Business leaders are tempted to move fast. Many times, they are brought in to turn a company around. Or they are brought in to continue the growth that the founders started. Being the new leader of the company, many business leaders feel pressure to make immediate decisions and moves. Others take a more deliberate approach but can end up taking too much time to make the big decisions that the business needs. The Harvard Business Review has a good article this week on how new leaders can make decisions.

Strategies for Business Leaders

Constance Dierickx offers three strategies that business leaders can use when they are new to an organization,

  • Manage the urge to “do something” right away;

If you’ve been brought into an organization, you likely feel pressure to get something done immediately. But before you immediately start making decisions, take some time to really learn about the business (and the culture). Ms. Dierickx offers some good examples of the need for senior executives to learn about their new company.

  • Talk to a wide variety of sources; and

When you start somewhere new, there are always people who are dying to talk to you. Maybe they were on the wrong side of the old leader. Or perhaps they see it as an opportunity to immediately get on your good side. But whatever their motives are, realize that there is likely an agenda behind those actions. Business Leaders need to take time to learn from a variety of employees, not just the ones who always seem to be around the corner.

  • Select one critical area of focus for the year.

Business leaders brought in to turn around a company are under a lot of pressure. They are often not brought in to change everything about a company. Many may try, but casting too wide a net will only lead to frustrations and inefficiencies. Ms. Dierickx’s advice to focus on one area of the new company is a good roadmap for getting started. Rather than trying to be the wizard behind the curtain of everything, be visible and focused. Especially if the end goal is to turn around the company and prepare it for sale, a focused approach should be the best way to make changes.

Next Steps

If part of your new business strategy includes reviewing the legal structure of the business, call my office to set up a meeting and we can review the best options for you – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.
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