10 SUCCESS FACTORS vs. 10 FAILURE FACTORS
February 14, 2024
We learned many things from our founder, Jim Malone, who turned around six Fortune 100/500 companies, and was an advisor to two US presidents.
With the exception of grossly overstaffed organizations, it is a rookie mistake to think you can shrink to growth. The companies that lead their categories and are standout brands:
- invest in the getting the right people aboard
- constantly improve and refine their products/services
- have a passion for team involvement
- offer a balance of quality and value
- understand that price is a market signal
- prioritize contribution margin and profit on products/services
- reduce waste
- engage market forces
- leverage opinion leadership
- drive operational efficiency
It is inexperienced leadership that thinks that cuts for the sake of cuts, fear, workforce hatcheting, and keeping a plan close to the vest is going to accomplish near or long term goals.
Of the hundreds of businesses that Qorval has worked on in 27 years, there are several common denominators that had previously driven those companies to the brink of failure, such as:
- inexperienced leadership
- weak governance
- lack of passion/vision
- lack of investment in sales and marketing
- managerial myopia/analysis paralysis/inaction
- poor controls
- lack of relationships with customers
- disregard for stakeholders – vendors, trade partners, distributors
- stale products and services
- ignoring margins/contribution margin
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