Turnaround Tactics -
Benefit from the New Paradigm
Welcome to our March 2021 PowerStone Leadership Newsletter, Turnaround Tactics - How to Benefit from the New Paradigm.
Spring is eternally celebrated as a time of transformation and Spring 2021 is no exception. Covid 19 delivered a roundhouse punch worldwide, shuttering businesses and breaking dreams. Much like a Phoenix rising from the ashes, most businesses are leaning to innovate and seize new opportunities. In this issue we offer tactics to help guide you through turnaround to benefit from the new paradigm.
"You just can't beat the person who never gives up." Babe Ruth
True Client Turnaround Story
Nothing is Impossible!
We are excited to share this true client story as evidence that successful turnarounds do happen and to encourage you not to give up. The phrase Nothing is Impossible is a pillar of our brand at Hagedorn & Associates so we are elated to share a turnaround story of utmost tenacity, courage and patience in a CEO and his leadership team. Many unremitting and unforeseen factors contributed to his company turning upside down. We won't get into the shattering details except to say that just about everything that could go wrong did. The company found itself broke and broken. Countless battles were fought over the course of a year. The CEO made over 62 pitches to get support for his vision for the future and kept meeting with rejection. It takes an individual of high character to be told no over 62 times and not give up! At one of our meetings, the CEO said, “People should never give up because they don't know how close they are to reaching their goal. Never, never give up on your dreams as success may be just around the corner.”
The CEO said he often felt like ‘the last man standing’ and felt ‘like he was climbing Mt. Everest alone.’ Fortunately, he had loyal and hardworking team members willing to forego pay and do whatever work was needed to keep the lights on. However, he also had ‘leaders’ and team members who downright deserted the company overnight and left the company for dead. It was an extraordinary time, calling for an extraordinary leader. Led by a visionary CEO, the company persevered to a successful turnaround. I dedicate the following quote to my client who demonstrated grit and humility during the battle of a lifetime for his employees, industry, and family.
"It's at the borders of pain and suffering that the men are separated from the boys." Emil Zatopek
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What does Hagedorn & Associates do differently?
We are noted for creative problem solving to generate superior results. We listen and focus on your challenges to come up with solutions. We develop winning strategy and we honestly believe nothing is impossible. We understand that leaders have stress like no other and we are always close at hand during crises. Leaders often sacrifice their own health and happiness to accommodate stakeholder and organizational demands, so we help shoulder the stress.
We understand your pain and help guide you through the process.
Fatigue is a recognized result of the pandemic. We understand the energy required to create the change needed for a successful turnaround can feel overwhelming when you are already exhausted. Turnaround requires that we script critical moves to get back on track. Let us help you create the organization and relationships you want.
PowerStone Leadership Movement
We are a Leadership Movement where we believe anything is possible with strong business fundamentals and healthy relationships. Hagedorn & Associates, LLC is committed to a legacy of work that improves organizational performance and financial results through implementation of best practices.
"The Resilient will Pivot and Unearth New Opportunity in 2021." Tina Hagedorn
The PowerStone newsletter was created to deepen my connection to current and future clients. I sincerely hope this newsletter resonates with current and future leaders. Please share this newsletter! Thank you for joining our PowerStone Leadership Movement! Tina
Meet Tina
6 Turnaround Tactics
Tactic #1 - Acceptance
We are finding what used to work no longer does. Because of Covid and the resulting economic fall-out, a New Paradigm is being born. You can't expect that life will return to pre-pandemic normal. New will replace old. Acknowledge the lessons learned and move on.
Tactic #2 - Focus on Cashflow
Focus on activities that increase cashflow. Evaluate the New Paradigm of opportunities and adapt your current plan to take advantage of Internet Renaissance and generate new revenue.
Tactic #3 - Start Now - Timing
Turnarounds happen in times of crises. Change must happen swiftly to accelerate positive results. We are in the initial phase of a business revolution.
Tactic #4 - Step Back - Retreat
Take a retreat. Get a clearer picture of what is going on in your organization. It is rare that the C-Suite feels there is enough time and energy to take a retreat, yet it is the top recommendation for an organization facing challenges. A well-built organization provides a setting for open dialogue where vulnerability is encouraged. A retreat is an ideal setting to open up conversation and establish a clear path forward.
Tactic #5 - Engage the Team
Turnaround requires that the entire team be onboard with the changes. Share the vision with your team and stakeholders and keep everyone focused on results.
Tactic #6 - Action Plan
A strategy based Action Plan with relentless checking in is critical. Monitor the changes implemented to ensure success. Leaders make bold moves. Bold moves require courage. Courage and vulnerability are inescapable in leadership circles.
SWOT Analysis for the New Paradigm
Reevaluate your Strengths, Weaknesses, Opportunities and Threats
PowerStone™ strategic management starts with a review of your mission, vision and values as well your company strengths, weaknesses, opportunities and threats. We work with you on strategic planning and implementation to improve organizational performance and revenue. Our PowerStone™ Action Plan ensures results.
Set up a time to talk 253-820-4581 , Thank you for joining our PowerStone Leadership Movement!
Tina Hagedorn, President
8805 Harborview Drive, Suite 201
Gig Harbor, Washington 98332
Phone: (253) 820-4581