Throughout history, corporations of all types have experienced the traditional ups and downs that are associated with typical business practices. However, there are those times when the downs keep going.
It’s in these events that we, as business leaders, have to up our game and navigate through what seems like a never ending river of detritus in order to turn our company around for the better. Below are a few situations that might slow down or steer your company in the wrong direction and how you might address them.
A Disease Ridden Staff
The lifeblood of any company is its staff. Without the employees of a business, the business simply doesn’t run. They make your product, advertise it, fix it, and handle the incoming and outgoing cash, among several other things. There are a considerable amount of diseases that can infect your workers and thus, affect the direction of your company.
The first illness is that of laziness. A lazy worker will only do what they absolutely have to in order to secure a paycheck. The second is that of unfaithfulness. An adulteress employee will steal from you. That can be money, time, or reputation. They will also sell your secrets to competitors. The last disease is that of apathy.
Like a lazy worker, they will put forth minimal effort, but the difference here is that on top of the minimal effort, they will also exhibit a lack of care for the company’s vision or other employees. They are almost literally a statue just taking up space and costing you money. How do you handle sickness? Your treat it with medicine.
Sometimes, all you need to do is add a little encouragement. Sometimes, a shot of rest and relaxation can offer your employee a fresh outlook on his/her responsibilities. Then, there are times when all other approaches to turning around an employee simply fail. These are those occasions where it is necessary to euthanize, or fire, the staff member.
Unexpected Bad Publicity
In the colosseum of the business world, it seems there is a constant battle between rumors and facts. The rumors of haters can tear down a business in 24 hours. Facts can do it even faster, but can also save your business from ruin in the event of bad publicity. Every business faces it at one time or another.
Here are a few things to keep in mind when it happens to you. Don’t wait forever to respond. If you wait too long, it gives your customers the impression you don’t care. Do not lie! Lying is the fastest way to lose everything you have built. Own your company’s mistake and conduct a swift and genuine apology. Next, do what you can to make things right for your customers.
For instance, if you are a car manufacturer and you have a certain model of car that has a cylinder malfunction, submit a recall and offer free parts and labor on the repair of the malfunction. Also, be ready to laugh at yourself. Let’s face it. Sometimes, we do stupid things. Without a sense of humor, you allow the error to pull you in the wrong direction.
Following The Leader
Probably the biggest reason for the failure of a company is the failure of the leader. As the CEO or president of a company, all eyes are on you. Much like a child emulates his/her parents, employees will look to the company leader for the blueprint of how they should act and conduct business as far as their position is concerned.
If a leader is lazy, his/her employees will approach the vision of the company as though it can always be handled tomorrow. If a leader is ruthless, his/her staff will learn to step over each other to gain status and a bigger paycheck. This will ultimately cause immense discourse and disunity among your workers.
If a leader lacks compassion, his/her staff will have a devalued opinion of their work and will rarely feel capable of improvement and if a leader practices dishonesty, he/she can expect the same from employees.
Man up! In order to keep your business on the right track or turn it away from impending doom, learn to practice being an honest, motivated, compassionate, and merciful business leader. Your company will thank you in higher productivity and higher moral, as well.
It’s bound to happen. No one and no business is perfect. Refer to these tips to help turn your company around next time it sways from its intended path.