HOW TO TURNAROUND A COMPANY

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Hi! Friend,

Further to my preceding article of a typical case of not focusing on the BIG Picture, it is a known fact that there is a great shortage of people who have such skills to turn around a company. They are also commonly called "Turnaround Managers" who have all the necessary knowledge, experience and skill to do the job as expected from them. No wonder that the turn around manager is highly in demand especially in the current global financial tumults.

As a result, many companies could not be turned around due to lack of skill or expertise in this area. This skill is totally different from the skill of the ordinary Manager who manages the daily operational matters of the company. They can't be put there to do the turn around jobs, as it is not routine workdo. Consequently, even company which have a niche market and sound business model could not be turned around even after a couple of years. Worst still, at times you may not be able to see the light.

1. Evaluate and Assess your current situation

Before you embark on any turnaround plan, you need to get a firm grasp and understanding of your company's financial, operational costs, business model and competitive positions. You need to work closely with your key financial personnel to identify the inefficient areas and figure out, why your customers are shying away from you especially those from your core business. 

2. Develop a comprehensive turnaround plan. 

From the above assessment, you should be able to see clearly on what it takes to fix your problem. Rebuild your core business so that it can bring in the revenue to the company speedily. Time is the essence of the business. You cannot afford to delay because the longer you delay, the company will bleed more may lead to natural death if no rectification is taking place at the end of the day. The length of period required for turnaround is very much dependent on its nature; complexity of the case and the attitude of its senior management. Usually you tend to find that most of the turnaround managers are decisive and firm in their decisions. This is because they know what they are doing and they need to response speedily. They are normally no nonsense people who hold themselves accountable for their own action, and don't blame others.

READ MORE AT :-

http://moneytellsstories.blogspot.com/2010/05/how-to-turnaround-company_10.html

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James Oh

Founder and Group CEO

http://liftyouup.blogspot.com