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The Five Essential Steps of a Successful Business Turnaround
By siliconindia
Managing People
People are the most important component of any organization. Powerful investment groups don't invest in companies; they invest in people. When companies fail, it is almost always due to ineffective management. In a business turnaround, it is important to identify who stays in his or her current position and who must find a position elsewhere. However, most failing ventures have poor methods of measuring individual results, so care must be taken in this selection process. Making this determination is critical; powerful managers surround themselves with high performers.
However, when looking at the long term, it isn't so much who you fire as who you hire. To fill out a failing company with high performers, look for a track record of success. All high performers will have one. To retain them, you must ensure these valuable employees that they can trust management's word, that management has their best interests at heart, and that management is committed to distinction in all that they do. High performers want to be on a winning team, and if they think management can't accomplish this they will look for employment elsewhere.
