This is the last part of 3 part series on the need for introspection of target market. In the last section of part 2, I have spoken about warning signals and panicking. While I promised separate blog post on how not to ignore warning signals, let me talk about the latter aspect of panicking by organization in this concluding series. This is very critical as it gets into a vicious cycle of causing only further damage without leaving any room for resurrection. I am not sure whether panic is a right description, it sounds like a misnomer. Guess, anxious will be very appropriate. When anxiety due to successive failures strikes any organization, upper management tend to take hasty decisions to make quick turnarounds to meet the expectations of the investors. Such hasty decisions without deeper assessment of the causal analysis for the current state of the product will not yield any positive results. After few quarters, the organization would have lost its market valuation significantly. Investors start losing faith on CxO and CxO in a precarious situation of losing his position anytime will not have the confidence to execute his plans.
Moreover organization should have the right attitude to confront and accept the brutal facts. In addition organization should have a culture that permits free flow of bad news (without any tampering) from every nook and corner to the higher management. Any organization devoid of such qualities can hardly make any positive turnarounds and will eventually lose the confidence of investors.
To overcome such a situation, organization has to imbibe the qualities and instill the culture that I have earlier mentioned (hmmm…. this is little difficult for many) followed by 3 simple rules:
- Don’t panic or become anxious
- Stay calm, pause for a while, look back and perform candid introspection, and chart out a clear action plan
- Stay focused.
Last but not the least, just do not allow your Strategic Product Managers entrusted with the responsibility of turning around the fortunes of the product to face the pressure of investors. For them to follow those 3 simple rules, it is imperative to isolate them from all sorts of investors’ pressure and expectations.
I am not sure whom to blame for expectations, but guess raising expectations would have caused all big scandals like Enron, Satyam, WorldCom….