Thriving or Surviving: How do I turnaround a business? PART 3

In Part 3 of this special podcast series, we talk about Principle 4 and Principle 5 on how to turnaround a business. 

So now that the strategy has been developed, we have identified what problems need to solved, and mobilised an accountable and responsible workforce….what’s next? Focus now needs to be directed towards reshaping and restructuring the organisation for success.

In this special episode we talk about Principle 4: Governance Reorganisation. Decisions made about an organisation restructure ensures 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. 

If you absolutely love this podcast, please subscribe and don’t forget to leave us a 5 star rating. Be sure to share this podcast with someone who would benefit from it. 

Why not head over to our website www.theturnaroundmindset.com and send us a message. We would love to hear from you!