Season 1, Episode 5
Thriving or Failing:
How do I turnaround a business? Part 1
Episode 5: Thriving or Failing: How do I turnaround a business? Part 1
With the cessation of JobKeeper in March 2021, Australian businesses will need to be smarter, nimbler and more innovative than they have ever been to stand on their own two feet again.
In response to the challenges facing businesses and business leaders, we have put together a very special 4-part podcast series dedicated to a single topic: how do I take a business from failing to thriving?
Over the course of the next 4 episodes, we will provide our listeners with a practical common-sense approach on how to tackle the big problems facing a business on the cusp of financial disaster.
This week’s episode is focused on Principle 1: Making Sense of the Chaos.
Following any period of economic downturn, most employees will generally be feeling uncertain and fearful about what is happening and what is going to happen next. Fundamentally, effective leadership is key to any successful turnaround. This means to reverse a corporate decline the leadership team is responsible for driving a psychological shift across the whole business restoring people’s confidence in themselves and replacing low morale with collaboration and initiative.
In this episode we will discuss:
- How to clear away the smoke and get back to business basics
- How to communicate the way forward
- The emotional intelligence needed to change the momentum of the wider team
- Establishing timeframes with key stakeholders and creating a sense of urgency for performance improvement
- Enabling the Management team to deliver the change