What are some of the best practices and tools for turn around team building?

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Turn around management is the process of identifying and resolving the root causes of a business crisis, such as declining sales, cash flow problems, or operational inefficiencies. It requires a combination of strategic, financial, and operational skills, as well as a strong team that can execute the necessary changes. But how do you build a turn around team that can handle the challenges and uncertainties of a crisis situation? Here are some best practices and tools for turn around team building.

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1 Assess the current team

The first step is to evaluate the existing team members and their roles, responsibilities, and performance. Identify the key players, the under-performers, and potential allies or adversaries. You also need to assess the team's culture, communication, and collaboration. Tools such as SWOT analysis, 360-degree feedback, and personality tests will help you gather data and insights about your team.

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John Thievon

Experienced Public & Private Company CEO | Business Strategy & Planning | Business Finance | Commercial Operations | IPOs, Capital Markets, Raises | Brand Launches & Growth | Risk Management | Restructuring | Turnarounds
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It is important to understand the reason(s) the board or shareholders/owners have decided to hire someone from outside the company to develop and execute a turnaround. The company might be burning cash at an unsustainable rate or has executed business plans poorly or a combination of many different issues. Whatever the reason(s) - the process is both uncomfortable and necessary. Open, honest and consistent communication with the current employee base is imperative. There will be some understandably nervous employees and care should always be given in your discussions with them. "I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel." Maya Angelow

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2 Define the team goals and roles

The next step is to clarify the team's goals and roles in alignment with the turn around strategy and plan. Communicate the vision, mission, and objectives of the turn around, and how each team member can contribute. Assign clear and realistic roles and responsibilities, and ensure that there is no overlap or gap in the team's functions. You can use tools such as SMART goals, RACI matrix, and role descriptions to define and document the team's goals and roles.

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3 Develop the team skills and competencies

Identify the gaps and weaknesses in the team's capabilities, and provide training, coaching, and mentoring to address them. Encourage the team to learn from each other, share best practices, and seek feedback. You can use tools such as skills matrix, learning plans, and peer reviews to develop and monitor the team's skills and competencies.

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4 Engage and motivate the team

Creating a positive and supportive team culture will help build trust, respect, and accountability. You also need to recognize and reward the team's efforts and achievements, and provide constructive and timely feedback, and involve the team in decision making, problem solving, and innovation. You can use tools such as team charter, recognition programs, and brainstorming sessions to engage and motivate team members.

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5 Monitor and evaluate the team performance

Establish clear and measurable indicators to track the team's outputs and outcomes. Also collect and analyze data and feedback from various sources, such as customers, suppliers, and stakeholders, as well as conducting regular reviews and meetings to discuss the team's achievements, challenges, and areas for improvement. You can use tools such as KPIs, dashboards, and surveys to monitor and evaluate team performance.

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6 Adapt and improve the team processes

Identify and eliminate any waste, duplication, or inconsistency in the team's workflows and procedures. You also need to implement best practices, standards, and tools to optimize the team's quality and productivity. Encourage the team to continuously learn, experiment, and innovate, and use tools such as process mapping, benchmarking, and PDCA cycle to adapt and improve the team processes.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Brian Alleman

Partner at SeatonHill Partners
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All of the above are great points. The need for transparency and open communication cannot be overstated. Additionally, instilling a sense of urgency in the team is critical. In most turnaround situations, time is not on your side.

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Michael Manners

Management consultant
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A winning team starts with the team leader. Track record and psychometric assessments are pivotal to selection. The ability to communicate effectively is a vital requirement. Resilience in the face of adversity is basic as is the ability to manage stress and recognize it in other team members. Personality clashes within the team will arise and need mature handling. It is critical to match talent to need. Information gained must be shared with all team members - no room for secrecy or grandstanding. The team leader and all team members must commit themselves to mutual support. A turn around team is a cross-functional project team that is disbanded once the goal has been achieved.

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What are some of the best practices and tools for turn around team building?

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1 Assess the current team

2 Define the team goals and roles

3 Develop the team skills and competencies

4 Engage and motivate the team

5 Monitor and evaluate the team performance

6 Adapt and improve the team processes

7 Here’s what else to consider

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