Join Mike Figliuolo for an in-depth discussion in this video Market expansion, part of Executive Decision Making.
- Another executive decision that was a successful one took place at a financial services firm. They were looking to enter new markets. They had their great core product business, but growth was slowing down. So, they decided they were going to enter adjacent markets, and the way that they'd do that was through acquisition. They decided to purchase another lending business in a new market. After that acquisition, they held an all associates meeting with the CEO, the COO, and the new company's leadership to explain the rationale behind the purchase, as well as how they were going to measure success.
The second decision making principle that they got right was they conducted a few road show internally to explain in the deal to all associates. They left time for Q and A. They put up website updates, and they sent out email explanations around the acquisition, as well as how it was performing after it was purchased. The result of getting this part of the process right was first, they had a well-supported and well-integrated new company.
The new company performed very well in the organization because it was effectively welcomed into the family. The leadership team used the principles of transparency, where they explained the rationale behind the deal; they used the rationale of declaring success publicly and having the entire team up on stage, talking about the deal and how well it went; and ultimately, they built trust for future acquisitions that the organization would support.
Mike helps you find the data and tools to support your decision, make the call, communicate decisions effectively, and lead your organization through the change. He'll also address common problems that arise from these high-profile decisions: cultural differences, quality of information, trust, and accountability, to name a few.
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- Assessing risks
- Making hard choices
- Getting the right data
- Communicating effectively
- Making the call
- Declaring success
- Dealing with problems