This Week: Turn around strategies an organization can learn from the game of football
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Kelvin ESIASA
Football is one of the most followed and well organized sports. The contemporary history of the world’s favorite game spans more than 100 years.
Fans from China, Europe, America, Africa and Mexico together form 4.1 billion populations who follow football regularly. Even the world’s largest sporting event is football World Cup. The final match of football world cup alone draws billion of viewers. It is the number one and most popular sports worldwide. It is not only the most widely watched sport but also the most played game in the world.
It is in this regard that I would like to share with the readers two exciting turn around strategies that can be learnt from football. The overall goal of turnaround strategy is to return an underperforming company to normal in terms of acceptable levels of profitability, solvency, liquidity and cash flow. Turnaround strategy is described in terms of how the turnaround strategy components of managing, stabilizing, funding and fixing an underperforming or distressed company are applied over the natural stages of a turnaround.
Turnaround strategy must reverse causes of distress, resolve the financial crisis, achieve a rapid improvement in financial performance, regain stakeholder support, and overcome internal constraints and unfavorable industry characteristics.
Companies in financial distress face a unique set of challenges. They must ensure short-term survival while preparing for long-term success. If bankruptcy is unavoidable, a robust reorganization plan that addresses the needs of all stakeholders is imperative.
Build a Winning team
The first lesson an organization can learn from football is the strategy of building a winning team. This lesson can be learnt from Manchester City football club. The rise of Manchester City Football Club in recent years is marvelous. They have gone from strength to strength, establishing themselves as a football powerhouse.
In 2008 the club was purchased by Abu Dhabi United Group who outlined an ambitious vision for the future development of the club. In 2012, the club won the Premier League, their first league title for forty four years.
Before becoming a winning club the club outlined its ambition to win the English Premier league and make itself one of the successful clubs in England. Under the new ownership, the club embarked on a complete transformation of the club by acquiring new players such as Carlos Tévez, Robinho, David Silva, Yaya Touré and Mario Balotelli, while improving training facilities. The results for Manchester City football club are there to see.
Building a winning team is never as easy as it sounds. There are a number of steps that an organization should undertake. Firstly the organization should identify its needs. Secondly the organization should set clear expectations.
So using Manchester City football club turn around strategies an organization can achieve a lot.
Develop a top class Brand
In building a top class brand an organization need to know what its Market needs are. An organization need to ensure that it make its brand position clear. An organization should build a brand to the point that customers think of themselves as part of the business.
Aligning the products, services, and conduct with organization message is key to maintaining customers’ trust, loyalty, and business. Most of customers want to feel valued as customers, and most of them prefer to do business with people with whom they share values, priorities, and a sense of personal connection.
Many companies look to football to enhance their brands, signing up for sponsorships with clubs or endorsements by star players. But what can football offer in the way of lessons for companies in less-glamorous sectors?
The thing that football, offers is loyalty beyond reason, beyond price. Football has over the years developed itself into a global top brand. Football is about winning. Many companies have used the football strategies to promote their brands. Football creates intense loyalty; whether fed by family tradition or regional pride. Football is an emotional experience. Fans are football’s marketing voices. They talk, they promote, and they lead by example.
Social media creates fans community to enrich their connection. Companies and teams alike use fan sites to fuel interest, to find out what consumers think, and to come up with new products that the company might be able to sell the fans.
In conclusion if your organization is facing a lot of challenges in achieving success. Then look to football for traits such as morale, team spirit, winning attitude, leadership, buying talent, emotion and the real meaning of winning.
This Week: Turn around strategies an organization can learn from the game of football
Kelvin ESIASA
Football is one of the most followed and well organized sports. The contemporary history of the world’s favorite game spans more than 100 years.
Fans from China, Europe, America, Africa and Mexico together form 4.1 billion populations who follow football regularly. Even the world’s largest sporting event is football World Cup. The final match of football world cup alone draws billion of viewers. It is the number one and most popular sports worldwide. It is not only the most widely watched sport but also the most played game in the world.
It is in this regard that I would like to share with the readers two exciting turn around strategies that can be learnt from football. The overall goal of turnaround strategy is to return an underperforming company to normal in terms of acceptable levels of profitability, solvency, liquidity and cash flow. Turnaround strategy is described in terms of how the turnaround strategy components of managing, stabilizing, funding and fixing an underperforming or distressed company are applied over the natural stages of a turnaround.
Turnaround strategy must reverse causes of distress, resolve the financial crisis, achieve a rapid improvement in financial performance, regain stakeholder support, and overcome internal constraints and unfavorable industry characteristics.
Companies in financial distress face a unique set of challenges. They must ensure short-term survival while preparing for long-term success. If bankruptcy is unavoidable, a robust reorganization plan that addresses the needs of all stakeholders is imperative.
Build a Winning team
The first lesson an organization can learn from football is the strategy of building a winning team. This lesson can be learnt from Manchester City football club. The rise of Manchester City Football Club in recent years is marvelous. They have gone from strength to strength, establishing themselves as a football powerhouse.
In 2008 the club was purchased by Abu Dhabi United Group who outlined an ambitious vision for the future development of the club. In 2012, the club won the Premier League, their first league title for forty four years.
Before becoming a winning club the club outlined its ambition to win the English Premier league and make itself one of the successful clubs in England. Under the new ownership, the club embarked on a complete transformation of the club by acquiring new players such as Carlos Tévez, Robinho, David Silva, Yaya Touré and Mario Balotelli, while improving training facilities. The results for Manchester City football club are there to see.
Building a winning team is never as easy as it sounds. There are a number of steps that an organization should undertake. Firstly the organization should identify its needs. Secondly the organization should set clear expectations.
So using Manchester City football club turn around strategies an organization can achieve a lot.
Develop a top class Brand
In building a top class brand an organization need to know what its Market needs are. An organization need to ensure that it make its brand position clear. An organization should build a brand to the point that customers think of themselves as part of the business.
Aligning the products, services, and conduct with organization message is key to maintaining customers’ trust, loyalty, and business. Most of customers want to feel valued as customers, and most of them prefer to do business with people with whom they share values, priorities, and a sense of personal connection.
Many companies look to football to enhance their brands, signing up for sponsorships with clubs or endorsements by star players. But what can football offer in the way of lessons for companies in less-glamorous sectors?
The thing that football, offers is loyalty beyond reason, beyond price. Football has over the years developed itself into a global top brand. Football is about winning. Many companies have used the football strategies to promote their brands. Football creates intense loyalty; whether fed by family tradition or regional pride. Football is an emotional experience. Fans are football’s marketing voices. They talk, they promote, and they lead by example.
Social media creates fans community to enrich their connection. Companies and teams alike use fan sites to fuel interest, to find out what consumers think, and to come up with new products that the company might be able to sell the fans.
In conclusion if your organization is facing a lot of challenges in achieving success. Then look to football for traits such as morale, team spirit, winning attitude, leadership, buying talent, emotion and the real meaning of winning.
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