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Preparing for the Turnaround
- By: admin
- On: 09/16/2009 05:47:39
- In: Strategy Execution
- Comments: 472
Now is the time for organizations to prepare for the economic turnaround in our business environment. While a robust recovery may still be many months away, the resources to shore up one’s operations and tighten controls are more readily available today than they will be once the turnaround arrives. This is especially true for firms that have grown through mergers and acquisitions.
Now is the time for organizations to prepare for the economic turnaround in our business environment. While a robust recovery may still be many months away, the resources to shore up one’s operations and tighten controls are more readily available today than they will be once the turnaround arrives.
Companies that have grown through Mergers and Acquisitions are especially ripe for a deep internal look. In some situations, the merged companies spend most of their time trying to leverage their business development relationships to drive more revenues into the firm. However, they may have missed the opportunity to integrate the support functions into an effective and productive shared service organization.
The benefits of taking a deeper look at standard operating perocdures while you have the capacity to do so includes teh ability to: dramatically reduced operating cost - increased quality of services provided - better leverage resources (Physical, Financial and Human) - utilize knowledge management and best practices sharing - establish centers of expertise - improved satisfaction and retention of staff support resources.
The challenges that lie ahead for anyone undertaking such initiatives are: (1) Line functions are traditionally reluctant to release staff and control, (2) employees fear loss of identify with their legacy organizations, and (3) the normal & natural resistance to Change.
To the organizations who undertake such a campaign, I’d recommend the following:
- Don’t Go It Alone – Bring in some experts to guide your process
- Ensure your Leaders are Committed to the Initiative in Word and in Action
- Include Change Management, Knowledge Management and Communication Strategies in your implementation plan
- Get People Involved at All Levels – Recruit your Best & Brightest people to led and staff your initiative work teams
- Set Clear Expectations for your work teams replete with Metrics and periodic Temperature Checks, etc.
- Build the Team before you can Be the Team – Use teambuilding activities that focuses on Real Work rather than metaphorical activities
- Celebrate Successes – quick hits, early wins, behavior shifts, etc. and finally
- Plan in advance to Post Audit your work – this shares Accountability across the enterprise
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