Ive just finished reading Killing Fairfax. A very interesting chronicle of the demise of Fairfax; especially so for someone who grew up and got his professional start in print media, with a bit of ink still running in his veins.
And it has some excellent lessons for businesses that face pressures due to change.
For business owners, running a successful business is often challenging enough, but succeeding in business in the current tough times for many has become a real nightmare.
However, there is good news!
I've been going on a bit lately in my blogs about leadership. And I'd planned on making the one on Focus the final in the series.
Then it occurred to me that we often think of leadership and management as being the same thing.
But they're not.
In uncertain times or slowing sales, you need to move quickly to protect your bottom line.
Ignoring or delaying a decision to cut the fat from your business will significantly impact your business performance, cash flow and future survival.
Bankruptcy and corporate collapses were the highest ever recorded in Australia in 2012, with only 5% ever paying a dividend. On top of this many more businesses and individuals entered formal debt arrangements.
So what are the typical warning signs?
I'm an avid Crossfitter, the intensive functional fitness regime (www.crossfitshoalhaven.com).
Some would say obsessive.
But a big part of what CrossFit is about is Community, and on the weekend while competing at Survival of the Fittest 3 in Nowra I really saw that at work.