A Wells Fargo study concluded that most business bankruptcies could have been avoided by early implementation of a turnaround strategy.
A turnaround situation can be stressful and distracting. INFINIUMINSIGHTS brings an independent third-party perspective of the situation. From our perspective, free from the ‘trees’ of internal culture and history, we can see the forest. We can alleviate the stress and distraction of being in a turnaround status and allow you to focus on running your business.
In most cases business turnaround requires more immediate implementation of a transformation strategy so the business can survive to implement medium and long term objectives.
Often turnaround requires downsizing; however, early implementation of a transformation strategy can reduce downsizing requirements through staff and organizational realignment to achieve greater efficiencies and improved performance.
Often turnaround strategies require emergency actions for the business to return the business to solvency. Emergency actions can be avoided if the turnaround strategy is implemented early in the cycle of business decline.
The need for a turnaround strategy can be the result of a significant decline in revenue, loss of funding, management mistakes, regulatory changes or change in the economy. High growth situations can also create the need for a turnaround strategy. In order to be successful the turnaround strategy must be proactive rather than reactive to the pressures of decline.
The steps to developing a turnaround strategy are:
To be successful your turnaround strategy must create a sense of urgency and a shared vision for a prosperous future.
The plan may require change in staffing, abandoning favorite processes or procedures and always involves change. Change management is tantamount to success.
As management guru Peter Drucker said, “Culture eats strategy for breakfast.” For these reasons a successful turnaround is best achieved with the guidance of third party advisors. Many owners find it preferable to bring in interim Executives to lead the turnaround or assume C-level roles until implementation is complete.
INFINIUMINSIGHTS can help you develop and implement your S.M.A.R.T. turnaround plan, provide change management support and, if necessary provide interim C-level management for plan implementation and stabilization. .
Stop walking the tightrope
If you are concerned, or if you are feeling the stress and pressures of business decline call us for a free consultation.
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"INFINIUMINSIGHTS are known as the go-to-guys, when the impossible must be accomplished quickly. In the 24 years I’ve worked with INFINIUMINSIGHTS, they have consistently met or exceeded expectations of the Board of Directors, regardless of how impossible situation once appeared.
Their “impossible” accomplishments include turning around companies having either lost market share due to neglect, a better mouse trap or have suffered from internal mismanagement. ….I cannot think of a market segment that would not benefit from INFINIUMINSIGHTS’s track record of significant accomplishments and the magic they bring to the table.”