Not investing a minimally sufficient amount of human or financial capital in a given initiative or business, overall, can be as devastating to success as having the wrong strategy or the wrong team on board.
John Baldoni, leadership author and consultant, posted a brief but poignant piece today on Harvard Business' blog "Conversation Starter," entitled The Three Rules of Employee Engagement. The post discusses how far too many employees are less engaged [and, thus, productive] due to a lack of understanding of how they, and their role, fits into the grander scheme of things. Baldoni offers a few fairly straightforward - and, in my experience, effective - ways to combat this.
Continue reading "Combatting ignorance and complacency in the workforce" »
What exactly does having a "turnaround mindset" really mean? And, why is it important to embrace, even for healthier companies? Aren't the tools and techniques employed in a turnaround situation vastly different from those required in thriving firms?
Continue reading "So, what is a "turnaround mindset" all about, anyway?" »
Michael Arrington's TechCrunch post today is a great reminder of what it takes to help startups reach success. He refers to "Elements of Sustainable Companies" from Sequoia Capital, one of the most successful venture capital firms in Silicon Valley. While not everything discussed is applicable in troubled situations, the similarities between startups and revitalization efforts are unmistakable.
The more important common elements between them include the much needed clarity of purpose and focus on solving a key customer problem, the strength of the team - having the right and best people on board - and moving with both speed and fiscal discipline.
Arrington rightly asserts that these principles are even more critical in the current environment of the troubled capital markets. I've spoken with a number of VCs and the rumblings of a changing investment climate are undoubtedly present. Startups, as well as more established companies given the liquidity crisis seen in the debt markets, will clearly be forced to do more, with less for the foreseeable future. While it never hurts to follow such basic and yet timeless principles, as Arrington states, "ignoring them is a sure way to fail."
Yesterday, Dealscape posted a blog entry, "In bankruptcy, seeing how the other half lives" discussing Fortunoff's rather misguided approach to employee communications during its present turmoil. It seems that, for reasons unknown (or, unexplained), the Fortunoff's executives or, perhaps, their advisors decided not to keep the employees informed of either Fortunoff's bankruptcy or supposed sale to a private equity firm. Rather short sighted, in my opinion.
Continue reading "Fortunoff Bankruptcy...Really Poor Form" »
A global agricultural chemical producer was losing sales due to product shortages in some locations while also watching their warehouses and the rest of the distribution pipeline filled with an excess of product in others. Meanwhile, the sales, product management, distribution, production and finance functions were all pointing their fingers at the others.
What was wrong and how could we get everyone on the same page to address the issues?
Continue reading "Aligning Around One Operating Plan Saved $5MM" »
In my initial post, I ended with the desire that my readers and I partake in a dialogue - "an exchange of ideas and opinions" (Merriam-Webster). Well, the importance of dialogue extends into business and I consider it one of the most important elements in sustained peak performance.
Welcome to the inaugural post of my Turnaround Mindset blog, the premise of which is based on how the learnings, approaches and techniques embodied in turnaround management can help businesses before they fail.
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