A Good Business TurnAround Starts with Leadership
Whether you are a Business Turnaround Consultant or the Company CEO, leadership is the most important factor in a successful Business Turnaround. This article explores the leadership traits and characteristics that are important to have in order to successfully guide a company to a turnaround rebound. Remember that a successful Business Turnaround starts with good leadership!
Effective TurnAround Leadership Qualities
The leadership qualities necessary for a successful turnaround CEO or Leader speak to his or her extended business knowledge, expertise and experience, which provide the solid foundation for a Turnaround strategy to be successful.
- Determined and Self- Disciplined
- Inspires the Troops
- Makes Timely, critical Decisions
- Has Clear, Concrete, Simple Vision
- Excellent communicating Skills
- Street Smart
- Charisma: Inspires Employees to follow
- Highly Intelligent, yet has Common Sense
- Practical
- Not Guided by Ego
- Performance Accountability
- Quickly Learns and Adapts
- Flexible
- Open to New Ideas
- Understands Personal and Professional Weaknesses
- Excellent Listener
- Actions Implemented with Clarity, consistence and Commitment
- Utilizes Different Leadership Approaches and Roles as Needed
- Tough, yet Exceedingly Fair
- Humbled by Business Learning Experiences
- Confident
- Never forgets who He or She is as a Person
- Dynamic
- Multi-Talented
Knowing these important Turnaround Leadership Qualities and skills, the Business Owner can determine his or her weak areas and fill those gaps with a Turnaround Team containing these important leadership elements. The Turnaround Team can consist of:
- Business Consultant
- Turnaround Specialist
- Interim CEO / Turnaround CEO
- Accounting Firm
- Legal Firm
- Public Relations Firm
Depending on the size and complexity of the turnaround situation, the Turnaround Team can be smaller. The Business Consultant and Turnaround Specialist can be one person, and it may not be necessary to replace the current CEO (or promote somebody from within). The Accounting and Legal Firms are essential to a successful Turnaround Process. Depending on the scope and size of influence of the business, a Public Relations Firm is not always necessary. If the turnaround involves Liquidation, Sale Bankruptcy or Restructuring, then specialists are necessary to assist the Business Consultant in formulating and carrying out the Turnaround Strategy.
About the Author – Frank Goley of ABC Business Consulting
Frank Goley is a business consultant, business turnaround consultant and business plan consultant for ABC Business Consulting. He has been helping companies to succeed for many years. Frank wrote his first business plan over twenty years ago. He is an expert in developing business plans, marketing plans, funding plans, strategic plans, turnaround plans, web marketing strategies, and project specific business plans. Frank is also a business coach and a web development, web marketing and web seo consultant. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 50 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.
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