How do you maintain stakeholder relationships after a turn around?

Maintaining stakeholder relationships after a turnaround involves transparent communication, demonstrating continued value, and rebuilding trust. Regular updates on progress, addressing concerns promptly, and showcasing positive outcomes are crucial. Emphasizing the long-term vision and aligning actions with stakeholders' interests fosters confidence. Seeking feedback, actively listening, and adapting strategies based on input cultivates a collaborative environment. Consistency in delivering on promises, acknowledging past challenges, and showcasing resilience builds credibility. Ultimately, nurturing relationships through consistent communication, transparency, and delivering results ensures enduring stakeholder support post-turnaround.

It is always about leadership, values and, people. I have been involved in a turnaround for the past 18 months. The manufacturing company has about 70 employees. The culture was the lowest I had ever seen. We had to rebuild from the ground up.

Understanding stakeholder dynamics is crucial in a turnaround. Recognize that each stakeholder group has unique priorities and influence levels, which can significantly impact the turnaround's success. Tailor your strategies to address these nuances effectively.

- I agree that you need to clearly identify your stakeholders, and prioritize the level of communication and engagement for each! - This might include involving them in your turnaround lessons learned process, or it might just be sending them a copy of your key learnings from the turnaround, depending on how you have prioritized your stakeholders.

Uma sociedade egocêntrica pode nos levar à errada percepção de nos bastamos. Há, porém, tanto em nossas vidas privadas, como nas públicas, todo um ecossistema sem o qual nada somos. Por isso, não encare um processo de turnaround como um "lobo solitário". Saiba pedeir ajuda: a experts, mas tão importante quanto, mesmo aos seus stakeholders. Se eles perceberem uma genuína intenção de melhoria, e uma genuína percepção dos erros cometidos, certamente lhe estenderão a mão. Nunca, porém, falte com a verdade: verbalize os desafios, e não se comprometa com algo que não se pode cumprir.

Effective communication builds trust and manages expectations. Use diverse channels to share progress, challenges, and benefits. Engage stakeholders actively.

There were a number of bad actors, siloed jobs and overall poor performance at all turns. Of course, net profit was minimal. We started by replacing the owner/CEO with a fractional and a Board of Directors. The Board, including the CEO, work closely to set strategy, with healthy management input, and allow the management team to execute.

Feedback is crucial to gauge turnaround success and spot improvement areas. Use surveys, interviews, and focus groups to gather insights. Act on feedback promptly.

Building a culture of transparency and accountability is fundamental to the success of any turnaround I lead. It's about creating an environment where every team member, from the C-suite to the front line, understands their role in the turnaround and is committed to the collective success of the organization. This means clear communication of goals, expectations, and progress at every stage of the turnaround. It also involves encouraging an open dialogue where employees feel valued and heard, fostering a sense of ownership and responsibility. This cultural shift not only improves morale and engagement but also aligns everyone towards a common vision, making the turnaround not just a series of tasks, but a shared mission.

Uma coisa é receber feedback. Outra, completamente diferente, é ouvir feedback. Nossa geração tende ao "enclausuramento": cada vez menos estamos dispostos a conviver com o dissenso, a aguentar os dissabores inerentes à vida. Mas nas empresas, em especial nos processos de turnaround, isso se potencializa. Esteja pronto, então, para o dissenso. Esteja pronto para ouvir que está errado. Se assim o estiver, você certamente estará pronto para dar os próximos passos rumo à recuperação da saúde do seu negócio.

Involving and empowering stakeholders builds trust and loyalty. It leverages their expertise and fosters a collaborative culture, driving successful turnarounds.

In today's fast-paced world, the ability to pivot and embrace new technologies, methodologies, and business models is key to a successful turnaround. I ensure that our stakeholders are not just bystanders but active participants in this journey. This involves creating platforms for innovation where ideas can be shared and experimented with, integrating best practices into our operations, and being open to redefining our business processes. By making adaptation and innovation part of our organizational DNA, we not only overcome the challenges at hand but also position ourselves to seize future opportunities. This mindset encourages stakeholders to think outside the box and contributes to a dynamic, resilient, and competitive organization.

Monitoring and reporting post-turnaround are crucial. Use clear metrics and reliable data to show progress and engage stakeholders effectively.

Building strong stakeholder relationships post-turnaround ensures ongoing support and advocacy. Consistent engagement and delivering value foster loyalty and satisfaction.

During the first 12 months, we added several key positions, hired a top notch HR generalist, and exited about six of the bad actors. We made promises of improvement and made sure that we kept the promises. Now, the tide has really turned and profit is about one third of the way up to industry metrics. We have a ways to go but the culture has dramatically improved.