I'm feeling a bit crushed. I didn't realise our Mikesbikes situation was this dire until the rollover earlier today. We are really in trouble and I just hope that we can hang in there long enough to make some sort of comical comeback. Let me explain a bit- despite a lot of effort put into cutting costs and trying to make the most of what we had we have managed to trip up and fall into the dark abyss of bankruptcy.
Despite honestly trying not to think about it too much in a negative manner, I spent some daydreaming time considering what the cause was. It could have been this (or another) week's decision being a very poor one that was badly thought out. It might have been our lack of a holistic understanding of the game. It could well have also been a bad choice of overall strategy. It's nice enough to look at the situation in retrospect but now we really need to get to the crux of this.
I believe that our issue was our very first actual decision. It was made with great bravado, rather on the fly and without us really thinking over our consequences. Since that first day I have felt that we are trying to fix it up and cover our tracks of terrible initial choices. As the CEO I'm afraid that I've been severely lacking especially in my conceptual skill which is one the key things that I should be mastering (Katz,1955), how am I so blind to the bigger picture? The strategy idea took a long time to settle with the team and that's also cause some delay. I was really to blame for allowing the implementation to go ahead initially. I wasn't a strong believer in our tactic for finding the perfect strategy but I barely spoke up about it since I didn't want to ostracize myself from the team.
If our mistake continues to plague us I honestly am not even sure of the consequences for bankruptcy, are we still in the running? I'll need to go do some reading on that. I never wanted to jeopardize my team member's marks either and I'm afraid it might cause bad feelings and blame amongst us. It's funny that I've always thought of myself as quite a people person with the ability to form a good rapport but I am revealing myself as quite the opposite and human skill is one the three skills that (Katz, 1995) calls for, go figure. I think in a time like this we need to focus on our shared goals to allow team processes to go smoothly (Katzenbach and Smith, 1992). We have a few options for fixing this. More thorough investigation of what options we have is definitely pertinent followed by a complete internal consultation process and a careful combing over of our results thus far to identify our issues. We could stick out our strategy and change it minimally, alter things within the strategy or choose an entirely new one.
Without having closely analysed things yet I am still keen to keep our core strategy and slowly tape the broken pieces together with duct tape whilst seeking out new competitive advantage from the apparent rubble of our current product range. We definitely all need to set aside some time for a bit of vicious analysis of the sinking ship and potentially seek out someone's help although I am very embarrassed of my apparent lack of understanding of the game and stupid errors made. I'll see how all this goes, sorry to leave you on a depressive note.
Katz, R. L. (1955). Skills of an effective administrator. Harvard Business Review, 33(1), 33–42.
Katzenbach, J. R. & Smith, D. K. (1992). Why teams matter. McKinsey Quarterly, (3), 3--27