Bailout Plan For Failing Institution
Today, the economy of the United States is struggling immensely. With major companies failing and requiring government bailout, foreclosures on houses at a record high, and consumer confidence as low as it has been in prior depressions; it is almost impossible to be optimistic. As the manager of this failing corporation, I not only know what is causing our fall, but also how we can turn this around and end up more stable and prosperous than we ever were before. Unfortunately this company did not take my advice years ago, or we may not be in the current crisis we find ourselves in today. For many years, I have been concerned about the growing credit bubble. For this reason, I set my personal life up in a manner similar to one we should have adopted within the company. I became very frugal in my spending, not buying outlandish luxuries and burying myself in mortgages. I did not purchase vehicles using home equity loans, and fortunately my house is not being foreclosed upon. The company needs the exact same thing my personal life contains; Stability. If our company becomes stable, consumers will continue to view us as safe. Trust will be placed in that we are a corporation that is going to last longer than the customers themselves will. We should not have been paying outlandish salaries and bonuses, we should not have been building outlandish facilities, and we should not have been buying other companies. We should rather have been working as hard as we could have to serve our customers while managing every aspect of our business with excellence and a concentration on eliminating debt and building cash reserves.
The first step to turning this crisis around is identifying and recognizing that this truly is a crisis on our hands. We have a negative cash flow, excess number of employees, sloppy administrative procedures, fear of anything innovative or that takes risks, poor communication, and a lack of enthusiasm when it comes to completing daily tasks. The...
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