|
Home / Business / Management
Accomplish Your Dream, Have A Good Team
By:Mike Teng
Having a good team is fundamental in accomplishing your dreams. In this complex corporate world, no single person can have all the answers. The world is changing so rapidly that even a team comprising internal experts is overwhelmed in trying to follow and monitor the changes.
The internal team should also include the use of external consultants and experts to bring in knowledge and skills that are currently not available in the company.
Similar to a surgical operation, a company needs a team to successfully perform a turnaround. Turnaround is seldom a one-person show. Most well-orchestrated corporate comeback teams are fielded with the best talents from within or outside the company including skilled professionals such as insolvency lawyers, auditors and turnaround consultants.
The first step, especially during the surgical stage is to assemble the turnaround team by getting everyone on board. Change is crucial and is characteristic of a turnaround process.
Preferably, the team should comprise the turnaround manager, whether appointed from outside the organisation or seconded internally, the financial controller and other key internal staff. The team must work closely with the other stakeholders such as the shareholders, creditors and union.
Whatever the composition, the team must move swiftly like the SWAT unit. Members need to regularly update each other on the status as well as progress of the specific duties of each member. There must be a clear and unchallenged team leader who has the final say in case of dissenting views.
Flexibility is the key and the team may be changed periodically as the situation warrants. For instance, once the company turns around and the financial crisis blows over, the company may need to transform its corporate culture. The team needed at this stage is a change agent. It calls for a more democratic and participative team as opposed to the 'surgical' team, which calls for a more autocratic one.
Thus increasingly, human resource management has recognised the importance of good teamwork as an ingredient to the success of the company. Staff appraisal system has recognised one's ability to work as a team and not just individual performance as a key measurement of the staff's performance. Nicor Steel put great emphasis on teamwork.
There are cases whereby staff voluntarily chase out their own colleagues who are poor performers. The staff of Nicor Steel are one of the highest paid employees in the industry.
Companies too need to work in teams. No company is an island. Companies also need to team up share expertise, financial resources and technology. Companies at times too need to consider teaming up with their competitors in strategic alliances when venturing overseas.
In today's corporate world, things are no longer cut dried and clean. For instance, there are mega infra-structural projects that require the competitors to pool their financial resources together to clinch mega-projects, which are too big for any single player to handle.
In the pharmaceutical industry, R&D development costs for new drug development may be too prohibitive and requiring a few pharmaceutical companies to pool together their resources towards its development. As a matter of fact, pharmaceutical companies are merging and teaming up because of the phenomenal development costs. Some studies indicate that in the years to come, there may only be five major pharmaceutical companies left worldwide as compared to the current few dozens.
Therefore no man or company can be an isolated island. A good team is vital to fulfilling your dream.
Digg
del.icio.us
Blink
Stumble
Spurl
Reddit
Netscape
Furl
Article keywords: team, change, turnaround, external consultants, corporate turnaround
Article Source: http://www.articles2k.com
Dr Mike Teng (DBA, MBA, BEng) is the author of best-selling book, "Corporate Turnaround: Nursing a Sick Company back to Health." He is known as the "Turnaround CEO in Asia" by the media.Check out the Corporate Turnaround ebooks and video at www.CorporateTurnAroundExpert.com
|
|
| Top Management Articles |
- 1). Nine Reasons Why Mentoring Matters to You By : Kevin
There are many roles we play or hats we wear in our lives. We are professionals, family members, brothers, sisters, co-workers, leaders, coaches, friends, parents, and neighbors to name just a few. While you may not wear all of the hats I listed, you can likely add several more that I left out! Many of these roles are a given – we don’t have much choice of having the role – they come with being a responsible adult.
|
- 2). Project Management - Design and Development Projects By : Michael Russell
There’s no getting away from it, design and development projects are a nightmare to manage successfully, particularly the development of software. Nonetheless, in these days of customers requiring ever increasing functionality and ever more sophisticated technology, they are sometimes necessary.
Your company almost certainly has procedures in place such as Make or Buy (do you design/build the item yourselves or do you sub-contract) and Design to Cost (you’ve estimated how much it will cost, now make sure that it doesn’t run over budget.
|
- 3). Defining Supply Chain Management By : James Hunt
Companies that deal with inventory will have to have some sort of system in place to effectively manage the supply chain that exists for any type of sales. A system of inventory needs to be as smooth running as possible so that a company is able to fulfill all its orders in a timely manner...
|
- 4). Customer Advisory Boards By : Paul Lemberg
Customer Advisory Boards are a great source of information about your market and your business. Their advice is more valuable than any management consultant's. They provide real world counsel on what you are doing right, what you are doing wrong, and most important -how to stay competitive. After all, they're the customer. They're the one's who buy your stuff.
|
- 5). 6 Ways to Maximize Learning By : Steve Kaye
Here's how to gain the most from training events.
1) Know what you want
Before the workshop, set learning goals for yourself. What do you want to learn? How can this program help you? What would make you feel that your time was well spent?
2) Ask for what you want
As the program unfolds, ask questions that guide the presentation toward the information that you need.
|
- 6). Save Face, Time, and Money on Your Next IT Project By : Leslie Whinery
How many times have you been involved in a project where a newly-released piece of software required an immediate enhancement because the right people were not “in the loop”? This is an example of how poor communication costs money and damages the reputation of an Information Technology (IT) Team.
Well-managed communication can increase the rates of success on your IT projects by improving relations between you and your customers and decreasing the odds of hasty last-minute enhancements, thus saving face, saving time, and saving money.
|
- 7). Decision Making "Pub" By : Claude Jollet
This article will help transform your decision making process into “PUB” - Pure Unadulterated Bliss!
Think I'm exaggerating? Well ... maybe just a little!:-) But, see for yourself anyway! You might be in for a pleasant surprise. The way I make decisions in complex situations has – at least – the merit of turning decision making into an effective, satisfying, even reassuring experience.
|
- 8). The CEO is 10,000 feet above the fire By : Larry Galler
How many times have you heard a business owner or manager say that they spend their workday “always sweating at putting out fires?” I hear it all the time.
Think of a raging forest fire. There are sweaty fire fighters working hard, just yards in front of the flames. There is one person in a helicopter 10,000 feet above the flames. Those on the ground and the one in the helicopter are all looking at the same fire but they have totally different views.
|
- 9). CPAs vs. Non-Certified Accountants - Clearing Up The Confusion By : John Day
I wish I had a nickel for every time someone asked me what the difference is between CPAs and non-certified accountants. Essentially, non-certified accountants can simply hang up their shingle and open their doors for business. There are no educational requirements. If they want to prepare taxes, most states require a certain number of qualified hours of study plus continuing education hours each year.
|
- 10). Many Kinds Of Banks - Many Kinds Of Accounts By : Sintilia Miecevole
Sometimes looking into opening an account or accounts in banks can be confusing. There are so many types of banks and bank accounts! Which banks are right for you to open anaccount in? Which types of accounts do you need to open? Below are some simple explanations of several types of banks and the accounts you can open. One will surely be right for you!
There are many kinds of banks:
1.
|
| New Management Articles |
|
|
|
|
|
|
|
|
|
|
|
|
- 7). Double Your Profits with Business Coaching By : Kris Koonar
Business as we all know, involves risk. Since starting up your own business means starting a new chapter of your life, you may fail to recognize a few shortcomings in your business plans, as you are too engrossed and feel that things are going great.
|
- 8). Modern Business Strategies and Tactics By : Kris Koonar
Modern business strategies and tactics often concentrate on developing international brands and products, but before developing any product it is important to assess the potential worldwide demand.
|
- 9). Avoiding Poor Time Management By : ian Williamson
Around midnight students across the country become record setting authors by finishing essays, and study groups for tests in unheard of time. This unnerving process often leads to below average results. Many people wonder why this is happening, the answer is poor time management.
|
|
|
|
|
