There are 4 basic essentials for success.
- Executive team with boldness and authority to make changes
- Core operation that is economically and competitively viable even if conditions get much worse
- Employees who are motivated to execute top management’s hard-times strategies
- Financial resources that are available externally or internally to weather a downturn
Research and analysis eliminates risk
Know your environment and keep refreshing your knowledge to eliminate or minimize risks!
Central to success in hard times: Executives skilled in ad hoc management who attract loyal competent workers. Execs need to be hands-on highly skilled negotiators in pressure situations with both suppliers and lenders as well as good interviewers who can get to the bottom of any problem fast. Management like this at the helm provides strong leadership and gives the impression to insiders and outsiders that it can deal with problems. The most effective crisis plan is a tough one, can be implemented quickly, imposes a new way of operating on the companies entire organization and delegates operational authority to key lieutenants. Much like a Safari into “Lion” country it pays to have good guides that know the territory thereby avoiding costly and time consuming mistakes in the process.
Contact: Don Bibeault, author, “Corporate Turnaround; How Managers Turn Losers into Winners” (415) 827-8700 and Richard Lindenmuth, former CEO ITT Telecom BCC Group, and Wharton MBA (919) 602-3595 or Dick@BoulderinternationalLLC.com two seasoned execs to guide you to success!