Business Turnaround Consulting Can Simplify Your Business
Founder of Apple
Business turnaround and business restructuring terms are most often used for distressed companies. In fact, the concepts of a turnaround strategy should be used regularly in every business – preventing a true turnaround situation.
Below I've outlined an example of a business turnaround consulting engagement I was on, what I did, and the findings.
I've been fortunate to have been given the opportunity to have been a President, COO, senior leader in a variety of companies – big and small – recognized (Amazon, GE, Oracle, etc) and not recognized. I've also run a variety of turnaround restructuring initiatives as a business turnaround consultant. My background in running businesses allows me to take a unique perspective into what works well and what doesn't. And what would provide lasing business success.
I worked with a tech business that was having problems growing a business unit.
Business Background: Tech company that is considered #1 in their specific niche. Financials included >$100MM revenue and sufficient EBIDTA. PE owned business via a leveraged buyout.
The initial focus was growth was the business line that was the number 1 driver of revenue business line. As I learned the business, financials, and processes a few things came out that were commonplace amongst the people I talked with.
One leader I spoke to who had just been promoted to a
more expansive level of control, mentioned,
"... this place is a disaster".
As I continued to dive into the business, its people and processes I regularly updated the CEO almost daily. But clearly identified a needed business turnaround strategy. Business success was dependent on this.
Findings and recommendations:
Though there was not an initial thought that the business really needed any type of business turnaround. It was very clear they did.
How did this happen? What allowed this to occur ? I will not go into this during this article but there are some key reasons.
I tend to focus on outcomes first, then solve for achieving the outcomes. The turnaround services I offered allow me to:
Many businesses needing Turnaround Management could have prevented the crisis by looking at turnaround management as a part of doing business every day. The concepts are standard good business practices.
How well is your business operating?