| As a business and turn around consultant with over | | | | alongside the business consultant to instill trust, |
| twenty years experience working with numerous | | | | integrity and openness to the turn around process. If |
| small and medium size companies, business | | | | the CEO does not hold a position of high esteem |
| turnaround services are some of the favorite work I | | | | with the employees throughout the organization, it is |
| perform. I enjoy the challenge and helping a troubled | | | | time for him or her to go and be replaced by either a |
| company to succeed again. Unfortunately, sometimes | | | | CEO who specializes in turnaround situations or |
| the business owner comes to me too late, and the | | | | promote someone from within that has this |
| turnaround strategy turns into a cutting losses | | | | relationship with the company's people and can adjust |
| strategy, often ending in bankruptcy, restructuring, | | | | quickly to being an effective CEO. With this trust and |
| liquidation or a forced fire sale (quick sale). The best | | | | integrity established, it is time to get to work. |
| advice I can give business owners is to hire an | | | | Steps I take as a turnaround consultant include: learn |
| experienced business consultant immediately, no | | | | about the business; meet with advisors, creditors, |
| matter the stage of company growth, economic | | | | customers and suppliers; evaluate the problems and |
| situation or company health situation. A business | | | | issues; identify the most pressing and significant |
| consultant can proactively help head off future | | | | problems; identify opportunities; analysis; resource |
| disaster, help to grow the business and provide | | | | audit; risk assessment; develop the turnaround |
| essential strategic direction. A good business | | | | solutions and the resulting business strategy; acquire |
| consultant can help a business develop and implement | | | | and leverage needed resources; deploy with |
| an effective business plan so that turnaround | | | | confidence; and obtain and distribute value. |
| services are never needed. | | | | If you follow a similar process and have strong |
| The important parts of turnaround strategy | | | | leadership qualities and skills, then, more often than |
| development and deployment are leadership, | | | | not, the turnaround plan will be successful. However, |
| experience and expertise. The success of a | | | | it isn't always so; sometimes it is too little, too late, |
| turnaround plan rests with the people on the | | | | depending on the activity and stage of the dire |
| turnaround team and their ability and willingness to | | | | situation. If that is the case, a major re-structuring, |
| incorporate all of the company's management team | | | | quick sale, bankruptcy, liquidation or other end result |
| and key employees in the process. It is important to | | | | will become the end game. While this can leave a |
| have a process structure which can achieve this. As a | | | | hollow feeling among the turnaround team, you will |
| business consultant, I understand process, but I also | | | | find that if a good turnaround process was |
| understand the importance of experience and fresh | | | | developed and implemented, yet failed, employees |
| ideas in a turnaround situation. It is the expertise of | | | | and customers will understand. They will adapt and |
| an experienced consultant who can adapt process to | | | | move on and so should you. Holding on to what |
| a particular situation in order to find unique, creative, | | | | "could be" is toxic to any future career or new |
| successful solutions to a tough situation, using the | | | | venture. While many may see this as failure and |
| strengths and experience of the turnaround team | | | | defeat, as a business consultant, I see this as a |
| and the insights of company managers and | | | | learning experience. Something which will not be |
| employees, finally putting it all together in an agreed | | | | revisited as owners and employees alike clearly |
| upon, synergistic, effective turnaround strategy, plan | | | | understand, in the end, how they got there. The |
| and program. | | | | learning experience is invaluable and should be |
| The most important thing a business consultant | | | | leveraged into many successes in the future. |
| should do upon entering a turnaround situation is to | | | | However, if you follow a good turnaround process, |
| listen, get to know everyone throughout the | | | | with an experienced turnaround team, the end result |
| organization and give them opportunities and avenues | | | | will very often lead to success and renewed future |
| to communicate with the consultant and the CEO. | | | | growth. |
| The CEO should be doing the same exact thing | | | | |