind but good for business. It would have definitely helped out Citigroup as a lack of strategic thinking made their failing business image (a loss of $8.29 billion dollars at the end of 2008, and accepting $45 billion dollars of public bailout funds) even worse.

To sum up the week Citigroup has been weathering, The New York Post released on Monday the financial entity was planning to invest part of their bailout funds on the Dassault Falcon 7X, a luxury jet that seats up to twelve, sports a plush interior with leather seats, sofas and entertainment center, clocks in a top speed of 559 MPH, and can travel 5,950 miles on one tank. All for the low, low price of $50 million dollars.

A tidy sum, Mr. Bigglesworth…

Where chess would have really helped out Citigroup here was on November 10, 2008. The bailout plans were already in motion, a new president had been elected, and change and optimism could be felt in the air. Also on this day, FAA records showed Citigroup reserving a new tail number, N488GS. While there are no confirmations, this new tail number seemed to be set aside for an incoming 7X which would join CitiFlight’s Gulf Sierra Fleet. (Yes, I said fleet. As in more than one private jet.) Citigroup, had they taken a moment to think ahead, could have seen the horrific image this would portray to its current and potential customers in light of a less-than-popular multi-billion dollar government bailout. Without taking consequences in mind, they continued with business as usual; and spent this week circling the wagons while others bandied about arguments such as “The planes were signed off two years ago when things were good…” and “Deposits on the 7X had already been made…” as if these were legitimate reasons to continue investment into a $50M plane with public funds.

This morning, in response to The White House asking them if a Falcon 7X was really a wise investment, Citigroup cancelled their order. Mind you, they did not cancel the order to “make it right”. Based on the actions of November 10 and three days of no comments, it’s clear the order was canceled because they got caught.

Is this the image you want to portray?

The decisions you make, whether for yourself or for your company, are powerful reflections of who you are, what you and your company stand for, and how you interact with your clients and handle their problems. In the lesson of chess, it is good to consider as many outcomes as you can, keeping in mind there will always be surprises (both good and bad). You must also consider when the time to act is evident. Strategy is merely groundwork for when to move your Rook or call for a Castle (hence the need for clocks alongside chess masters); but when you act, you now have contingencies in place in case one of those afore mentioned surprises appear.

And sometimes, the best strategy is to stop and apply common sense. How would Citigroup have saved themselves on taking a moment to ask “Is it a good idea, when we’re receiving bailout money, to go on and purchase a $50 million dollar jet?”

A moment of consideration can decide checkmate, particularly in the corporate world.