Monday, April 28, 2014

Midsize Companies Must Prioritize Ruthlessly
by Robert Sher  |   8:00 AM March 27, 2014

Some important lessons for all companies but particularly  for small to mid-size companies

"The world is littered with the hollowed-out shells of firms that tried to do too much and spent too big trying to grow too fast. Many of those firms were midsize companies; they didn’t have the resources of the big firms to sustain setbacks, nor were they scrappy like most small companies, making do with the resources they had…. 
….While poor time management hurts large and small firms as well, it’s especially pernicious at midsize companies. The reason is that they must still move quickly to fend off smaller competitors but must tackle big projects to support growth, deliver enterprise-class service to large customers, and compete with large competitors. All this on a midsized company budget.  Every second counts.... 
...Being neither big nor small forces midsize firms to prioritize ruthlessly. To survive downturns and stay focused during upturns, these firms must plan their high-priority initiatives meticulously. And as they do, they need to understand that time is never on their side…. 
….Time, not money, is the most important resource for midsize firms. In order to create a culture which treats time as a valuable commodity in short supply, leadership must believe this…. 
1. Ruthlessly cut projects until only a handful of critical ones remain. Often midsize companies have the resources to manage only one key initiative at a time
2. Expose the status of core projects, warts and all. The status of crucial projects must be made naked to the entire management team – especially when progress slips. In midsize companies, core projects by definition affect every department since the core of the business isn't that big.
3. Promote your best time-managers. CEOs and senior leaders must explain the personal rewards for critical projects executed well and on-time. Well-planned and executed initiatives ought to fuel individual career growth, as well as company growth"

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