Chapter 3. Leadership in a Crisis

Even the best turnaround plan, modeled to incorporate the strategic, financial, and operational legs of the turnaround tripod, will fail if the company cannot execute it. This execution requires the key ingredient that causes teams to pull together and overcome adversity: leadership. Important even in times of prosperity, effective leadership becomes far more critical in times of crisis, when its demonstration comes with a significantly higher degree of difficulty. While much has been written on the broad topic of leadership, I find that great turnaround leaders must demonstrate three main characteristics in order to convince skeptical stakeholders to follow them: courage, decisiveness, and credibility. These ...

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