Create a shared vision: One of the critical parts of a business turnaround plan is to bring everyone on board. For that, it’s important to articulate the common purpose, break down the company’s new vision into a set of easily understood corporate goals, and further distill them down to business and function-specific objectives.
Build a strong culture: It is one thing to lay out your guidelines on expected behaviour, and quite another to demonstrate those values in real terms. If “client first” defines your company, make it your business case for the turnaround. If “collaboration” or “learning” are important aspects of your culture, create the right environment to drive these values.
Robust governance: For consistency and transparency in decision-making, draw up a set of governance principles and abide by them. A policy and governance structure creates a better understanding of the roles and expectations and provides answers during difficult situations.
Understand customers: The basic premise for a business turnaround must be to serve the customer better. So, make client-centricity your guiding star. Develop a deep understanding of customer needs and identify every opportunity to make it a lasting relationship.
Create value: Find a cause that is close to your employees hearts and make it your common purpose. Choose a theme that they feel strongly about and design a programme that they can drive and take ownership of. This helps create deep connections within the organisation.