You’ve just accepted a new position as CEO of a great company that’s had growth deceleration and loss of shareholder value — possibly for only a brief period of time, possibly for longer. You want to roll up your sleeves immediately and start turning the company into a growth engine again, but aren’t sure where to start. There is help for a new CEO.
A great first step is to read the Leader’s Guide to Corporate Transformation and Renewal, then the blog on Accelerating the Corporate Transformation Process. Next you might want to check out some of our Top Tips for Creating “One Team”, and learn about how and why to transform corporate culture to enhance corporate performance.
But First… Go Back in Time
Although it may seem counter-intuitive, your First Six Months Plan should ideally be defined in draft form before your first day on the job. How is this possible? Whether you are a CEO taking over a company needing renewal, or a business unit manager receiving your first promotion, you should be walking into any transformational position with eyes wide open and some definition of success criteria defined. Key strategic items such as how much cash you have on hand to achieve your desired results should have been discussed ahead of time, and some common understanding reached, before you undertake the job. Most importantly, you should have at least a preliminary idea of how you are going to effect positive change in the company or business unit. Anything less will court disaster.
For example, if you are brought in as a CEO, and believe it will take you 3 years to accomplish your end result, but you only have enough cash for 1.5 years, it is important to have that conversation with the board and establish the key milestones so there are no unpleasant surprises the first week. In this case, you may need to achieve some preliminary results in a year or less to allow time to raise money needed to reach your desired end-state. Or, you may need to obtain agreement for additional funding from your current investors before you start.
But if You Don’t Happen to Have Access to Time Travel…
Don’t “go it alone”! When leading a company at a strategic inflection point, our expert business consulting and CEO Advisory services can make a difference between failure and success. The BusinessExcelleration team is there to support YOU with a solution customized to your particular situation. Contact us today!
Copyright © 2012 Beatriz Infante – All rights reserved.