Business - What Will It Take to Stop Losing Business?

When managers realize their business is losing money, they should ask themselves a very important question. "What will it take to stop losing business?" My first task I would put into action is to speak with the research and development team about products they have on the design table and how they can change them to provide our customers with the same services that the other product companies provide. This will allow us to reach a larger list of consumers.

1) Explain the situation. No matter how bleak and painful it may be, the employees and subordinates have a need to know. The communication lines have to be reopened. You will be suprised how quickly they will start to react and become proactive when the words "if we can't repair the damage to this situation, all of our jobs will be in jeopardy" drops on to the table. Be prepared with all the statistical and factual data about the situation as you can get. Note: This should be an informative session and not a conference. If the floor is opened to comments, then the leader allows for blame to start circulating. The leader needs to put a stop to any actions that cause blaming and conflict immedaiately, not matter how deserved the accusation. A quick way to do so is that he can open the floor to questions about the metrics of the situation to provide extra information and explain the seriousness of the situation. Also, be prepared to quell rumors at the water fountain as well.

2) Call in the managers and supervisors in to a meeting. This is a preparation/prelude meeting. This is to inform them that changes are about to be made to both the product line and its distribution channels, but the changes will be made by the division/department not the higher-ups. Assign a vision to the statement and a timeline of how its going to be fixed in metrics that can be measured and followed. They are to leave and talk with their subordinates about what can be changed and improved and in what way. Focus on product quality, quantity, functions, design/develop/distribution processes. They will report back for a product brainstorming session in 2 days. Any group not reporting will be the first considered to go on the chopping block. Accountability must be paramount at this juncture in time.

3) Brainstorming. Rules first before anyone speaks. No one comments on the ideas presented until all are presented. One person is to be assigned as devil's advocate to see both sides of the story for each item. Don't skip this step. Each group reports back with the best of their ideas, no matter how ludicrious it may seem. Then the floor is opened up for rebuttal and development of each idea presented, one by one. Do not allow for anyone (especially senior personnel) to immediately attack an idea. The ideas are to be weighed and measured by the merits and faults. If faults are found, what are the controls to fix them? Do they fit