In a Turnaround, Put Culture First

Faced with failing businesses, most leaders tighten the purse strings, take strict control over the organization, and put strategy first. However, in the famous words of Peter Drucker, "Culture eats strategy for breakfast." To right an organization headed for trouble, you need to build a culture that supports strategy implementation. Give employees a reason to care about your customers, their colleagues, and about how to do business right in a world that rewards cutting corners and compromising values. During a turnaround, don't focus exclusively on distinguishing yourself from the competition; find what brings you together as a company. It may be values, a vision, or a set of shared emotions. Articulate this sense of unity well and the business will follow


Source: Harvard Business Review