How recessionary market & low oil prices are NOT only the reasons for decline in your business.
Any business thrives on the following:
1) Motivation level of your managers
2) Complete understanding of industry’s landscape
3) Ability to consistently innovate strategies which bring tangible value to clients.
4) Maintaining balance of Revenue and Cash Flow
When the market gets tough & business declines, company needs a CBO than a CEO!
Confused what CBO means?
Chief Belief Officer (CBO) – A CEO who inspires his team to believe in the vision where the company is headed.
Cause of declining revenue is much beyond “low oil prices” or being in “recessionary” market.
It’s more of an innovation and “re-learning” problem!
During the turnaround process, the first priority of the CEO should be to resume the trust of employees & work towards ideas which can genuinely deliver value for clients.
Take calls which are in benefit for whole as compared to benefitting a few.
Innovating & taking tough calls is extremely painful but can help bring back the revenue on track.
AND improved revenue can restore team’s confidence.
Which in turn impacts positively on growth irrelevant to any market conditions.
#Turnaround #EmployeeMotivation #Employees #oil #transformation