Photo by krystenn on flickr.
A crisis. A major problem. A disaster.
If it hasn’t happened to you, my guess is that it will. Most all of us will find a time in our careers when we are right in the middle of it.
Several times in my career, I’ve found myself in difficult situations. For me, I find it may be stressful, but also energizing at the same time. At least a crisis is a reason to take quick, decisive action because a lot is on the line.
What do you do when you find yourself in a really tough situation?
Image courtesy of istockphoto/spxChrome
A few weeks ago, I spoke at a Distressed Investing Conference in Florida. It’s really a turnaround conference designed for professionals focused on fixing troubled companies. Since I’ve had plenty of crisis management experience in turning around troubled businesses, I was asked to share war stories and strategies. I also enjoyed the opportunity to network and learn from the 200 industry leaders in attendance.
Here are the five major points I shared:
1. Control. I’m not a big proponent of top-down, autocratic management systems. I much prefer an entrepreneurial environment with lots of input and a leader with a persuasive style. In a crisis, though, it’s often necessary to ramp up the control level and increase the speed of decision making. I tend to move very fast anyway, and I like to seek opinions and then make a decision and move on. If you are in trouble, you don’t have the luxury of numerous meetings and extensive analysis.