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Fierce competition? Employ 3 tactics

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in Leaders & Managers

Vivek Paul was a senior executive at GE Medical in the 1990s, in charge of the company’s $150 million technology division, Wipro. Faced with fierce competition, Paul employed three tactics:

1. Face reality. Paul was honest with his employees, telling them the division could end up in the ditch and they would all need to work together to keep it on the road.

2. Instill confidence.
Instead of pulling back on high-tech spending during the global recession, Paul went forward, which sent a strong message.

3. Think long-term.
Paul’s strategy took a toll in the short term, slowing growth and cutting operating margins. But four years later, thanks to his aggressive overhaul strategy, revenues had grown by 60%, and the stock price doubled in less than a year.

— Adapted from Welch and the 4 E’s, Jeffrey A. Krames, McGraw-Hill.

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