How To Save Your Company in a Bad Economy ⋆ Politicrossing
Connect with us
Politicrossing. The Intersection of Faith and Politics. Politicrossing. The Intersection of Faith and Politics.

Business

How To Save Your Company in a Bad Economy

Published

on

Turnarounds are inspiring. The ability to rebound after a poor-performing day or decade shows the power of resilience and the determination to find success even when, at times, it seems unreachable. Every CEO should seek to become a Turnaround CEO.

It’s challenging to know where to turn when a company is declining, but you can get your company back on track by following a turnaround playbook. CEOs are wise to have a turnaround playbook that will help them succeed. That playbook includes a set of strategies that will focus the leader on knowing what decisions must be made and when to make those decisions.

Trending on PolitiCrossing.com: Mini-Movie Reviews, 6

One such CEO who was able to turn around his company was Chris Lamontagne, who leads TeeSpring (a social commerce platform to create and sell products online.) Chris has had a habit of focusing on growth and has played vital roles in many fast-moving tech companies, even starting his first business at age twenty.

In a short period of time, Chris, following the playbook that he designed, was able to take a company that was losing money and grow it to gain profitability. During that focus, he was also able to enhance the companies social commerce and engage a new audience to build products to create awareness through their platform. Through the use of this playbook, Chris was able to lead his team to recategorize their business and bring clarity to their customers, supporters, and funders. Chris worked to build a new partnerships eco-system (with the likes of YouTube, Amazon, Twitch & eBay) and develop a new fast-growing user base in content creators creating merchandise for their fans.

The 5 Plays That Should Be In Every CEOs Playbook:

1. The Profitability Play:

Many businesses can start bleeding cash when they are launching a new product or idea. It is crucial for a CEO who will lead the charge of changing the direction of an organization that they move the company to profitability and do so as quickly as possible. This play consists of educating the entire organization of the cash standing and helping everyone in the organization take responsibility to get to profitability. The CEO will know that the team takes ownership when the team takes responsibility to watch costs and reduce unnecessary expenses.

Every CEO that wishes to lead a turnaround must focus on the numbers every day. Turnaround CEOs recognized that every penny counts, and every penny must be counted. When a Turn Around CEO focuses on the team on profitability, then the team understands the value of taking care of the customer.

2. The Clarity Play:

I teach every CEO I work with a simple phrase: when the leader is clear, everything becomes clear. CEOs who wish to turn around their company must push for clarity about who they are and what they are trying to accomplish. The leader must help everyone in the organization embrace the organization’s true identity.

One tool that Chris used with his team to push for clarity was going through the exercise of having each person explain the company so that their mom could understand what they do. This simple question is a fantastic exercise for any CEO of any company. Can you and every team member explain your company and what you do so well that your mother could understand it? A company that does not know who they are or what they are about will not succeed in the marketplace.

3. The Awareness Play:

Leaders are visionary. Leaders have the ability to see into the future and develop a company or organization around the possibilities of what could happen or what could make life better for others. However, sometimes, the vision can become blurry. Blurry companies are often buried by their competition.

Chris made an unusual decision when he assumed the CEO role at Teespring. He decided to spend the first three to four months meeting with people in similar businesses to hear what they were doing and what was coming in the future to the industry. When asked about why he would make such a decision, he responded, “I had to find out what success looks like for our company. I knew that the answers were not in Teespring. That was today’s business, not tomorrow’s business.”

“I had to find out what success looks like for our company. I knew that the answers were not in Teespring. That was today’s business, not tomorrow’s business.”

CEOs who wish to turn around their company must lead from their vision. They must look out ahead of the competition and make bold decisions that others in their industry are afraid to make. They must get out ahead if they will get out of being behind.

4. The Team Play:

It takes a team to make a turnaround. After leaders know where they want to go, they must focus on getting a team to go along with them. Part of the team play instills in the team the belief that the company or organization can be successful again. The CEO must embrace the role of Chief Belief Officer. They must inspire and call others to believe in the vision. The CEO must communicate the value of what the company is working to accomplish and that all the hard work is worth the effort.

Turn Around CEOs understand the value of the right people doing the right things in the right ways. People will either bring energy into the company or cost the company to expand energy in ineffective ways. This might be the most crucial play a turnaround CEO makes as they gather people who have high energy that will help to energize the company.

5. The Execution Play

The execution play happens by putting the strategy to work. Companies that are in free-fall mode often have a difficult time making decisions. These companies paralyze themselves because they are afraid that they will make the wrong decision. They analyze numbers and data and never move to work the strategy that will lead to success. When people know what to do and how to do it, they are empowered to execute. The CEO, during a turnaround, must focus on encouraging and inspiring the team to act with intention.

Turnarounds are not easy. However, every business will have periods when they start to decline. When a company does not know how to recover after a setback, it is doomed to continue a downward spiral until it closes. These are the five plays that Chris Lamontagne called to help turn his company around. This turnaround playbook should be embraced by every CEO who wishes to guide their company through a downturn back to an uptick for a positive future.

We'd love to hear your thoughts about this article. Please take a minute to share them in the comment section by clicking here. Or carry the conversation over on your favorite social network by clicking one of the share buttons below.


Ken Gosnell is the CEO and Servant Leader of CEO Experience (CXP). His company serves Christian CEOs and leaders by helping them to hear the words Well Done. CEO Experience provides great retreat experiences for CEOs that both transform them and their organizations that enable them to go further faster. Ken is the publisher of the CXP CEO Executive Guide that is designed to help leaders learn faster by encouraging them to give themselves a monthly learning retreat. His monthly CEO retreats have helped thousands of CEOs and their leadership teams to enhance strategic, operational, and people accomplishments. He is a keynote speaker, executive coach, and strategic partner with CEOs and successful business leaders. He is also the author of the book Well Done - Biblical Business Principles leaders can use to Grow their business with Kingdom Impact



 
 
 

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.



Business

Smart Move in a Rough Economy: Help Your Boss to Shine

Stay on top of your job, your department’s goals, and your company’s objectives

Published

on

Making your boss look good can only reflect favorably on you. Both your boss and his or her supervisors will appreciate this.

The best way to make your boss look good is to handle your work efficiently and thoroughly. If your boss is fair, he or she will give you credit for the work, increasing your chances of promotion.

If your boss is not doing his or her share of the work, leaning on you unfairly without giving you the credit, it’s still likely that you’ll be promoted when your boss is promoted. That person knows you’ve been doing more than your share, and he or she won’t be able to take a new position without your help.

Trending on PolitiCrossing.com: Mini-Movie Reviews, 6

Becoming a Mentor to Others

Maybe you’re only 27 years old, or perhaps you’ve only been with your present firm for a year and a half. Yet, with your previous experience and achievements, you may already be in a position to serve as a mentor to junior members of your organization. This can be accomplished on an informal, ad hoc basis, and you can literally choose the amount of energy you’re willing to commit. Helping junior members always looks good to those above you, especially at performance review time.

Stay on top of your job, your department’s goals, and your company’s objectives. This three-way strategy includes reviewing your job description, deciding precisely what your department’s goals are, and determining your company’s objectives:

Your Job Description

First, knowing your job description and honoring it, or amending it if necessary, protect you from any misunderstandings. It will also give you an idea of the part you play in the total picture of the organization, an important factor in your work satisfaction and chance of promotion.

Your job description ideally contains all the important activities of your position, the knowledge you need to have or acquire to perform those activities, and some sense of your overall role. If your job description does not adequately detail the information you need to know and the responsibilities you have, now is the time to change it.

Company Goals

Second, learn and understand the goals of your part of the company. By whatever method your organization is broken into groups — department, division, project team — your group has objectives.

Goals are important to guide actions as well as to mark milestones. Knowing your group’s goals will help you to set priorities for your own work and make wise decisions concerning how jobs can best be done.

What is the Mission?

Finally, be aware of your organization’s mission. Any organization, from the smallest business to the multibillion-dollar corporation, has a mission. If you don’t already know it, find out. Your organization’s brochure, annual report, promotional literature, or employee handbook will have the mission spelled out.

The mission will unify and give meaning to all the division or department goals. Although conflicts among divisions will occur because of the nature of different responsibilities, a solid base can be produced when all employees realize the overall mission of the organization.

– – – – –

Continue Reading

Business

Lessons of the 2020s: Unanticipated Events Happen

Unforeseen tasks that arise represent intrusions on our mental and emotional state of being as well as on our time

Published

on

By now, nearly everyone has mentally marked the first few years of this decade as strange and, for those on the right, entirely upsetting. While we can’t guard against the unknown, or anticipate radical moves emanating from Washington DC, we can seek to do our best with what we have and what we know.

Each day when you compose your to-do list and begin proceeding merrily down it, do you take into account what is likely to occur in the course of a day? No matter how well we organize our lists and how productive we are in handling the products and tasks unexpected obligations, interruptions, and other developments arise that are going to throw us off.

How do you react when you are humming along, and all of a sudden, you get an assignment from out of left field? Perhaps your boss has asked you to jump on something immediately. Maybe a client calls. Maybe something gets returned to you that you thought was complete.

Trending on PolitiCrossing.com: Mini-Movie Reviews, 6

To Be Flustered No More

If you are like most professionals, you immediately will become flustered. The intrusion on your time and your progress means that you are not going to accomplish all that you set out to before the end of the day. Is there a way to proceed and still feel good about all that you accomplish?

I believe there is, and it involves first making a miniature, supplemental to-do list that accurately encapsulates the new task that you need to handle. Why create this supplemental to-do list? It gives you focus and direction, reduces anxiety, and increases the probability that you will remain buoyant at the time of its completion and be able to turn back to what you were doing before the task was assigned.

If you don’t compose such a list, and simply plow headlong into the unexpected challenge that has come your way, you might not proceed effectively, and you might never get back to the to-do list on which you were working.

Anticipating the Unexpected

Unforeseen tasks that arise represent more than intrusions on our time; they represent intrusions on our mental and emotional state of being. Some people are naturally good at handling unexpected situations. Most of us, however, are not wired like this. Interruptions and intrusions on our workday take us off the path that we wanted to follow, and tend to be at least momentarily upsetting.

So… when executing the items on your to-do list, proceed ‘knowing’ that there will be an interruption of some sort. You don’t know when it is coming or how large it will be, but it will pull you off course. The key question for you is: can you develop the capacity to maintain balance and equanimity in the face of such disruptions?

The good news is that you can, and it all starts with acknowledging that the situation is likely to happen, devising a supplemental checklist to handle the new task, and as deftly as possible, returning to what you were doing.

– – – – –

 

 

Continue Reading

 

Our Newsletter

Become a Politicrossing insider: Sign up for our free email newsletter, and we'll make sure to keep you in the loop.

Sites We Like

Jesus, Master of Influence

Chris Widener, speaker and best selling author of The Art of Influence, teaches that Jesus is the master of influence. In sixteen sessions you will learn from one of the most influential communicators how the life and teachings of Jesus Christ is the best model for how to become an effective influence that can change people’s thoughts, beliefs and actions.

LEARN MORE

Our Newsletter

Become a PolitiCrossing insider: Sign up for our free email newsletter, and we'll make sure to keep you in the loop.

Trending