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The Five Essential Steps of a Successful Business Turnaround
By siliconindia
Developing a Strategic Plan
Once a turnaround-management team has defined the core values, culture, and vision of the future, effective strategic planning can begin. It makes little sense to begin strategic planning before these first steps have been accomplished. The strategic planning process should include the top management members who will be charged with implementing the plan. The planning sessions should not be held in secrecy, as the sales force will always find out that management is conducting an important meeting and will become suspicious as to why the meeting is being held. No one likes secret meetings that may define his or her future, and salespeople are especially sensitive to this. After the plan is finished, the sales force should be promptly informed as to the outcome and how the plan affects their future. Powerful companies have solid strategic plans, and they effectively gain employee buy-in to them.
Pulling off a business turnaround takes an intimate understanding of a business, including its customers, products, sales process, and employees. Powerful leaders and managers will begin by defining the culture and vision and will then communicate these to gain strong employee support. Since the turnaround process should be completed in a short time period-stalling or extending it can lead to even more losses-management should apply all the tools available, including third-party consultation. With the proper tools and an understanding of these five steps, you'll be on the road to a successful and permanent business turnaround.
The article is authored by John R. Treace.
