Part 1: When Companies Collapse How Do You Respond?

Many don’t know because it’s something not all have witnessed. When it happens a lot of rumors first go around until the fate is sealed by an official broadcast from the leadership. When it happens the wave of uncertainty comes and the quality of Leadership is shown in a crisis like this. For many, it’s a frantic process due to major financial commitments, increasing the pressure. Some are calm because they believe that another door will open up. In all these, it’s important to remain calm and decide wisely for it’s an opportunity to strategize and win new grounds.??

The recent General Contractor collapse in the UK was a shock to many within and outside of the industry, it was like the Titanic of a kind. A great company that had the potential to become greater. The signs were visible to some and if you looked closely you may have seen it indistinctly. Over the last month, many observers in the industry concluded that the fall was due to high-profile projects with low margins, clients not paying the contractor duly, a decline in the proficiency of Project Management companies, and major Consultancies not competent as before to advise their clients on real issues such as project complexities, unrealistic expectations, and unreasonable deadlines among other reasons.?

While all of these are legitimate, this was not an excuse for a company of its kind to collapse. It knew the industry ropes, had experienced people who could turn failing projects around in a short period, and took on risks many could not dare to touch whilst executing them in stellar quality and within time. Projects were selected and declined wisely following sound counsel; even projects that seemed easy to execute were sometimes rejected because they were not worth the effort. So if all of these measures were in place then where did it go south? Why wasn’t the abundant revenue enough to prevent the ship from sinking? It is important to learn from cases like this to ensure that others don’t repeat the same mistakes and disrupt lives as it had done. There’s often more than meets the eye and this will be explained in Part 2.

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