The important parts of business turnaround strategy development and deployment are leadership, experience and expertise. The success of a turnaround plan rests with the people on the turnaround team and their ability and willingness to incorporate all of the company’s management team and key employees in the process. It is important to have a process structure which can achieve this. As Business Planner, I understand process, but I also understand the importance of experience and fresh ideas in a turnaround situation. It is the expertise of an experienced consultant who can adapt process to a specific situation in order to find unique, creative, successful solutions to a tough situation, using the strengths and experience of the turnaround team and the insights of company managers and employees, finally putting it all collectively in an agreed upon, synergistic, effective turnaround strategy, plan and program.
The most important matter a business consultant should do upon entering a turnaround situation is to listen, get to know everyone end-to-end the organization and give them opportunities and avenues to communicate with the consultant and the CEO. The CEO should be doing the same exact thing alongside the business consultant to ingrain trust, integrity and openness to the turn around process. If the CEO does not hold a position of high esteem with the employees throughout the organization, it is time for him or her to go and be replaced by either a CEO who specializes in turnaround situations or push someone from within that has this relationship with the company’s people and can adjust quickly to being an effective CEO. With this trust and integrity established, it is time to get to work.