Turnaround Manager

Are you a turnaround manager--or--can you become one? Managing a crisis, and subsequent turnaround, is far different from starting and running a successful business. That is why, if your business develops a real crisis, you need to be brutally honest with yourself--are you the person who can turn the crisis around?

Who Was In Charge Leading up to the Crisis?

The first thing to consider is what you were doing while your business was heading into a crisis. Did it occur on your watch, or did you have someone else in the role of CEO? In other words, how much did you contribute to the crisis--either directly or indirectly? Can you suddenly change the way you manage, and reverse the direction the company is headed in? Will your employees (especially your turnaround team) follow you in your new role as turnaround manager?

Can You Tear Your Business Apart?

Being a turnaround manager requires you to make some pretty drastic decisions about your business. You may have to set your dreams and plans aside while you tear your business apart in order to rebuild a more successful enterprise. You may need to layoff or fire your friends and colleagues while you rebuild, and, if your crisis is deep enough, you will need to break up your core competence of talented employees.

In addition, when you are done with the turnaround phase of your recovery, you may have a business that does not resemble what you originally wanted at all.

Do You Play an Important Technical Role?
Perhaps you serve a very important role in some technical part of your business, which you would have to give up while you worked as the turnaround manager. This issue alone could have a drastic impact on your business.

Are You a Manager or a Leader?

MANAGEMENT is of the mind, more a matter of calculations, statistics, methods and routine; its practice is a science.

LEADERSHIP is of the spirit, compounded of personality and vision; its practice is an art.

MANAGERS are necessary; LEADERS are essential.”

—-Field Marshal Lord Slim

Almost everyone seems to call the person in this role a "manager" when in truth it takes a true "leader" to execute a successful crisis turnaround. This may not seem like a very important differentiation at this point, but in truth it is the difference between turning your business around, and losing it through bankruptcy. So I caution you--consider this issue carefully and then decide if you would make the best "leader"…the best turnaround "manager."

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This is the time to consult with your business advisors (you do have an Advisory Board, don't you?) and have a frank discussion with them about whether they think you should be the person to manage the turnaround for your failing business.

The report on small business advisors discusses the role of Advisors and I recommend you read it next. This is a valuable report whether your business is in crisis or not. You can access the Small Business Advisor report here.

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