Most experienced and skilled Leader knows what it takes to navigate or maneuver the ship or business through rough times and difficult, uncertain circumstances. Some turbulent times appear to be ahead, and all Leaders should think proactively and progressively. If you have never faced tense or risky times, you would be wise to seek credible resources to help you think and plan strategic steps, as organizations are very dependent on their leaders. Hopefully, you have a well-trained crew!
First, be sure to have a clear understanding of your organization’s financial and operational status.
Second, meet with your key executives and business resources (i.e. CFO, COO, CHRO, Business Attorney, and Financial Investment Representative.). At this time gather each of their perspectives of the organization’s health status, as well as their professional opinion of what is affecting the firm.
Third, as CEO/Leader you should review all information that you have gathered as well as do some research of your own about what is impacting the overall circumstances. From this “review”, if your organization does seem to be at risk due to outside factors and influences, and changes will need to be arranged to best secure the business, you would be very wise to hire an experienced, professional transition firm, who can discuss confidentially your organization’s situation. With the latest facts to review and research, these experts can formulate the best plan for you.
Fourth, after this professional advisor has had time to study all facts and present you with a “strategic plan”, you and your executive team should meet to examine this in detail and review the specific steps and people affected, as well as any financial adjustments needed. Plus, your executive team will need to consider all who are touched (customers, employees, vendors, etc.) by your organization and what will need to be done regarding that relationship. Also, remember that the community where your business is located should also be given appropriate and respectful notice.
Last, you should remember that the handling this or any transition is a reflection on your character. By being supportive and respectful of your employees demonstrates how you treat others. Compass Career Management Solutions has managed transitions since 1994 (over 25 years). We not only provide professional assistance, but our services are “professional” and of the highest integrity. In addition to Outplacement, we offer “Performance Management” programs, Leadership Training, etc.