Recovering from a first half underperformance
I recently read a quote from Paul Bryant, which said “Don’t give up at half-time. Concentrate on winning the second half.” As we enter the second half of the year, some companies might find that they underperformed in the first half. But don’t give up just yet - there are still ways to recover!
Now, these are by no means definitive steps to scoring a comeback in the next 6 months. I’m just sharing what has worked for me in the past, and I hope you’ll be able to gain some insights from these tips and make the necessary corrections to regain momentum and end the year on track.
Step 1: Run a thorough diagnosis.
Ask your stakeholders - that is, your sales and operations teams, clients and suppliers these 3 questions: What is working, what isn’t working, and what can I do about it?
Look through your company’s financials thoroughly.
Step 2: Appoint and empower the right people to address the findings.
Fix what isn’t working. The corrections don’t have to be perfect, but good enough to move on.
Double down on what’s already working well.
The 80/20 rule applies here: look for the 20% in your organisation who are willing to embrace and affect change. They will be the ones contributing to 80% of the results. Co-create an action plan with them and ensure it’s achievable. Empower them to execute. Hold them accountable and guide them if need be.
Step 3: Communicate your turnaround plan to the entire organisation in a townhall.
Everyone in the company deserves to know what’s going on and be assured of a recovery plan.
When presenting, avoid only using data and facts to explain the situation. Try painting a vivid picture to get people invested in your plan. The only way to change someone's mind is to connect with them from the heart.
Step 4: Celebrate small wins.
Achieving a huge success is a result of a series of quick and small wins. Celebrate these small wins, as they will stack up with time and get you over the finishing line.
Small wins also boost the team’s morale and confidence.
Step 5: Be open to serendipity.
We can plan all we want but life can be surprising. Turn chance events into opportunities.
When your business isn’t going your way, don’t beat yourself up. Life is full of ups and downs no matter how successful you are, and the same goes to business. Embrace the challenges thrown at you, and they will help you grow. ●