(From the October 2008 Newsletter)
Uncertain times require certain and strong leadership. The following Key Leadership Actions are recommended Keith McFarland, author of The Breakthrough Company, a book highlighting an elite nine of 8,000 companies producing the highest growth and profitability performance sustained over a 20 year period. One of the featured companies is that of Xenium’s CEO/Chairman, Bill Stoller.
- Don’t kid yourself. Is your focus and business plan going to weather a financial crisis? Ask yourself “What is our core business? Where is our core profitability?”
- Strategize. Identify initiatives to achieve maximum core focus, production, and profit. Incorporate a “Dynamic Strategy” technique. Rather than annual events for strategic planning, set plans with only a 90-day execution timeline. After 90 days, ask what you've really accomplished, where you fell short, and what you've learned. Reset and repeat. These times call for democratic input along with decisive leadership, what McFarland terms “Democraship.”
- Scope the business for slack. If slack is identified in staff redundancy or poor production/performance, look at position or department cuts, avoiding across the board or incremental cuts. Apply a scalpel not a sword to achieve desired long-term affect.
- Stabilize. Don’t clam up. Now is the time to communicate and sell your plan and vision to your team. Engage your team, your clients, and your partners and listen for opportunities.
Leslie R. Nielsen, President
XeniumHR.com
