Insights
Don't ignore the experts. One thing I encounter, not often, but from time to time, is a death knell for growing private companies. It is when a founder CEO, struggling to control growth, hires experts, either employed or consulting, then proceeds to ignore them believing he knows better. It is a sign that the CEO was really trying to hire someone who agrees with him, in other words yes men. An example is hiring a marketing guru then expecting them to just make your marketing plan better, not accepting that your marketing plan is what's wrong.​
​A turnaround CEO knows how to solve that problem.
Governance, invented by James Watt to control the speed of his steam engines, is a feedback mechanism. Control is established when a part of a system reports to and is accountable to another part. The CEO reports to and is accountable to the Board of Directors. When the CEO is also the Chairman of the board, they are reporting to themselves, so all control and accountability is lost. ​
​A turnaround CEO recognises this as a problem.
Market research. It is not unusual for an inventor or entrepreneur with a novel business opportunity or a company founder to believe that the whole world will be as enamoured with their creation as they are. Being too close to the trees to see the forest means they don't contract, or worse, ignore, independent market research preferring their gut feel.
A turnaround CEO always determines market size from independent market research.