KEY SKILLS OF A COMPANY TURNAROUND CHAIRMAN

When a company turnaround is needed, the role of the company turnaround chairman becomes even more critical. A chairman’s leadership and decision-making abilities can make the difference between the success or failure of the company.

 

 

Here are some essential skills I believe a chairman should possess in such situations:

 

 

 

Strategic Thinking and Vision:
A chairman should have the ability to see the big picture and develop a strategic plan to turn around the company. They should be able to identify the core issues that are contributing to the company’s decline and develop a long-term vision to address those issues.

Leadership and Communication:
In a turnaround situation, a chairman needs to lead by example and inspire the company’s management team, employees, and stakeholders to work towards a common goal. They should be able to communicate their vision effectively and inspire confidence in the company’s future prospects.

Financial Acumen:
A chairman needs to have a thorough understanding of the company’s financial situation and the factors that have led to the decline. They should be able to identify and prioritise areas where the company can reduce costs and improve profitability.

Problem Solving:
In a turnaround situation, a chairman should be able to identify and solve problems quickly and efficiently. They should be able to think creatively and develop solutions that are not only effective but also sustainable in the long run.

Adaptability and Flexibility:
Turnaround situations are often unpredictable, and a chairman should be able to adapt to changing circumstances and make quick decisions when required. They should be flexible and willing to consider new ideas and approaches to solve problems.

Resilience and Perseverance:
Turnaround situations can be challenging and stressful, and a chairman needs to be resilient and persevere through difficult times. They should be able to maintain a positive outlook and inspire others to do the same.

Risk Management:
A chairman should be able to assess risks and develop strategies to mitigate them. They should be able to balance the need for short-term results with the long-term interests of the company.

The skills required of a chairman in a turnaround situation are numerous and challenging. However, a chairman who possesses these skills can be the difference between a company’s success or failure. A strong leader with a clear vision, effective communication, financial acumen, problem-solving abilities, adaptability, resilience, and risk management skills can lead a company out of a turnaround situation and into a brighter future.

Further reading:

https://www.gov.uk/government/publications/options-when-a-company-is-insolvent/options-when-a-company-is-insolvent

TYPES OF INSOLVENCY IN THE UK

INSPIRING STAFF IN A TURNAROUND SITUATION

ULTIMATE GUIDE TO BEING A TRANSFORMATIVE CHAIRMAN

WHAT IS A TURNAROUND SPECIALIST?