Season 1, Episode 8
Thriving or Surviving:
How do I turnaround a business? Part 4 (FINAL)
Episode 8: Thriving or Surviving: How do I turnaround a business? Part 4 (FINAL)
In the final part of this special podcast series, we delve into Principle 6 and Principle 7 on how to turnaround a business.
We begin out discussion looking at Principle 6: Retaining and Promoting Talent.
Retaining talented and motivated employees who truly want to be a part of a business’s future success is paramount in managing a turnaround. This means identifying those that have the right technical knowledge as well as the rising stars that represent the next level of talent within the business. Promoting from within not only provides a clear path to greater compensation and responsibility, it also helps employees feel that they are valued and a crucial part of the company’s success.
We then discuss our last turnaround principle, Fostering Management Innovation.
Management innovation changes how managers do what they do. Innovation that directly relate to the management model, and the social system of the business, will generally have the longest sustainable impact on the organisation itself. A tradition-bound management team built on the same tried and tested management principles are generally more willing to surrender yesterday’s certainties when faced with a crisis. The leadership team should undertake a careful deconstruction of the managerial principles, and the current processes and practices governing workflow, to determine whether a new approach can be applied to solve the business’s immediate problems.
And finally, now that your business has successfully transitioned from crisis to recovery, we discuss what to do with that knowledge to make your business sustainable in the longer term.