Big or small companies regardless need clear inspiring vision when finding themselves in performance trouble. Each economy and each enterprise has its periods of ups and downs. Only those survive long-term, which master the art of learning from mistakes.
Companies can never think they can stand still at one place, even though it feels very comfortable at the beginning. The down times provide Companies opportunities for studying what worked in the past and what could work better. The closer companies are to the reality, the faster the growth path can be found. Mistakes Companies have made during good times come back to them during bad times: Living large and consuming reserves, being overly focused on internal processes, on approvals, personal interests and on mistakes covering, being obsessed with own successes and thus loosing the track of consumer, not enough benchmarking with competition and with ever changing environment or simply just responding to coming ad-hoc demands vs. creating the opportunities upfront themselves by constant innovation.
The better the leaders master the downtimes, the longer companies can stay next time up. In times of performance trouble leaders have to visualize the success they want to achieve. First for themselves, then painting it to everybody. They have to think back at times when they have felt victorious, and remind themselves what principles they have used on their way up and then put exactly the same passion to their new goals. They have to be inspirational and motivational in their new mission to restart the Company for growth.
If the leaders have clear meaningful vision, if they are able to listen to external hints and to involve the team into the process of defining how to fulfill their new vision by concrete steps and actions and if they stimulate the excellence of execution, the path to follow this vision will appear itself. It will appear exactly at a time when they decide to see things differently. It will appear exactly at a time when they will be able to color the vision persuasively for self and others. It will appear exactly when they will help everybody to overcome their fear of change.
Only those thrive who value the good times as well as the bad times. Only those thrive who see the down times as opportunities for restarting the growth. Only those thrive who are not scared to act and to manage the change. They fulfill their vision. They attract new opportunities. They win better quality people. And last but not least they obtain a gift of personal satisfaction of doing the right things right.P.S. I am happy to help your company to manage the turnaround, as well as to advise on painting the new isnpirational vision and on change management (More at: http://www.janabudikova.com/)