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212. Elon Musk and Lessons From The Turnaround of Twitter
Manage episode 347778011 series 3306398
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Wow! How entertaining has the Twitter turnaround been? And, some excellent lessons for all of us trying to lead change in our businesses, organizations, lives.
Creating change is the process of trying different actions and seeing if they work. How do you know if the new action is working unless you have values / goals to measure success against? Turnarounds start with values.
Change agents, including turnaround leaders, generate hate. Everyone is invested in the status quo and so, by definition, some stakeholders are going to be unhappy. Turnarounds require a leader to define their own success, to be empathetic, but also focused.
To make more money, increase contribution margin first. That often includes increasing prices.
To make more money, cut overhead. In times of scarcity, back to basics is always best.
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