within the company he could trust and put them in charge.
The next thing Haydenhad to tackle was morale. Everyone left the office at five on the dot - they couldnt get away quickly enough. To get the buzz back and win the staff over, I had to prove my own commitment and put in the extra hours with them. In return, it was assumed that nobody would ask for overtime pay until the company was on its feet again. Contrary to normal practice, Hayden was reluctant to lay people off, and apart from not replacing people as they reached retirement age, he left the workforce largely unchanged, although he did identify key people throughout the company who were given more responsibility.
But, as Hayden insists, before a company reaches such a crisis, there are warning signs that any financial director or accountant should take note of.A business that has an unrealistic pricing policy or has to negotiate extended credit with its suppliers is in trouble, is his message. Or if you often have to apply for your overdraft limit to be raised or have trouble paying tax on time, something needs to be done.
By 2003, the company was healthy again, with reasonably stable finances and a modest but steady share price of $1.60. One thing that helped save us was that our technology worked, says Hayden. With 20 million email accounts, we never lost a single major client because the product kept on working.With ideas for a fresh venture demanding his attention elsewhere, Hayden has moved on. It was time to go, he says. m not a turnaround specialist. I prefer start-ups.
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