When Michael F. Golden took over as CEO of Smith & Wesson in 2004, he faced a difficult situation. The world-famous handgun maker had been shooting blanks, while competitors stole markets and opportunities went untargeted. Here are the seven proven principles that guided Golden and his team and how you can put them to work in your business.

It was an historic job.

And it was a job of historic proportions.

In December 2004, I assumed the post of CEO of Smith & Wesson, the storied gun manufacturer with deep roots in U.S. history. Its revolvers had been used in the Civil War and in settling the American West. In modern times, police, hunters, and soldiers the world over have carried Smith & Wesson firearms. But when I arrived, the glory days were long gone. The company had surrendered entire markets. Customers had boycotted its products. It was being investigated for accounting irregularities. Its stock had dropped as low as $1.50 a share. All we had to do was fix all that and put a stamp of “Reborn in the U.S.A.” on this great old enterprise.