Occasionally companies find themselves experiencing issues that can come from incompetent management, imperfect strategy, or a couple of other small issues that negatively impact the entire enterprise. Some businesses need someone to come in and assist with establishing good corporate governance practices to change the course.
Here are a couple of ways to help your business bounce back on its feet.
Start with a clean slate. When first looking at a business and getting familiar with it, you’ll hear a lot from co-workers and founders or the news about their issues and the steps they’re taking to take care of the problem. People often analyse a business and provide answers or solutions without actually knowing the business. Drown out the noise and you’ll find that the solution to most of your internal issues is easier to fix.
Focus on your people. A lot of leaders make the mistake of focusing on the software, upgrading the hardware, and looking at reports without taking full notice of the most important asset, which is the human capital – your human asset. All your procedures, systems, and protocols will only be as good as the people driving them and this is definitely more vital to the business.
Act quickly but plan wisely. When your organization needs to make fast changes, the changes could become a risk. Instantly removing a vendor or a product without a good alternative can compromise the quality of the products or services you’re offering. In short, do not go into panic mode.
Face the issues head on. When planning a turnaround mission, you must be realistic about the timeline you want to give yourself. If you’re not realistic about the issues facing your business, your timeline will be off and your new strategy will become faulty.
Being guarded, elusive and not transparent can increase the rumours and whispers employees are already breeding. For instance, when the senior team is sneaking or holding secret closed-door meetings or saying one thing to one group and another thing to another—this just intensifies the acceleration by which the business declines.
Let people adapt. If you’re looking to help your business bounce back on its feet, you need to give your people a chance to turn themselves around for the good of your company – you can still cut them loose if they don’t.
Take those who are being resistant aside and tell them in a warm and friendly manner that their way of thinking should be changed. Whatever you do, drive the new mission and map out clear instructions on how things should change for the betterment of the business.
Asking for assistance
Oftentimes businesses would require assistance when trying to improve their corporate governance practices, in which case providers are available to assist with consultation, planning and execution of the new strategies the business needs to bounce back on its feet.
That’s it. Every business is different, so you must tailor-fit your strategies based on your industry and the state of your processes – don’t be afraid to ask for a third party help. How about your business? What current struggles are you experiencing and what are you doing to fix them? Share it with us in the comments below!