Turn your business around
by
Editor
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ISSUE 55 — NOV/DEC 2011
Your company might be going under, but there is still a chance you could turn it around with these five essential steps, according to business turnaround specialist John Treace.
Business Tip
- Assess the situation. “It is crucial to understand what got the company to where it is now. Great insights can be gained by getting close to the company’s sales force, sales processes and customers to determine why sales are not progressing to plan.”
- Define a winning culture. “Core values are simple action statements, not fuzzy declarations that can be interpreted at the whim of management. Core values define corporate culture, and companies without them tend to wander and underperform.”
- Manage people. “People are the most important component of any organisation. In a business turnaround, it is important to identify who stays in their current position, and who must find a position elsewhere.”
- Create a new future vision. “It is imperative a new vision for the company is formulated and effectively communicated to all employees. Expect employees to fall into three categories: those who embrace it with enthusiasm, those who sit on the fence and those who do not buy in, who resist the change and are open and verbal in their opposition. The sooner management resolves these last two groups, the better.”
- Develop a strategic plan. “The strategic planning process should include the top management members who will be charged with implementing the plan. Powerful companies have solid strategic plans, and they effectively gain employee buy-in to them.”
John Treace is the author of Nuts & Bolts of Sales Management: How to Build a High-Velocity Sales Organisation.
