It has been my experience that employees know more about what and where the problems are in a distressed company than the management team. This fact sounds strange, but it is true. Many times, the management team is too embarrassed, out of touch, or too proud to tell me what is going on in the company and what may be wrong. It is their responsibility to fix the problems, but they have not done so for any number of possible reasons.
Employees know what’s wrong, to find out, all you need to do is ask them!
Let them know that it is okay to share information with you regarding problems and issues within the organization. Promote open communication. Reward those employees who reported the issue after resolving the problem if there is a financial benefit.
Take care of your employees, and they will take care of you!
About the Author
Robert S. (“Bob”) Curry - Bob Curry is an Author, Keynote Speaker, Seasoned Business Coach, and successful Turnaround Specialist. Earlier in his career, he served as President and CEO of three different companies, the largest with annual sales of more than $1.3 billion dollars - all which experienced successful turnarounds under his management. After turning around three companies as the President/CEO, he started his turnaround consulting firm, and for the past twenty years, he has turned around more than eighty distressed companies in many different industries helping each to establish a strong management team and become profitable. He has published three books: "From Red to Black," "The Turnaround," and “The Turnaround 2.” He resides in Fort Lauderdale, Florida, with his wife, Esther.
All three books are true stories about the turnarounds of real companies that I have turned around during my career. In each book, I shared my (“PIR’s”) Profit Improvement Recommendations which helped turnaround the companies from Losses to Profits. PIR’s help to grow sales, reduce expenses, improve cash flow, increase profits, and most noteworthy, strengthen the management teams. All three books are on sale on Amazon.com in paperback, kindle, or audio.