Welcome to episode 2 of 8 in a mini-series focusing on the strategies you should follow for a successful reorganization. Today we are going to talk about speed and a plan.
You see, in reading the HBR article by Paul Buchas, he and his team talked about speed and a plan. He said that those businesses that don’t make the necessary changes within 6 months, will most likely fail. Add to that the fact that they have no plan at all or have created only one milestone to aim for, and the business has more against it than for it.
The key here is to remember your business is like a ship. When you are in the middle of a storm, you start throwing the cargo overboard to help the ship survive the storm. This is, in a very generalized way, is what you are trying to do when you are going through a reorganization in your business. You need to eliminate all of the unnecessary product lines, teams, etc. that exist so your business will survive.
Next, you need to get your ship out of the storm. The longer you stay in it, the more likely you are to sink. So figure out a path, commit to it, and get out of the storm. The same holds true for your business. You can’t simply sit in a financially poor situation, you have to create a plan and start executing it to get yourself out of the financial hardship.
Last but not least, you may not know your way out of the storm or the best way to get out of it, but you have to pick a direction and start going. You have to create a plan and start executing. Again, the same holds true for your business. You have to create your plan for getting out of the financial storm and execute on it.
Your challenge today is to think about how you apply this process of speed and a plan to your business. You are always making hard, but solid decisions in your business. That can’t change once you get into a reorganization situation. Continue to practice acting with a solid sense of urgency combined with a plan in order to move your business forward, no matter the situation.