"At the beginning of a turnaround, management must give itself as much leeway as possible."
Genuine turnarounds are fraught with “must-win battles” and full of pitfalls that can cause even the best restructuring concept to fail. In this episode of the SMP Leading in Transformation podcast, we take a detailed look at the “7 deadly sins” of turnaround and identify the mistakes that should be avoided at all costs – on a strategic, operational, and emotional level.
Specifically, we talk about these 7 “deadly sins”: inconsistency, lack of strategy, lack of transparency, living from hand to mouth, too much optimism, focusing too much on the top line and – last but not least – deadly sin no. 7: declaring victory too early.
"Inconsistency and a lack of strategy always come back to haunt you during a turnaround."
In this episode of SMP Leading in Transformation, Janis Steinfort and Michael Hedtstück talk to experienced restructuring expert Monika Dussen about why each of these mistakes can have potentially serious consequences in a turnaround—but also how to avoid them and do better.
*Video only in German
