How We Can Help
For this critical period it is essential for an organization to minimize risk as much as possible. Our trusted business experts have developed and successfully performed many successful turnarounds. If your organization is looking to get back on track we can help. Our consultants can quickly stabilize your situation.
Specific activities we can help you with include:
- Creating and quickly implementing a turnaround plan
- Helping you conduct a business viability analysis
- We can determine if the business is viable, and identify any departments or divisions that can be saved as potential sources of profitability
- We can help determine if there are sufficient sources of cash to fuel the recovery
- We can examine financial records to determine where mistakes were made and how to correct these
- Ensuring you have the required leadership available
- By providing guidance through recovery and growth processes
- To assume a leadership role if necessary
- Serving as a liaison with concerned outside constituencies
- Negotiating with lenders and trade suppliers during the crisis period
- Where applicable, helping you prepare an orderly liquidation plan. If some parts of the organization are still viable, we will identify appropriate courses of action to make best of the remaining segments
Questions to Ask
- What are our organization’s major strengths?
- What can we build off of? What are our major weaknesses?
- What should we stop immediately?
- Are there any obvious cost savings or profit improvement opportunities that are not being aggressively pursued?
- Are responsibilities, accountability, and authority clearly defined throughout the organization?
- Are any particular functions, departments or employees underperforming to the extent that they are holding back the progress and profitability of the entire organization?
Thoughts to Consider
- Business turnarounds often put various roles and people at risk, causing strive and backlash that can be contagious. If rumors are not controlled, the whole turnaround – and the organization – could be at risk.
- It is important to have high levels of “art” throughout a turnaround; negotiation, empathy, and compassion are important if the organization is to maintain stability and its external reputation.
- Many times there are very tough decisions that need to be explored when considering a turnaround. It is important to have an understanding that the best option may be to replace senior management, sell major assets, or even dissolve the corporation.
A turnaround can save your organization and also provide many benefits for years to come. You will benefit by:
- Having alternative courses of action, complete with time frame estimates and potential financial returns – A better chance of minimizing your losses while stabilizing your organization for future growth
- Increasing the confidence of interested parties (including investors, employees, suppliers and other stakeholders) by demonstrating that your organization is taking active and positive steps towards recovery
- Having a roadmap that will not only “stop the bleeding” but also outline the ways your organization can become profitable again