Business Turnaround : The Inside Story

Some avoid this, some enjoy and some escape - But then, the best way to escape a problem is to solve it!

Having seen few businesses of scale, getting red ink in the business health – some by lack of foresight, some by lack of leadership and some by external factors; I can vouch that if one wants to compete with himself, it is by handling one turnaround for sure in lifetime. Three times have I including well known challenge faced by one the biggest brand in India. Well, there is also something called Intrapreneurship for the ones who seek challenge, tough times, hardships, work life imbalance, and lot of sacrifice professionally and personally.

But in the end, you get tougher and better for sure – and the testimony lies not in the bonus, rating and promotion but in the RESPECT that you earn.

So, here are 4 core ingredients to the making of a turnaround manager. These ingredients in isolation are available for sure, the trick lies in cooking them together. Using the work “cook” as I have worked for food and beverages for the past 15 + years :)

1. Stop worrying about your next promotion, rewards – SELFLESSNESS : You’re in the midst of a turnaround - a large cause. Imagine you’re like a hero casted in an action film for whom the audience have come with huge expectation, they will judge you and the critic's ratings are still three hours away! See yourself as a hero, fighting the villain. And remember hero never fails, so why worry.
2. Wear a smile – BE TOUGH : Embarrassment, hurdles and dirty hands are usual every hour in a turnaround assignment, but don’t forget the action hero also romances and cracks a joke. You have to build a cushion between the top management and the larger team, as your role is to first absorb the shocks and then process the shocks to extract the best output in a smart, soft yet rigorous way.
3. Stretch beyond the role – Straddle multiple GENRES : In turnarounds, one has to work extra hours and walk extra mile. Just forget the "GYAAN" of smart and hard work. In turnaround it’s both. When people see you doing everything, they respect you and remember the freedom struggle ? They join hands...
4. Praise, APPRECIATE and overdo at times to even the so called “dumb” ones. Remember, under pressure good talents lose their label at times. You will see change for sure. Appreciate smallest of wins and weakest of guys. Avoid losing people, you will add another crisis.

Yes, you have to make some choices, on how you want to drive your business. 

           1. Drive your Strength faster  : Good talent with low motivation

          2. Coach your Weakness consistently : Average talent with low motivation :

           3. Get rid of unwilling crowd : They are not meant for turnaround assignments whatsoever be the calibre.  You will waste time. Of course, make 2 attempts to confirm unwillingness.

Lastly communicate the cause to all, speak to all about small changes, clear gossips, be bold to face and clarify rumours as they propagate negative vibes.