Winning thoughts on management…if you want to lead then lead!
by Chris Thomas
In my experience, the best companies are led by dictatorial CEOs. They make the difficult decisions and the team executes the strategy.
By communicating clearly and frankly with your staff, you keep them onside, ensure they stay motivated and remove any uncertainty they have about their future.
I’m a firm believer in bonuses. Be bold with your incentives during a recession – they make your employees work harder at a time when it’s most needed.
I once managed an electronics factory that was to be closed down within the year, but in the mean time I needed to reduce stock levels. By being honest with the employees about the future of the factory and by offering them good incentives for orders completed, production increased at a time when it could have gone into freefall.
Trading over the next two years will be crucial towards determining a firm’s long-term future. You can’t close your eyes to the new opportunities that will undoubtedly present themselves over this period, but timing is key. Asset prices in the current climate are a lot lower, but the difficulties inherited are often greater. Be sure you have the expertise to deal with the extra baggage and make the operation profitable.
About this blogger:
Chris Thomas began his corporate life with battery maker Eveready in the 1970s. After its acquisition by Hanson, he ascended through the ranks of the international conglomerate during the recession of early 90s, ultimately becoming CEO of a £1bn turnover group of 18 companies in sectors as diverse as aerospace and retail. Following his work in this senior position, Chris also became a Hanson director. In 1997, he led the Cinven-backed buyout of Hanson Electrical, which later became Electrium, and ran a £38m secondary buyout of the business in 2003 backed by LDC. The business was sold to Siemens two years later generating an IRR in excess of 100%. He then led the LDC- and European Capital-backed €123m buyout of Avery Weigh Tronix in 2006, selling the business to Illinois Tool Works two years later. In 2010 Chris also led the exit for LDC-backed Omega Red to South Stafforshire plc and LDC-backed CMG to NYSE quoted Thomas & Betts. Chris is currently non-executive chairman for LDC-backed companies AIM Aviation, Cranswick, Bullock and Evander.
