Below are two comments from two executives reflecting two different attitudes towards underperforming assets. While these quotes are not entirely contradictary, they demonstrate the difference between being a winner and being a survivor.
Ed Lampert, CEO, Sears Holdings: “We know what it’s like to be underestimated and questioned but we intend to keep working on our game to achieve our full potential.” He refers to the experiences of Eli Manning, NY Giants who emerged a champion despite the fact that nobody believed in him all year. While assets are not performing to desired levels, they have success models in place, and know what works and they are going to continue to apply the things that work to be successful.
Chrysler Vice Chairman Jim Press: “We’ve got to find a way to become a responsible company addressing what we are today, not what we want to be.” He was defending comments from Cerberus founders that only small changes were needed for a profit on their stake. He wants people to understand that Chrysler can be profitable as a smaller car company and doesn’t need to sell as many cars in the future to be a profitable company.
Not what we want to be? Small changes?
Hello Detroit. Think small, act small, deliver small. How’s that working for you right now? It has not worked for 30 years–it will not work now!
Here’s the point: When your business faces adversity go on the offensive, attack, and move forward. Too many companies see a loss and start to go on the defensive. They start to cut staff, layoff sales and service people. They eliminate the revenue generators. Once you step back and start to lose your edge, you are now looking to avoid losing. This becomes a death spiral. You are now on the defensive. Look at these two commentaries. One executive is confidently swinging for the fence and the other is hoping to hit a single. I encourage you to think big.
When your business hits a speedbump–loses money, loses a big account, loses market share–go on the offensive. Drive your business forward.