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To stabilize a shrinking business by guiding the CEO to re-engage directly without alienating his key executives with his new forceful and demanding style.
Solution
The Story:
Multiple changes in the industry had forced this Mid-Atlantic business, as well as its competitors and clients throughout the USA, to adapt, all with varying degrees of success.
The company had shrunk substantially in terms of revenue – this was the bad news. At the same time, the company had shrunk in terms of costs and people – relatively, this was the good news, for it meant that it had adjust better than most.
However, it was not quite the same company it had been a mere two years earlier and now needed a different leadership and management style to stay profitable and to rebuild.
Result
The Outcome:
The downward spiral was halted, mainly because the CEO quickly modified his leadership style to managing a smaller, less profitable business: he changed his strategic thinking (implemented a results-based short-term plan), adapted his operational approach (reduced costs; cut executive salaries; shrunk staff), and boosted new business development to grow revenue.
