Season 1, Episode 7
Thriving or Surviving:
How do I turnaround a business? Part 3
Episode 7: Thriving or Surviving: How do I turnaround a business? Part 3
So now that the strategy has been developed, we have identified what problems need to solved, and enabled an accountable and responsible workforce….what’s next? Focus needs to be directed towards reshaping the organisation for success going forward.
In Part 3 of this special podcast series, we talk about Principle 4 and Principle 5 on how to turnaround a business.
When reshaping and restructuring an organisation there is a lot of considerations that need to be made. In this special episode we talk about Principle 4: Governance Reorganisation.
Decisions made about an organisation restructure will ensure the long-term survival of the company. The successful reorganisation of people can reduce costs, open internal information flows and increase mobility. As well as right sizing an organisation, the Leadership team will also need to consider whether the existing management and operational processes support the future strategy.
We then discuss Principle 5: Communication and Connection. The development and implementation of a communication strategy is vital in building trust and bringing change to a business. All communications should be straightforward, clear and authoritative.
As well as internal communications, Principle 5 is also about mending relationships and restoring confidence with customers and the market. Bill Gates said that “your most unhappy customers are your greatest of source of learning’. As part of Principle 5, we discuss what are the best ways to set clear expectations with customers upfront, how to solidify and strengthen customer relationships during the turnaround and regain market confidence through better service delivery.