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The Five Essential Steps of a Successful Business Turnaround
By siliconindia
Defining a Winning Culture
Companies in need of a turnaround usually have ill-defined culture. We can test this by asking salespeople to describe the company culture as they perceive it. In failing businesses, employees will not be forthcoming, and answers will vary from person to person; you'll find that no two sales reps share the same description. Especially when a company is charting rough waters, it is imperative that the sales team embrace a unified culture, one that will define success.
At the heart of culture are the core values a company embraces. Core values are like the Ten Commandments. They are simple action statements that define the principles the company believes in, not fuzzy declarations that can be interpreted at the whim of management. They should be published and posted throughout the company. Employees should understand the corporate commitment to them, and that disciplinary action will follow their violation.
"Tell the bad news first, not last" was a core value we used at one company. If we were not able to make a customer delivery on time or if we expected to miss our sales forecast, we were expected to give fair warning to the customer or the CEO respectively. This core value became a cornerstone of this company's customer service. Another core value was "Do the right thing for shareholders, customers, and employees, and don't take a position that favors one over another." This core value ensures that the company will keep the playing field level for all and not sacrifice one group for another.
Many companies say they do the right thing-but do they? And do they do it all the time? Core values define corporate culture, and companies without them tend to wander and underperform.
