There is no doubt in anyone’s mind that the American economy has turned. Your company may be severely affected or only slightly affected by the economy, however, all companies now must adjust for an environment of difficult credit, worried employees, nervous shareholders, unreliable suppliers and reduced revenues.
We’ve had a very long run of improving economy, expanding business and easy credit. Many CEOs in today’s companies are not aware of the changes required to operate company when the economy is shrinking. Personally, I’ve been through a couple cycles and have had the opportunity to turn around several companies. Operating a company in hard times has many parallels to a turnaround in normal times. Let’s examine a couple of critical steps you can start quickly, as CEO, to assure survival and even a thriving future.
Keep stakeholders informed.
Shareholders, employees, even customers need lots of information. When times are tough, different constituents will be need more information from you regularly. A few will need to understand the plan, while others need to know that someone is in charge and thinking about everything that can be done to keep their jobs secure, to keep the revenue flowing, or to keep the share value high.
READ the rest of the article to discover all the critical action a CEO must take now.
Comments 1
I Like The Way You Present The Facts
Posted 17 Dec 2008 at 7:28 am ¶Post a Comment