For the past 9 steps in our 12-step series on Financial Recovery, we’ve been taking you, our readers, through the steps (originally outlined by the GFAO, see http://www.gfao.org) that you have to walk to get your business (or company’s business) back in the black and on the way into recovery and out of whatever hole it has gotten into.
Now we’ve got 3 steps left to go and today’s step is, we believe, maybe more of a reminder than a solid step forward. Step 10 is Recovery Leadership.
Leadership is an important aspect to nearly all phases of everyday life but as regards the steps to financial recovery that we’ve been talking about, it becomes critical as it is necessary throughout the process – every step of the way, recovery leadership is crucial to keeping the process going forward and getting all heads to come to the table and contribute.
The leader, or a leader, will look to clearly define the vision of what needs to be achieved through the financial recovery process.
The leader will also exhibit and embody the necessary behavior and attitude to recuperate the financial well-being of the organization.
The leader will want to engage the shareholders in the recovery process in a manner that will benefit the organization by procuring significant financial contributions and from there; he/she will make the difficult decisions that keep the financial recovery process moving forward.
You see why we consider Step 10 less of a step and more of a reminder; it’s more a sort of support platform that is an underlying factor in the success of the entire process. But nevertheless, it is just as important (if not more) than all the other steps because without a good recovery leader (or leadership team, in fact), then it’s much harder for the recovery process to make headway, nevermind be successful.
So after this crucial step/reminder, next comes Step 11: Managing the Recovery Program.
Remember: always try to make an informed decision in all matters,
Capital Corp Merchant Banking 