Recently the failure of Thomas Cook was blamed on the Banks by the CEO! Now every party whether personal or corporate has their own agenda of priorities.
The responsibility for running a business is that of the Management.
If a football team fails — it’s the Manager that gets the sack not the players.
Management —- Management—- Management—- they get the opportunity to succeed and earn a lot of money.
Part of the problem is that Hubris takes over and the fundamentals are forgotten.
A continuous process in business whatever size is to have a business plan which is backed up by financial information and measured against performance very regularly.
Planning is a continuous process not a ‘one off’ exercise.
Managing the strategy is vital in ever changing time. So Thomas Cook a very well established company some 150 years old with substantial resources has failed to develop a strategy for the changing market in which they were operating- this market didn’t just change over night —- but over some years — so how was there no acceptance that the Thomas Cook business model wasn’t recognised as failing ?
The responsibility for the failure is not the banks but the management.
The casualties were not top management who are paid at rates that only staff can dream of but the employees and customers.
Planning needs to be part of the culture of any business— especially those who have the resources and experience to enable change for the benefit of all stake holders.
For further advice on strategic planning and financing your business please contact Peter French at [email protected]