In this part of the Spotlight on Strategy series we’ll be exploring how strategy and strategic thinking can be applied to situations where organisations are experiencing distress and turnaround is needed.
Thinking strategically when an organisation is under pressure is often assumed by some to be a luxury. This is far from the case.
Giving Clarity by identifying the key challenges; creating the Advantage of being able to focus resources on what is really needed; demonstrating strength of Leadership thus building team confidence; generating Momentum with actions that are designed to achieve the turnaround.
Here are tips to help bring…
Action: If you are noticing negative changes or patterns of decline in the organisation you must act.
Recognise: Take time to pin-point and ascertain the causes of distress. For example, are they related to people, market or finance, quality, combinations of several factors?
Evaluate: Once you have a top-level view of the cause(s) of distress, dig deeper. Identify goals and critical time scales. Better understanding brings improved end results.
Change: Embrace it, acknowledge it’s coming and help those around you to deal with it positively.
Open: Be honest with yourself and your team.
Value-adding: Identify the key initiatives that will add-value and help achieve the end goals within the required time scales
Everyone: Remember the turnaround won’t happen if you don’t involve others. If 60% of the organisation made their own small contribution to helping make things happen think how powerful that would be.
Reasons: Depending on their roles, experience and commitment, everyone involved will respond differently to the turnaround situation. Try to present reasons why their contribution is so important in ways that ‘speak’ to them personally.
You: If you are leading the turnaround you need to take time to invest in yourself and re-charge your batteries. Everyone will be looking to you so you need to stay strong inwardly and outwardly.