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 Posté le: Mar Oct 01, 2013 7:46 am Sujet du message: Leadership: Failing your way to success |
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{Leadership: Failing your way to success}
FDC Capital Partners chairman Yuri Fulmer: "the minute I screw something up, I always look for where the price to be paid is. I don't dodge it; I don't shirk it; I don't ask 'How am I going to get out of it?' I have to make it right somehow"|© Dominic SchaeferBy Linda TobiasTue May 21,[url=http://www.moncler-sale.org]discount moncler jackets[/url], 2013 12:01am PSTYuri Fulmer, chairman of FDC Capital Partners, is a self-made success story. It may, therefore,[url=http://www.moncler-sale.org]moncler sale[/url], come as a surprise that failure is something that he's experienced many times."In 2005 we acquired two substantial businesses about two months apart," he said,[url=http://www.moncler-sale.org]moncler outlet[/url], when asked for an example. "As a result we grew from about $7 million in sales with 100 employees to $50 million in sales with 1,500 employees."Fulmer was confident that he could handle the growth. After all, he had been in business for himself since the age of 20, when he had bought his first A&W franchise. "I was, of course,[url=http://www.moncler-sale.org]moncler down jackets[/url], completely wrong," he now says. Fulmer hadn't anticipated what would be required for the level of growth and found himself unable to meet commitments and in danger of losing customers. But what he really regrets is the impact on his employees."We strained a number of employees to their limits. I forgot that there were people in the equation … a huge number of new employees who needed reassurance, real leadership and support through the change. Almost 10 years later I still feel bad that I let so many people down."Fulmer admitted to himself that he had failed to handle the situation well and began to take corrective actions. He accepted responsibility for the failure and credits the help he got at the time to the success that he enjoys today.According to Cynthia Roney, founder and CEO of Executive Passage, this ability to recognize failure, accept ownership of it and then take corrective action, as exemplified by Fulmer, is vital to being a successful corporate leader. Roney's executive-coaching company works with business leaders to create and implement results-based action plans."Failure is the key to success," Roney said. "It shows that you're stretching and growing and learning and trying something new."The most important advice that Roney gives her clients about failure is to expect it as an outcome. No matter how much care is put into a project, failure is always a possibility. By being aware of that, business leaders are prepared to see failure and are, therefore, much quicker to take corrective action when it's required.Being aware of areas of weakness and taking corrective action are contributing factors to TransLink's success as well. This was demonstrated in 2012 when the results from a series of audits were released."[The audits] confirmed that we're well-run and well-managed," said Ian Jarvis, CEO of TransLink. But there were areas of criticism, and it was on these that much of the media attention focused.Despite some of the negative commentary,[url=http://www.moncler-sale.org]discount moncler jackets[/url], Jarvis saw opportunities for improvement rather than criticisms within the audits. He also found validation."When you look at the criticism, virtually all of the areas that were commented on, we were aware of and were working on … [The audits] confirmed for us that we were on the right path."By being open to the idea that improvements were needed, and not denying failure, TransLink was able to see areas of weakness and began taking corrective action. Thereby, criticism was transformed into a challenge and an affirmation that it was on the right track. This approach has led to success."The commissioner challenged us to find $40-60 million in cost reductions over three years and we've doubled that in terms of what we were able to identify and achieve," said Jarvis of one of the audits. And cost reductions did not come at the expense of customer satisfaction, which is at an all-time high.Jarvis explained how this was made possible: "we have a clear mandate – an important mandate – and no matter what the external environment, [we] stay focused on the strategies and goals that [we've] set as an organization."Often, minor corrections are all a company needs to stay successful."You want to adjust according to the reality of what's happening," said Roney. "But to ignore it means you are not altering your course and often, the course gets more and more divergent."That's why TransLink's approach of ongoing corrective action has been successful for the company.But even colossal failures can be beneficial."Failure is temporary,[url=http://www.moncler-sale.org]moncler on sale[/url],[url=http://www.moncler-sale.org]moncler down jackets[/url]," said Roney. "It's a point of reference that is temporary until you take corrective action.""You're in good company when you fail," she added. "Steve Jobs was fired from Apple,[url=http://www.moncler-sale.org]moncler outlet[/url], the company that he founded. His real success and the success of his company didn't happen until he came back."Henry Ford took four tries [at running a company] to get it right… . When we look at other people who are successful, all we focus in on is their success … [but] they've all failed. The good ones will, in fact,[url=http://www.moncler-sale.org]moncler on sale[/url], proudly talk about the lessons learned from their failures and the importance of failure. You almost want to fail forward."Tags: Steve Jobs, Yuri Fulmer, human resources,[url=http://www.moncler-sale.org]moncler sale[/url], employee, employer, management, TransLink, FDC Capital Partners
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