6 Secrets of Turnaround Success

Working as a senior turnaround specialist in many companies across many industries, I have come to rely on specific strategies to consistently deliver great results. Inside these strategies are 6 particular areas where focus has made all the difference for the teams that I have been fortunate to lead.

When arriving at a new opportunity, it is critical to establish a level of trust with current team members to enable information to flow. When a new “boss” arrives, s/he should employ a specific 30-day strategy of day 1 speeches, symbols, language, and stories to set the right tone. The most important element of the strategy, however, is a recognition of the importance of “co-mmunication.” Co-mmunication is defined as “the joint construction of meaning,” requires active participation by both parties, and is the only way to ensure you are developing the trust necessary to make real progress.

Operationally, it is critical to establish a culture of disciplined management. Components of a disciplined management strategy include envisioning, strategizing, planning, and implementing and measuring. While leaders work diligently to set plans, the certainty offered by Peter Drucker rings true—plans are right 1/3 of the time, fixable 1/3 of the time, and just flat wrong 1/3 of the time. Organizations that succeed specifically recognize that adjustment is a critical part of their management discipline.

Many organizations that underperform do not encourage support as a specific strategy to increase employee engagement. Components of a support strategy include encouraging, enabling, inspiring, questioning, and modeling. Organizations that turn around quickly, however, are those where senior leaders both employ support practices but also understand and appreciate the opportunity to be guided and supported by members of their employee base.

In turnaround situations, speed is a critical issue. To accelerate necessary progress, individuals in organizations need to be encouraged to connect their internal creativity (feeling and thinking), to their external creativity (speaking, writing, and acting). It is particularly important for turnaround leaders to look for passion in team members as an outward indicator of this important alignment.

In my experience, successful turnaround specialists also start with a good self-understanding and insight. They model presence, acceptance, focus, generosity, and gratitude. These leaders know who they are and maintain internal confidence in the face of adversity. Importantly, they keep their personal and professional lives connected and behave consistently in all situations based on who they are and what they stand for.

It is also critical to ensure clarity about what the organization stands for. Values statements that reference universal themes including truth, service, and connection are critical as are behaviors that are consistent with those values. If there is one value that I have found most critical, it is equality.

Organizations that create cultures with an underlying understanding of the true equality of each member are open to suggestions from all sources, co-mmunicate needed adjustments more easily, engage passionate and confident employees, and deliver breakthrough results.

Practice co-mmunication, expect adjustments, be guided by and look for passion in others, maintain confidence, and stand for equality. Taken together, these 6 “secrets” enable leaders at all levels in organizations and deliver outcomes that define successful turnarounds.