Good news from How the Mighty Fall (HTMF)by Jim Collins, is that his research also uncovered many instances where organizations went through the stages of decline and didn’t fail. They got through it and became better organizations because of it.
Xerox, IBM, Nucor, TI, Pitney Bowes, Nordstrom, Disney, Boeing, HP, Merck.
The key: after stopping the bleeding of cash, break the cycle of grasping for salvation and get back to sound management practices and rigorous strategic thinking and executing. And refuse to give up.
Collins quote on the back cover of his book says it all:
“Whether you prevail or fail,endure or die, depends more on what you do to yourself than on what the world does to you.”
Pick up the book, read it, share it and act on it.
So take control, stop the bleeding of cash, and get back to the basics, survive then thrive.