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Add You - Myths in Transformation and Turnaround
Looking for work can be difficult, frustrating, anxiety-provoking, and demeaning.There are few situations we encounter in life where we feel so powerless. Not only do we have a sense that we have little control over the outcome, but we also feel judged. We become objectified, presented like a colt at a yearling auction or a slave on the bidding block. We walk, we talk, we run around in circles, while the "buyers" look us over, discuss our finer points and weaknesses, and make their decision to buy or reject. We are keenly aware of the competition. There are performance pressures: 30 seconds to make a great first impression, 30 minutes to define ourselves as a person, as a worker, to present a lifetime of skills, experience and
Myth 3: “Our creditors and banks are chasing for payments, we have a credit squeeze and firing of our staff must continue till cash flow improves.” Yes, troubled companies need to cut cost to the bones without injuring the muscles and the vital organs. However, it is a myth that the primary role of a turnaround manager is merely to be ruthless and fire people in order to red
Can leadership exist where there is no vision? For perspective, let us review the Story of the Three Stonemasons.Three stonemasons were busy at work when a passerby asked them, “What are you doing?”The first stonemason responded, “Laying bricks, sir.”The second mason answered, “Earning a living.”But, when asked by the passerby what he was doing, the third stonemason said, “I’m building a cathedral.”The third craftsperson had a vision and saw the greater purpose of their labor. It was the third that recognized they would leave a lasting legacy.Leadership without vision isn’t true leadership at all. It is management. While management is both valuable and necessary, it is simply not the stuff
Myth 1: One common myth held by companies is that they are not vulnerable to financial crisis: “My company is doing well. It will not fall sick.” Akin to getting AIDS, some patients previously adopted the attitude: “This will not happen to me.” But when it does happen, be prepared to hear this from the doctor. “Sorry, we cannot help you.” Many companies have annual medical examinations and health screenings for their employees but are negligent when it comes to their own check-ups. Companies should go for regular health check-up. The key to successful turnaround is early intervention and understand the early warning signs of a sick company.
Myth 2: Management of troubled companies often goes into a state of self-denial. “We have seen this before. This is a little hiccup in the economy and our business is seasonal. Nothing has gone wrong.” This is a myth. The situation frequently gets worse before it gets better. Such denial is insidious, resulting in delays in the necessary remedial actions during the early stage of under-performance. This is why oftentimes by the time the companies’ woes are publicly known, they are already basket cases. Proper treatment can only be administered after the acknowledgement that there is pain.
Myth 3: “Our creditors and banks are chasing for payments, we have a credit squeeze and firing of our staff must continue till cash flow improves.” Yes, troubled companies need to cut cost to the bones without injuring the muscles and the vital organs. However, it is a myth that the primary role of a turnaround manager is merely to be ruthless and fire people in order to redu
My experience working with thousands of leaders world wide for the past two decades teaches me that most leaders are screwing up their careers.On a daily basis, these leaders are getting the wrong results or the right results in the wrong ways.Interestingly, they themselves are choosing to fail. They’re actively sabotaging their own careers.Leaders commit this sabotage for a simple reason: They make the fatal mistake of choosing to communicate with presentations and speeches -- not leadership talks.In terms of boosting one’s career, the difference between the two methods of leadership communication is the difference between lightning and the lightning bug.Speeches/presentations primarily communicate
Myth 1: One common myth held by companies is that they are not vulnerable to financial crisis: “My company is doing well. It will not fall sick.” Akin to getting AIDS, some patients previously adopted the attitude: “This will not happen to me.” But when it does happen, be prepared to hear this from the doctor. “Sorry, we cannot help you.” Many companies have annual medical examinations and health screenings for their employees but are negligent when it comes to their own check-ups. Companies should go for regular health check-up. The key to successful turnaround is early intervention and understand the early warning signs of a sick company.
Myth 2: Management of troubled companies often goes into a state of self-denial. “We have seen this before. This is a little hiccup in the economy and our business is seasonal. Nothing has gone wrong.” This is a myth. The situation frequently gets worse before it gets better. Such denial is insidious, resulting in delays in the necessary remedial actions during the early stage of under-performance. This is why oftentimes by the time the companies’ woes are publicly known, they are already basket cases. Proper treatment can only be administered after the acknowledgement that there is pain.
Myth 3: “Our creditors and banks are chasing for payments, we have a credit squeeze and firing of our staff must continue till cash flow improves.” Yes, troubled companies need to cut cost to the bones without injuring the muscles and the vital organs. However, it is a myth that the primary role of a turnaround manager is merely to be ruthless and fire people in order to red
Are you a small to medium sized business owner? If so, are all of your duties and tasks performed by your own employees, under your own roof? If so, you may want to consider outsourcing a number of your business services. This doesn’t necessarily mean that you have to eliminate a portion of your staff, but it does mean that you can give them additional, more important tasks to focus on.One of the many services that you may want to consider outsourcing to another individual or company is your business mail. If you choose to do this, you will likely be seeking a business mail service. A business mail service specializes in handling your business mail for you. Depending on the type of business you run, this may help to elimi
Myth 2: Management of troubled companies often goes into a state of self-denial. “We have seen this before. This is a little hiccup in the economy and our business is seasonal. Nothing has gone wrong.” This is a myth. The situation frequently gets worse before it gets better. Such denial is insidious, resulting in delays in the necessary remedial actions during the early stage of under-performance. This is why oftentimes by the time the companies’ woes are publicly known, they are already basket cases. Proper treatment can only be administered after the acknowledgement that there is pain.
Myth 3: “Our creditors and banks are chasing for payments, we have a credit squeeze and firing of our staff must continue till cash flow improves.” Yes, troubled companies need to cut cost to the bones without injuring the muscles and the vital organs. However, it is a myth that the primary role of a turnaround manager is merely to be ruthless and fire people in order to red
Italian pinstripe designer suits, a button-down collar, and French cuffs do not a complete outfit make. They need something more, and this something is called a tie tack. A necktie without a tie tack is like potato chips without potatoes. The tie tack improves not only the outfit's form, but also its function. Tale of the Tie Tack Simply put, a tie tack is a short pin with an embellished head. Chains or snaps connect the tack to shirts. Three types of tie tacks exist. The tie bar clips a necktie to a shirt's fold. On the other hand, the tie pin connects a necktie directly to a shirt or chain, which slides through a shirt's buttonhole. Lastly, the tie chain includes a strong bar and a chain. The bar is connected to
Myth 3: “Our creditors and banks are chasing for payments, we have a credit squeeze and firing of our staff must continue till cash flow improves.” Yes, troubled companies need to cut cost to the bones without injuring the muscles and the vital organs. However, it is a myth that the primary role of a turnaround manager is merely to be ruthless and fire people in order to red
There are hundreds of varieties of Consultants these days. We can find Consultants to take care of our diets, our physical well being, our mental well being, and pretty much anything you can imagine when it comes to business.The story below might just indicate that we take ourselves a little too seriously sometimes.A shepherd was herding his flock in a remote pasture when suddenly a brand new Beemer advanced out of the dust clouds towards him. The driver, a young man in a Brioni suit, Gucci shoes, Ray Ban sunglasses, and a Zegna tie, leaned out his window and asked the shepherd, “If I can tell you exactly how many sheep you have in your flock, will you give me one?”The shepherd looked at the man, then looked at h
Myth 3: “Our creditors and banks are chasing for payments, we have a credit squeeze and firing of our staff must continue till cash flow improves.” Yes, troubled companies need to cut cost to the bones without injuring the muscles and the vital organs. However, it is a myth that the primary role of a turnaround manager is merely to be ruthless and fire people in order to reduce overheads. Downsizing is like amputation which has negative side effects and can further worsen the staff morale.
Myth 4: You may be the lucky one as your company is not in the critical life-and-death situation but merely seeking market expansion. “China, India and SE Asia are high-growth markets and they appear a safe bet for us to expand and invest the business there.” For instance, many companies in the West face intense competition and shrinking domestic market and surmise that a way to turn around their fortunes is to venture into high growth regions in Asia. It is a myth that it is a safe route to success doing business in Asia. Though the business opportunities are great, there are many pitfalls and differences in business practices that these companies ought to be mindful about in venturing into high growth Asia.
Myth 5: Yet, it is unfortunate that business schools today rarely teach the subject of “Corporate Turnaround”. Many of these business graduates eventually work for troubled companies and are inadequate to handle the real-life corporate situations. It is a myth that textbook knowledge will suffice in helping these executives manage a corporate turnaround situation which is much more esoteric and complicated. The turnaround executive has to be a dictator, crisis manager, visionary, entrepreneur, coach, spiritual leader all roll into one.
Myth 6: “Firing shall continue till morale improves” The media have fuelled this myth by portraying the turnaround manager as Rambo, the macho man in the movies of the same name, who destroyed everything blocking his way. For example, the media nicknamed turnaround leaders like Jack Welch, the former chairman of General Electric (GE) as Neutron Jack; A
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