CNN Money keeps a running channel on YouTube, with videos which are only two or three minutes long, with countless updates on everything from car reviews to failing or succeeding companies to five million dollar islands for sale. Yes, we said islands for sale.
Companies in financial crisis are often reported upon, but they all seem to handle crisis in the same basic way. Only businesses which pull themselves out of that thinking can find themselves positively reported on in the future. Only these thinking-outside-of-the-box innovators can pull themselves out of the mire. What are some characteristics observed in each type of company mentality when crisis does hit?
Some typical characteristics of businesses which tend to fail and keep floundering or failing have to do with panic and lack of faith or belief in future success. This is not where future projections look good and the partners attempt to make themselves believe in the hope of the future. This is where executives have gotten together, completely evaluated what went wrong, hired financial and business experts, compiled errors and market fluctuations, and have pieced together a plan based upon complete information. These executives have faced their mistakes, and now know more than they did in the past. They feel very confident about moving forward.
Businesses which keep failing lack this belief almost entirely. They may have also hired experts, but nobody went into full detail and studied the underlying problems as carefully as future successful businesses had done. In short, there was an overall problem of individuals not wanting to admit, face or move on from their past mistakes. It was a matter of a culture of denial, no matter what other detrimental culture there might have been there. If everyone is in denial about their mistakes and about the problems that they themselves have created, then of course the company will fail.
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