How do you learn from your turnaround experience and prepare for future disruptions?

1 Identify the root causes

The first step in learning from your turnaround experience is to identify the root causes of the crisis and the factors that contributed to it. This may include external forces, such as market changes, competition, regulation, or customer preferences, as well as internal issues, such as poor management, inefficiency, debt, or culture. By analyzing the root causes, you can understand what went wrong, what worked well, and what needs to change.

2 Evaluate the outcomes

The next step is to evaluate the outcomes of your turnaround actions and decisions. This may include financial results, such as revenue, profitability, cash flow, and debt reduction, as well as non-financial indicators, such as customer satisfaction, employee engagement, product quality, and innovation. By measuring the outcomes, you can assess the effectiveness of your turnaround strategy, identify the gaps and opportunities, and celebrate the achievements.

3 Learn from the feedback

The third step is to learn from the feedback of your stakeholders, such as customers, employees, suppliers, investors, and regulators. This may include formal and informal surveys, interviews, reviews, ratings, or testimonials, as well as direct and indirect communication. By listening to the feedback, you can gain valuable insights into the perceptions, expectations, and needs of your stakeholders, as well as their suggestions for improvement.

4 Update your skills

The fourth step is to update your skills and knowledge to keep up with the changing business environment and customer demands. This may include learning new tools, techniques, or methods, such as digital transformation, agile management, or lean startup, as well as acquiring new certifications, qualifications, or credentials. By updating your skills, you can enhance your competence, confidence, and credibility as a turnaround manager.

5 Build your network

The fifth step is to build your network and relationships with other turnaround professionals, experts, mentors, or peers. This may include joining industry associations, online communities, or events, as well as reaching out to potential partners, collaborators, or advisors. By building your network, you can access valuable resources, support, and guidance, as well as share your experiences, challenges, and best practices.

6 Plan for the future

The sixth step is to plan for the future and anticipate potential disruptions and opportunities. This may include conducting scenario analysis, risk assessment, or contingency planning, as well as setting goals, objectives, and action plans. By planning for the future, you can prepare your business for different situations, mitigate threats, and leverage opportunities.

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?