How do you leverage stakeholder support and collaboration to accelerate the turnaround process and outcomes?

2 Communicate clearly and frequently

The second step in stakeholder engagement is to communicate clearly and frequently with the stakeholders throughout the turnaround process. You should establish a communication plan that outlines the objectives, messages, channels, frequency, and feedback mechanisms for each stakeholder group. You should also be transparent and honest about the situation, the challenges, the actions, and the progress of the turnaround. You should avoid surprises, rumors, or misinformation that can erode trust and confidence among the stakeholders. You should also listen and respond to the concerns and feedback of the stakeholders, and acknowledge their contributions and support.

3 Align interests and expectations

The third step in stakeholder engagement is to align the interests and expectations of the stakeholders with the turnaround goals and plans. You should involve the stakeholders in the turnaround process as much as possible, and seek their input and feedback on the turnaround strategy, actions, and milestones. You should also explain the rationale and benefits of the turnaround for each stakeholder group, and address any potential risks or trade-offs. You should also negotiate and agree on the roles, responsibilities, and expectations of each stakeholder group, and monitor and report on their performance and satisfaction.

4 Build trust and commitment

The fourth step in stakeholder engagement is to build trust and commitment among the stakeholders for the turnaround process and outcomes. You should demonstrate your leadership and credibility by delivering on your promises, meeting your deadlines, and achieving your targets. You should also recognize and reward the efforts and achievements of the stakeholders, and celebrate the milestones and successes of the turnaround. You should also foster a culture of collaboration and cooperation among the stakeholders, and encourage them to share their ideas, resources, and best practices.

6 Sustain engagement and relationships

The sixth and final step in stakeholder engagement is to sustain the engagement and relationships with the stakeholders after the turnaround is completed. You should continue to communicate and update the stakeholders on the results and outcomes of the turnaround, and solicit their feedback and suggestions for improvement. You should also thank and appreciate the stakeholders for their support and collaboration, and maintain the trust and commitment that you have built. You should also leverage the lessons learned and best practices from the turnaround to enhance your stakeholder management skills and capabilities for future projects.