A great read Ian, and refreshing to hear your experiences about these tough times. I think the overwhelm of updates and communication, especially external to the company, is a real challenge. I wonder many outcomes would change if the relevant exec teams were focused on the turnaround itself, not on the distracting-but-essential activities that you describe.
And then there is the broader productivity hit of distraction and worry across all parts of the business alongside wary customers who may hold off making those crucial purchases, especially in ecommerce. But those are stories for another day....
I have experienced two such "dissolutions", I shall call them that because bankruptcy or Chapter 11 or Administration simply don't reflect the mental anguish involved for many, if not all, of those involved - stakeholders in the widest sense. This is an astute piece and a very human perspective on the process and I am very thankful Ian wrote it - it would behove many undergoing these traumas to have some kind of blueprint for not only recovery but also for panic avoidance. It's true that there are many dangers lurking in all kinds of obscure areas, dissatisfied suppliers seeking schadenfreude for perceived slights in the past; "experts" of 25 looking to up their stock at their management consultancy by proffering solutions that will do you more harm than good; but there are also hidden friends who only want to secure the future of your business - that latter reality can easily be lost in the cut and thrust of day-to-day justification to the bean counters. An excellent piece, I shall be following you from now on!
This is a great piece Ian and so refreshing and honest - to hear it from someone who's been there is in itself humbling
That's very kind, Andrew, thankyou.
A great read Ian, and refreshing to hear your experiences about these tough times. I think the overwhelm of updates and communication, especially external to the company, is a real challenge. I wonder many outcomes would change if the relevant exec teams were focused on the turnaround itself, not on the distracting-but-essential activities that you describe.
And then there is the broader productivity hit of distraction and worry across all parts of the business alongside wary customers who may hold off making those crucial purchases, especially in ecommerce. But those are stories for another day....
I have experienced two such "dissolutions", I shall call them that because bankruptcy or Chapter 11 or Administration simply don't reflect the mental anguish involved for many, if not all, of those involved - stakeholders in the widest sense. This is an astute piece and a very human perspective on the process and I am very thankful Ian wrote it - it would behove many undergoing these traumas to have some kind of blueprint for not only recovery but also for panic avoidance. It's true that there are many dangers lurking in all kinds of obscure areas, dissatisfied suppliers seeking schadenfreude for perceived slights in the past; "experts" of 25 looking to up their stock at their management consultancy by proffering solutions that will do you more harm than good; but there are also hidden friends who only want to secure the future of your business - that latter reality can easily be lost in the cut and thrust of day-to-day justification to the bean counters. An excellent piece, I shall be following you from now on!
Thankyou, Kostakis, I appreciate that. It isn't a club anyone wants to join, but there are many of us around who are members!