"When a company division or product line has been struggling for some time, it can feel nearly impossible to get things back on track. When sales are down and margins are tight, there's no money to invest in better marketing, new talent, or more R&D. But big turnarounds are possible, provided you have a team willing to work hard, be creative, and embrace change."
"You might think that the companies he's helped lead, Bristol-Myers Squibb, Black & Decker, Marvel Entertainment, don't have much in common beyond being consumer-facing. But at each of them, he managed to transform weak, underperforming businesses into Blockbuster ones."
Business turnarounds are achievable even when companies face tight margins and limited investment resources. Peter Cuneo, former president and CEO of Marvel and senior executive at Bristol-Myers Squibb and Black & Decker, has successfully transformed underperforming businesses into blockbuster operations across diverse industries. His experience demonstrates that despite apparent differences between consumer-facing companies, common principles enable successful turnarounds. The key factors include assembling a team committed to hard work, fostering creativity, and maintaining openness to change. When diagnosing whether a struggling business can be saved, leaders must conduct thorough assessments to determine viability and whether intervention is worthwhile.
Read at Harvard Business Review
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