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The important parts of business turnaround strategy development and deployment are leadership, experience and expertise. The success of a turnaround plan rests with the people on the turnaround team and their ability and willingness to incorporate all of the company’s management team and key employees in the process. It is important to have a process structure which can achieve this. As Business Planner, I understand process, but I also understand the importance of experience and fresh ideas in a turnaround situation. It is the expertise of an experienced consultant who can adapt process to a specific situation in order to find unique, creative, successful solutions to a tough situation, using the strengths and experience of the turnaround team and the insights of company managers and employees, finally putting it all collectively in an agreed upon, synergistic, effective turnaround strategy, plan and program.
The most important matter a business consultant should do upon entering a turnaround situation is to listen, get to know everyone end-to-end the organization and give them opportunities and avenues to communicate with the consultant and the CEO. The CEO should be doing the same exact thing alongside the business consultant to ingrain trust, integrity and openness to the turn around process. If the CEO does not hold a position of high esteem with the employees throughout the organization, it is time for him or her to go and be replaced by either a CEO who specializes in turnaround situations or push someone from within that has this relationship with the company’s people and can adjust quickly to being an effective CEO. With this trust and integrity established, it is time to get to work.
An experienced business consultant and turnaround consultant can offer a variety of skill sets and services to help with the business turnaround. These include: Investment Overview
Some of the areas I concentrate on as a turnaround consultant include:
- Learn about the business and harness its people power
- Meet with the company’s advisors, creditors, customers and suppliers
- Evaluate the problems and issues
- Identify the most pressing and significant problems
- Identify opportunities
- Good business financial analysis
- Resource audit
- Risk assessment
- Develop turnaround solutions that are linked to resulting business strategies
- Acquire and leverage needed resources
- Deploy with confidence
- Obtain and distribute value
If you follow a similar process and have strong leadership qualities and skills, then, more often than not, the turnaround plan will be successful. However, it isn’t always so; sometimes it is too little, too late, depending on the activity and stage of the dire situation. If that is the case, a major re-structuring, quick sale, bankruptcy, liquidation or other end result will become the end game. While this can leave a hollow feeling among the turnaround team, you will find that if a good turnaround process was developed and implemented, yet failed, employees and customers will understand. They will adapt and move on and so should you. Holding on to what “could be” is toxic to any future career or new venture. However, if you follow a good turnaround process, with an experienced turnaround team, the end result will very often lead to success and renewed future growth.
About The Writer
Frank Goley is a Marketing Consultant for ABC Business Consulting. He is an expert in business planning, marketing, strategic planning, business turnarounds, online marketing and search engine optimization (SEO). Frank has written over 150 Business Success Articles and E-Books. He is author of a Business Plan Book and writes the Business Success Blog. Frank really enjoys helping companies to start, grow, turnaround and succeed!
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