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If a company needs to change it is important to win the hearts and minds of people. Establishing an atmosphere of confidence and trust is an important condition for success. I believe in taking decisions based on the experience and knowledge of local managers, enriched with the analysis and strategic insights from top management. But as the company is in real danger of bankruptcy, I would go for short term actions to improve their profit and cash position. I would ask the 8 regional managers to prepare their recovery action plans within one week. These plans should be based on the main conclusions of the strategic survey and focused on immediate positive cash flow. Each regional management team would get assistance of a business analyst and the Business Development Director . The plan should contain commercial actions, cost reductions and better efficiencies from our supply chain. The following week managers would present their plans to the European management team to receive input from their peers and Board. After that meeting the Board would have one-on-one sessions to conclude the plans and agree on an implementation planning and milestones. In the meantime, the CFO would design a simple dashboard with a few KPIs to monitor weekly progress. Beside this short-term action, I would continue the strategic dialogue about mid- and long-term options and make clear that a transition is needed to further develop the company.
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