Above all, one of a manager’s very important responsibilities is to always look and act positive.
When I started this or any new turnaround engagement, I first interview each member of the management team.
A few years ago, I had a turnaround client in the northeastern USA, a $20 million-dollar sheet metal and roofing company.
My client, Smith, and Co., needed the services of a Bankruptcy Attorney. The owner, John Smith, had a problem because one of his largest customers filed bankruptcy.
Reconcile Company Checking Accounts immediately when received in the mail. One of my clients, ABC Grocery, was a wholesale grocery “franchisor” that had twelve franchised stores.
Grow Your Comfort Zone; it will help you improve as a Manager! Too many times I see Owners of companies feel uncomfortable implementing a needed change in employees, or one of the manages. For you and the company to grow personally and professionally, you need to step out of your comfort zone.
Best Hiring Practices – You’ve heard it said; “Begin with the end in mind.” In this case, the “end” is having a great management team and a profitable company. Below is an exert from my book “The Turnaround” that is a true story about a real company.
Make Your Salespeople Hunters – The very first turnaround that I did, I was the President/CEO of a computer distributor that sold hardware, software, and service. There were 17 salespeople and a sales manager when I joined the company.
If you own a company, you should evaluate the quality of your management team at least twice a year. When you have a weak manager as part of your staff, you need to deal with it. You owe it to your management team and the employees to replace him with a stronger manager.
New Commission Program – As I stated in the first article of this series about this Successful Company Turnaround, the gross profit margin for selling hardware was ten percent (10%), the software was fifteen percent (15%), and service was sixty-six (66%). It does not take a Rhodes Scholar to figure that selling service is going to generate the most profits for the company.