Bill Canady walks through Step 2 of a 100-day turnaround: building a strategy fast enough to stop cash losses. The plan isn't permanent, just a rapid blueprint that aligns the company on core actions to hit the target return set in Step 1.
Step 2 is, uh, develop the strategy. What does it take to deliver that return? I thought I'd read a little passage out of the book and then talk about some of my own experience from it. Step 2 is to create the strategy that will position the company to earn the right to grow. The 100-day turnaround timeline goes by fast, so speed is of the essence. The sooner the course correction is implemented, the sooner the cash flow bleeding will stop. Don't expect the draft of the strategy produced in the span of step 2 to guide the company for all time. You just need to propel it To get to step 3. And that's kind of where you find yourself at when you first come in. As I said before, if you've been brought in, probably hasn't been going that well, and you need to get the business aligned on the core steps that it's going to take to deliver a reasonable return. So step 1 was pick the goal. Step 2 is what is the strategy that will deliver that goal? And it typically will tie into whatever's been done so far, and it'll tie right into the core of the business.
