The Four O'Clock Meeting

Coming into a company that has gone through a long bankruptcy or a slow death march toward the same requires bringing in some new energy and a new focus. For this, I have found no more effective tool than the four o'clock meeting.

There are many items that need specific, focused attention. Management may not have focused on these things for some time due to the stresses of bankruptcy, etc. Cash collections, customer business engagement processes, strategic procurement, etc. Whatever the list (and you must have a list), these items need special attention and are not in the normal day-to-day focus of the management. And they already have a full-time day job.

So 3-4 days per week, I would hold a four o'clock meeting. This meeting would focus specifically on these items that require change from past practices. The agenda would be published in advance such that everyone could be prepared. Not every item would be covered daily, but each item would be discussed once per week or at most every other week. It is held at the end of the business day to set a tone that this is the time for management to focus on longer term requirements -- not part of the day-to-day. It also can turn into a good time for the team to unwind and bond. There are many stresses they went through in bankruptcy and in a sale process. They are under pressure from the new ownership. It is a great opportunity to build the team.

It is also a good teaching opportunity. For example, if one item regards cash flow: instead of this being a discussion between the treasurer and CFO, it is now a discussion for all of management. Isn't that where it belongs? Or if the topic is sales strategy: shouldn't operations understand the thinking and dialogue on customer related decisions? Apart from the fact that this shared knowledge will help each member of management perform better each day, there is also a strong benefit of exposure to all business issues, thus better developing complete business managers.

It also allows for management to have a say in the future of the business -- a complaint often raised, when only one or two top executives might make decisions as if they were dictators.

Altogether, I have found this to be one of the most productive and useful methods to achieve lasting change and success -- and as a side benefit, a great teaching tool and team-building opportunity.