Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis

Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis

by Thomas H. Stanton
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Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis 4 out of 5 based on 0 ratings. 1 reviews.
NathanIves More than 1 year ago
Why Some Firms Thrive While Others Fail by Thomas Stanton examines the fundamental shortcomings of both public and private financial sector companies as revealed during America’s ‘Great Recession.’ Thomas focuses on the areas of management, organization, and governance; contrasting the shortcomings of companies that failed with the sound practices of comparable organizations fairing well during the economic downturn. Thomas concludes his book by relating the financial sector’s lessons learned to businesses within other industries that have faced similarly significant challenges. The result is the revelation of sound risk management practices that can help ensure companies in any industry are prepared to recognize and effectively deal with crisis situations. I like Why Some Firms Thrive While Others Fail for its insightful examination of why some companies respond well to crisis while others simply fail. Thomas provides insight not only to the direct management, organization, and governance issues hindering crisis recognition and response but the far more elusive combinations of attributes from these three areas that stymie if not paralyze an organization. By applying the best practices presented, organization leaders can better position their organization to recognize the onset of significant challenges – key to effectively dealing with any crisis – and react in a timely manner so to prevent a catastrophic outcome. I particularly appreciated Thomas’s extension of his book’s principles to other industries including: - Petroleum industry - Mining industry - Natural gas distribution industry - Hospital / Medical industry - Government This extension makes the book relevant to leaders of any organizational type. I have written extensively on the topic of crisis management. I found Thomas’s principles to be highly consistent with and expounding to the crisis management best practices I endorse; making Why Some Firms Thrive While Others Fail a StrategyDriven recommended read. All the Best, Nathan Ives StrategyDriven Principal