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| Communicate With Your Stakeholders |
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| Keep Stakeholders Committed to Your Recovery
Creating a winning turnaround plan requires great communication skills. Once you have created a new, forward-looking vision for the survival and success of your business, your ability to gain commitment from the curious and questioning will determine how quickly you move through the process of recovery. The flip side is that poor communication can kill your recovery.
Owners, executives, managers and supervisors may be ill-prepared for what will be required of them over the next twelve to twenty-four months. Egalitarian peer-to-peer working groups and other organic management methods must give way to recognizing one individual with absolute control who keeps everything under close scrutiny - the turnaround executive.
Companies operating in the "zone of insolvency" have a finacial responsibility beyond the owners and holders of stock or shares. Not only are the owners' personal assets at risk, but onwers must now also protect the interests of creditors, customers and employees or they risk collapse of the corporate shield and personal liability for the company's growing debts.
This responsibility begins with formulating a well-crafted turnaround plan, gaining support from a majority of stakeholders, implementing the plan within an acceptable timeframe and communicating regular updates on the company's recovery progress to all of its stakeholders.
As an objective third party, your CrownWatermark Business Consultant is the ideal advisor for keeping in touch with your stakeholders, helping to re-establish their confidence in you as an effective leader and in your company's ability to execute on its strategic plans.
Call CrownWatermark at 253-279-4067 for your FREE consultation on developing and implementing effective communication strategies during your recovery and beyond.
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