How to identify mature organisations which think they are too great to fail?
They fail to see Customer’s Changing needs
They are run by people who hate the sales and marketing functions – in a competitive market!
Their systems are old and created to please the board – the customer be damned.
If a product meets with audit, compliance and regulator approval it is created – damn the customer.
They create products and expect the sales force to sell it. Customer feedback rarely reaches the people who matter.
They treat their customers, vendors, employees just the way they treated 30, 50, or 200 years ago – depending on the age of the company.
They use their past repuation and size and bargaining power to put unfair pressure on the stakeholders.
They increasingly focus on ‘soft’ elements for their bonuses – so that it is hard for the board to measure what is happening.
The Board is full of friends from similar organsiations and are happy with polite noises about corporate governance, compliance reporting, industry and media awards – market share is scoffed at.
The employees at almost all levels destroy shareholder value happily and the board is busy collecting soft awards from friends in the media.
What should you do? Well do not be attached to the fantastic shareholder value that these companies have already created for you. Now look for new ones!
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