The Art of the Turnaround by Michael Kaiser
‘Good art, well marketed’ is Kaiser’s key message. Having been involved in a few business turnarounds I enjoyed this book and found that his advice, along with his ten rules are sound.
1. Someone must lead
· Avoid diffused leadership
· Entering from outside makes it easier
2. Leader must have a plan
· Communicate plan early
· Good art, well marketed
· Set priorities
a. Mission
b. review of environment
c. strengths & weaknesses
d. strategies
e. implementation plan
f. financial plan
3. You can’t save your way to success
· Avoid too many layers of management
4. Focus on future
· Revitalise the organisation
· Don’t waste time rehashing the past
5. Extend programming calendar
· Consider projects over five years
· Always go to a prospect meeting with no less than 10 projects
6. Marketing really matters is
· more than brochures and advertisements
· aggressive and systematic marketing
· programming and institutional marketing
· exhibitions and lectures
· use of celebrities
· programme of PR
· major free events
· arts education
· meet every morning to deal with marketing
7. Only one spokesman and always positive
· Leader only speaks to press
8. Fund-raising focus
· on the larger donor but don’t aim too high
9. Restructure board
· Get rid of dead weight
· Hire new members
· Give clear orientation
10. Be determined to do all of the above