What You Should Look for in a Business Turnaround Expert
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 a Business Turnaround Expert, 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 particular situation in order to find unique, originative, 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 together in an agreed upon, Interactive, effective turnaround strategy, plan and program.
The best thing a business consultant does upon initiating a business turnaround is to listen to those in the business, get to know everyone throughout the business, and provide plenty of opportunities and avenues for employees and management to communicate with the consultant and the company CEO. The company CEO needs to do the exact same thing as the business consultant as this will impress a lot more trust, integrity and a general openness to the turn around process. If the company CEO does not hold a trust bond with the employees it is time to consider replacing the CEO or adjusting the CEO’s responsibilities and bringing in an interim leader to see the turnaround through. This interim turnaround CEO can be an outside specialist or someone from within the organization that has the necessary connection with the employees to be successful. Now that the trust and the integrity of the CEO and the employees and management are established, the turnaround process can occur successfully.
Some of the areas I concentrate on as a business turnaround consultant when working with a company in a turnaround situation 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
The Business Plan Experts needs to have a lot of business experience to successfully turnaround and save a company in trouble. Frank Goley works for ABC Business Consulting, and he is a highly experienced business turnaround expert and business plan consultant. Frank is author of a business plan book. He also writes the business success blog, and he has written over 170 articles on business success.
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