Business TurnAround Leadership Qualities

June 2, 2010 by Frank Goley, Business Consultant

For the next three blogs, I am going to discuss Business TurnAround Strategies. However, before I get into specific business turnaround strategies and processes, it is important to identify certain Leadership Qualities that a successful turnaround leader has.  Whether you are a Business Turnaround Consultant or the Company CEO, these leadership traits and characteristics are important to have in order to successfully guide a company to a turnaround rebound.

Effective TurnAround Leadership Qualities

The leadership qualities necessary for a successful turnaround CEO Team speak to their extensive business knowledge, expertise and experience, which provide the solid foundation for a Turnaround strategy to be successful.

ü  Determined and Self- Disciplined

ü  Inspires the Troops

ü  Makes Timely, Decisive Decisions

ü  Has Clear, Concrete, Simple Vision

ü  Excellent Communication Skills

ü  Street Smart

ü  Charisma:  Inspires Employees to follow

ü  Highly Intelligent, yet has Common Sense

ü  Practical

ü  Not Guided by Ego

ü  Performance Accountability

ü  Quickly Learns and Adapts

ü  Flexible

ü  Open to New Ideas

ü  Understands Personal and Professional Weaknesses

ü  Excellent Listener

ü  Actions Implemented with Clarity, Consistency and Commitment

ü  Utilizes Different Leadership Approaches and Roles as Needed

ü  Tough, yet Exceedingly Fair

ü  Humbled by Business Learning Experiences

ü  Confident

ü  Never forgets who He or She is as a Person

ü  Dynamic

ü  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:

ü  Business Consultant

ü  Turnaround Specialist

ü  Interim CEO / Turnaround CEO

ü  Accounting Firm

ü  Legal Firm

ü  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 someone 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.

Resource:  For more information on Business Leadership Qualities, please see my article on CEO Leadership Qualities.

Posted in Business TurnAround Strategies.

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