5 C’s to Change Direction
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.