What role does leadership play in business turnarounds?

What role does leadership play in business turnarounds?

Leadership is crucial in business turnarounds as it sets the vision, motivates the team, and drives change.

Can you give examples of successful leaders in turnarounds?

Sure! Leaders like Howard Schultz at Starbucks and Alan Mulally at Ford are great examples of effective turnaround leadership.

What specific leadership qualities are most important during a turnaround?

Key qualities include resilience, adaptability, strong communication skills, and the ability to inspire and unite teams.

How can a leader assess the current state of a struggling business?

A leader can assess the situation by analyzing financial reports, gathering employee feedback, and evaluating market conditions.

What are some common mistakes leaders make during turnarounds?

Common mistakes include lack of clear communication, ignoring employee input, and failing to adapt strategies based on feedback.