In view of much greater uncertainty, volatile and changing global business environment ahead, perhaps it is timely for me to share my turn around company’s experience with some of you with the intention to stimulate our thoughts and success oriented plans further. Sharing our experience, skill and insightful experience will benefit larger magnitude of people for a better world ahead.
I still recalled when I first heard about the turn-around guru, Lee Iccacoa who turned around the General Motors during the seventies when I was a student. I was amazed with this guru who inspired me to study this topic with much great extent and interest. I never expected that I would have a chance to put it into a real test.
During my professional service with a trading company, I was given an opportunity to work with the General Manager to turn around this poorly managed company. We were able to turn around the company with a small profit after about six months of hard work, commitment and effective strategic profit rationalised plans.
We have prescribed some success oriented formulae which stopped the company from bleeding further. Various measures such as stay focus on higher profit margin products; contain operational costs, shortening its cash conversion cycle and reduce the bad practice of the cannibalized machine. This bad practice in fact increases our inventories holding period, thus eroding our profit margin.
However, that General Manager left for a better offer from other company and leaving behind the company without a head. I eventually left the company after realizing that a new general manager was leading us to a clueless direction. The company was sold off to third party not long after I left.
No doubts, I didn't really complete my mission as a Turnaround Manager and my dream never end there. I was put into a real test again when I was with another new company when I helped my then employer to grow his private limited company into a publicly listed company. With such fantastic results, I was then promoted to be the Financial Controller of the company.
Thereafter, the company was badly hit by the Asian Financial Crisis in 1996-7 and this enabled me to put my partially incomplete mission and skills into a real test. Because of my strong desire, determination, direction, I managed to deliver the required turnaround result. Just imagine how I had acquired the new skills by laughing it out more often so as to release my pressures especially when my company was hit by numerous occasions such as receiving Section 218 notice, Seizure notice, etc.
Fortunately, my boss and then the owner who earned my trust over the years gave me full support by granting me more authority to effectively implement several drastic strategic and operational plans to keep the company afloat. There I had even take up new roles to sharpen my business development skills. It is a real rewarding and memorable for me to have such a wonderful experience as turn-around manager. This experience shaped me into a more-handy and complete person to face much greater challenges. The company finally continue its services and fulfill its other commitments. The rests are history.
It well demonstrates the point that no storm can last forever but only the tough people last. Again, it is timely for me to reflect what I had experienced so as to benefit larger magnitude of people at the time of greater challenges ahead in view that four out of five largest emerging economies, BRICS except India are declining in economic growth characterise by weakening commodities’ prices and numerous economic nourishment (Quantitative Easing) by many countries over last decade. This un-precedented economic challenge is the new global phenomenon that requires higher thinking skills to solve this new challenge.
The hands on experience of the entire turn around process, was a tough but real sweet and rewarding job. I finally realised one of my dreams of becoming a turnaround manager in 1998, at the age of 38. Blessing led to more blessings I even took my new venture in internet to a new height. Again, I have seen the light in my new venture.
Today, my labour of love has been featured in the media multiple times namely in Smart Investor Magazine, Financial First (MFPC) , Money Compass, Corporate Voice Journal (MAICSA), Journal of Wealth Planning and Management (MFPC), FlyMe360 and Hospitality Asia magazines. I have self-published eight books, specializes in value creation. 3 out of 8 books have been upgraded to second edition and beyond.
With my passion in sharing my thoughts and knowledge in both the financial, wealth and mindset fields, I was officially appointed as a trainer and speaker with various local professional institutions, and economic updates with an international business club.
My recognition goes beyond the organization I served in as I was invited to be one of the speakers at the Secretarial Conference in Kuala Lumpur on Dec 2 & 3 2015, a conference organized by Camfori Training Provider that featured comprehensive secretarial and financial strategies and solutions featuring 10+ thought leaders and speakers.