Business Turnaround Basics – Toolkit
People often ask when it comes to a business turnaround or improving its current status, what should you use to fix it and why? More or less they want a toolkit for an instant fix. We all know there are different tools to be used for different jobs. You wouldn’t use a sledge hammer to tighten a bolt on a ceramic toilet (wait I actually know someone who tried this approach and believe it or not it DID NOT work).
However, there are those certain tools that everyone should have in their toolkit. In the movie Gran Torino with Clint Eastwood, he states that any man worth his salt should be able to fix most any problem with a can of WD-40, duct tape, and a wrench.
When it comes to a toolkit for a business to help fix a problem, I’ve included the three things I believe most any business can effectively use to fix things.
People First Mentality
- Put a strong focus on people first practices such as employee input, employee engagement, and effective communication during a tough time. There isn’t anything special or advanced about this theory it’s essentially reciprocation. Invest in your people and they will invest in you. If you put employees through training to enrich their job or give them benefits they develop a sense of loyalty and thus stick around longer and work harder (think Southwest airlines, Starbucks, and Toyota).
Creative Brainstorming
- If you have a problem and need a viable solution, one of the best techniques is creative brainstorming with a group of key employees. Almost any problem can be solved or vastly improved on if you unleash the creativity that lies within your employees along with their natural problem solving ability.
Best Practices
- Often when times get tough, it’s easier to follow the masses instead of following the best. It’s easier to apply a short term quick fix rather than working on a plan for the long-term. So whatever your situation is, look around to what the best companies are doing rather than what the majority are doing. You’ll notice the difference.
So the next time you set out to solve a problem if you can put people first, unleash creativity by brainstorming, and flowing best practices during a tough time then the rest of the details will work themselves out.
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