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A business turnaround is when an organization needs to drastically improve their results. The key factor in a business turnaround is the need for a “paradigm shift” in thinking, behavior and approach. This could involve implementing a new business or service delivery model. And, it could involve a major structure change, reduction of resources, new technology or new equipment.
Regardless of what kind of business turnaround is needed, urgency is almost always a factor – there is a time limit for achieving the results of the business turnaround.
The challenge is old mindsets and resistance to change. It can be difficult for people to adjust their thinking to the new paradigm and change their behaviors, processes and procedures in order to achieve the results of the business turnaround. Resistance, frustration and disengagement are the result.
The key in achieving a business turnaround is not only having the alignment of senior management, but also having clear alignment and commitment from middle management. Using a unique Leadership Accountability System, IMPAQ ensures that senior management and middle Management have a clear and agreed upon Picture of Success that not only describes the results of the change but the different mindset and behaviors associated with the change at all levels.
We then implement the new “habits” of thinking and behavior at all levels of the organization in alignment with the Picture of Success. Finally, Proactive Recovery Plans are put in place that will immediately assist the organization in addressing resistance and dealing with unanticipated breakdowns along during implementation.
- The business turnaround is successfully implemented ahead of schedule
- Morale increases during the transition instead of going down
- Business results exceed expectations
- A new set of leaders emerge at all levels for succession planning
- Leadership demonstrates alignment, commitment and cross-functional accountability