Turnarounds require senior leaders with excellent people skills. Leaders need to work with people to bring out the best in them under pressure. This applies to employees, vendors, financial institutions, and shareholders. Communication, clarity and compassion are critical throughout the process.
Other key leaderships skills include:
Calmness under pressure – do not panic!
The ability to focus and to be objective.
The ability to generate actionable management information about a business: This means not just gathering data but also the ability to interpret and translate that data into information that is useful to making decisions.
Openness to change.
Ability to provide an encouraging, positive atmosphere for employees and to install confidence in stakeholders.