Thursday, February 18, 2010

The art of the turnaround

It is not pretty, however it is possible.

Matryn Drake explains the five basic steps

  1. Identity
  2. Positioning
  3. People
  4. Focus
  5. Belief Inspiring belief is the single biggest job for an executive in a turnaround business. The biggest enemy to your success is the cynicism and resignation that grows daily in a failing organisation: it’s a contagious mindset that saps energy, kills pace, and stifles change. “Whether you think you can, or think you can’t, you’re probably right” is a truism that is magnified for an organisation in turnaround. The CEOs most important role is that of chief believer and evangelist.