Phases of a Turnaround

Plan Communication

A comprehensive plan of communication is an important ingredient in any successful turnaround. Turnarounds involve continuous communications with and contributions from employees at all levels of the organization as well as key vendors and important customers. In turnarounds and crisis situations, no news is worse than bad news since it fuels the rumor mill, leads to pervasive gossip which requires more critical time trying to undo the damage done by uninformed sources.

Turnaround managers must recognize that employees are tense, suspicious and fearful of loosing their jobs. They must be good listeners and create an environment of honesty, trust, dignity and respect. When employees, vendors and customers win, everyone wins.