On Friday 22nd February Moody’s downgraded the UK economy from AAA to AA1. The reasons Moody’s gave for the downgrade were that they consider the UK to have a weak economy and is suffering from sluggish growth. The likely effects of the downgrade are: The pound will drop, which means our imports will cost more. […]
How to ensure your strategy is aligned for great employee engagement
Strategic fit – Make sure the turnaround strategy is in line with the business purpose I am always surprised to see turnaround strategies that have at their core a complete reduction, let’s say in Marketing and Service departments, supporting a purpose that is based on increasing sales penetration and the provision of first class customer […]
Create VALUE from your VALUES when planning a turnaround strategy
It’s important to have the full support of your employees behind you when you are creating and developing a business. This is never more so than when you are planning a turnaround strategy. I have always been fascinated by that feeling you get when you are totally engrossed in creating something new, and how you […]
Create VALUE from your VALUES when planning a turnaround strategy
The importance of Values when planning a turnaround strategy When planning a turnaround strategy, it is vitally important to the successful implementation that it is driven by a set of values and beliefs that underpin both the purpose, and the strategy, of the turnaround. Values are the beliefs and moral principles that lie behind the […]
How to get real employee engagement with your Turnaround Strategy
Business Purpose before the Company Turnaround When the organisation started out there will have been some form of underlying purpose. It may be that this purpose hadn’t been pre planned, or even articulated by the entrepreneur or the start up team. However it is very likely that this purpose will have played a major part […]
9 Creative ways to achieve staff engagement during turnaround
In any change or turnaround situation, Human Resources plays a vital role in both implementing your chosen strategy and developing a sustainable creative culture. An Engaging and Open Culture The environment needs to create as much safety and security around employees during these potentially difficult times given there is likely to be high levels […]
Turnaround strategy: How do your business problems compare to these?
Planning a turnaround strategy can feel like a lonely task. There are so many options to consider and a wide range of actions you need to take just to get your house in order before you can even start making any changes. We’ve talked about them in our eBook, Guide to Company Turnaround and Finance […]
Employee engagement strategy: motivating employees in difficult times
One of the most troubling aspects of turnaround situations, or indeed any business difficulty, is the impact it has on the people you work with. As a business owner or manager, you’ve got a lot on your plate trying to juggle all the issues you have to deal with. But it could be argued that […]
Employee engagement in a turnaround situation: Don’t forget your people!
While it can be quite motivating when you are making changes in a business and driving them through your organisation, remember what the change guru Rosabeth Moss Kanter always says: ‘…change is only a problem when it is done to you’. The first step in staff engagement during turnaround situations is recognising that there will […]
Creating a Turnaround strategy that keeps the value in your business
In previous blogs, we have talked about how to recognise the warning signs that your business might be heading into rough waters, and also about the importance of examining the wider business environment to determine the best positioning for your business. The third element of creating a Turnaround strategy that preserves value and ensures you stay in […]