Why a powerful WHY is crucial in a turnaround

Michael Fingland

Executive Director and CEO

Developing a clear why or purpose is crucial in a business turnaround situation because it provides direction, motivation, and a sense of unity for everyone involved in the process. A why or purpose statement articulates the fundamental reason for a business’s existence, the problems it solves, and the value it provides to its customers. In a turnaround situation, a clear why or purpose statement can help to refocus the organization on its core mission and guide decision-making.

When a company is struggling, employees may feel demotivated, confused, and unsure of their roles and responsibilities. A clear why or purpose statement can help to clarify their roles and give them a sense of purpose, which can increase their engagement and commitment to the organization’s success.

Moreover, a why or purpose statement can serve as a rallying point for stakeholders, including employees, customers, investors, and partners. It can communicate the organization’s commitment to solving critical problems, improving its products or services, and delivering value to its customers. By aligning stakeholders around a common goal, a clear why or purpose statement can help to build a sense of unity and focus everyone’s efforts towards achieving the same objective.

In summary, developing a clear why or purpose statement is critical in a business turnaround situation because it provides direction, motivation, and a sense of unity. It can help to refocus the organization on its core mission, clarify roles, increase engagement, and align stakeholders around a common goal, ultimately increasing the chances of success.

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