| Three sides of an effective turnaroundFinancial side: Stabilize cash flow; and Shore up the balance sheet. Strategic side: Develop a clear and cogent strategy; Communicate its principle; Replace managers who cannot deliver; and Do not "automatically"pursue broad employee layoffs and avoid repeated downsizing. Pride side: Restore trust, dignity, and drive to company culture; Tell employees what the key success factors are and celebrate achievements; and Acknowledge the innovative employees and the high performers and eliminate the drones. |
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