I could not have been any happier with this week’s rollover! Although I am aware that there are a number of teams that are doing incredibly well compared to Spoketacular, we did relatively well in this rollover compared to the disastrous results that we had last week. My spirits are definitely lifted as despite the odds, we managed to pick ourselves up and overcome the challenges that we had brought on ourselves. What I am left to ponder this week is the complete opposite to the problem I was facing last week: What did my team do that led to one of our best rollovers to date?
As I said last week, we had found out the hard way what happens when you fail to plan for contingencies. I was shattered as I believed that our poor profit and cash was a reflection of my poor performance as CFO. Perhaps this pushed me to work a little bit harder this week to redeem myself?
So how did we manage to do a 360? How did we manage to more than triple our cash in bank? Why did our sales increase despite cutting our marketing budgets?? How did we manage to take-over another company with our limited resources?? In hindsight I believe that our obstacles last week provided us with an important lesson that we had to go through. I can’t help but think that maybe it scared us into working harder this week which is why we did so much better. This week I felt that we had had one of our most productive weeks as we utilised the information we had to make the best possible decisions. It forced us to sit down, revisit our strategy, discuss honestly what went wrong and identify how to move forward. Every single decision had to be strategic and justified which required a lot of discussion and team work. I think that promoted our sense of ‘team’ and therefore everyone worked harder and smarter as we all now felt more accountable to each other.
My tentative theory this week is that my team and I felt that the threat of being taken over by another team was very real. Ultimately it gave us just the motivation we needed to work that little bit harder. As Davies & Easterby-Smith would argue, our enhanced performance was due to more effective management (1984). Due to unforeseen circumstances I was unable to make class on Thursday which is when my team and I will make the bulk of our decisions. Therefore first action I will take next week will be de-briefing with my team so that I have all of the information I need to better analyse our (financial) results. If my team and I can continue to have the high levels of discussions that we were having this week then I believe that it will help us to identify what decisions went well so that we can continue to replicate them.
Davies, J., & Easterby-Smith, M. (1984). Learning and developing from managerial work experiences. Journal of Management Studies, 21(2), 169--182. doi:10.1111/j.1467-6486.1984.tb00230.x