Blog Articles

So many of the companies I’ve taken on don’t have an ongoing business plan. They may have had one once, possibly when they took on external investors or other refinancing, but have since drifted away from having a proper plan that sets out exactly how the business will be taken forward. It amazes me that external investors such as private equity firms allow this situation. What I can tell you is that every single troubled company I have taken on has been without a current business plan.

The numerous company turnarounds I’ve led have had a number of problems in common but the one that seems always present is management consistently missing their own forecasts.

Forecasting is no easy subject but its management’s responsibility to do it and mostly get it right. If you frequently or consistently miss your own forecasts it sends loud signals to your investors that you’re not on top of things. There is nothing more politically dangerous than nervous investors that have lost confidence.

Mike’s presentation shows how a coaching and mentoring style works well in company turnaround situations.

Chief Executives won’t normally seek mentoring help until they are under heavy pressure and feeling vulnerable, at which time it could be too late.

Business leaders operate in a fast changing environment these days with rapidly changing markets, technologies and legal responsibilities. The CEO carries the onerous responsibility for the delivery of company performance and investor returns against a tidal wave of challenges and pressures. Those of us that have been there know how lonely it can be.

Managing doesn’t just consist of processes, issues and actions without due care and consideration to the human side of things. Read Michael Tait’s tips for being a good coach and mentor for directors and chief executives.