Turnaround management may be a familiar term to some of you, but to others it can be the first time you have heard it. For those who are running a business, it is a universal fact that there’s always a shaky competition, and it gets tougher as time goes by. And while you can be on top at one point, there will be instances when you’ll be on the losing end.
This is when turnaround management becomes important. As the term implies, this is the process of turning around your business when faced by struggles or challenges that are considered threats to you remaining afloat. Even the best companies have one in place every now and then, and so you should, too.
Phases of Turnaround Management
The process consists of three key components, namely analysing, planning, and implementing.
- The first step is always to observe every angle of the situation, giving you insight on why your business is struggling. Is it a disconnect in the processes within? Or is it an innovation by a competitor that is sweeping the market?
- After careful assessment, planning takes place. It is during this time that everyone needs to talk with each other and put their heads together to come up with a winning strategy. For a big business, you have to make sure that every key member of each department is present to get all the insight you need.
- Once you have decided on a plan of action, it is time to implement it. You need to stick with the timetable agreed upon during the planning phase. Certain key personnel will have to be mobilised when staging a large-scale action.
Things to Remember
While it sounds pretty easy, it never is. There are other factors that will dictate the success of your turnaround management. If anything, here are some points to consider while implementing it:
1. It’s not as simple as the data you see
- Even with the best analytics, there may be things that you might have not seen clearly. You have to be flexible with the situation, and most of the time you have to listen to what your gut tells you.
2. Get the buy in of your members
- After creating a carefully-crafted plan, it is just a sophisticated garbage if your employees don’t believe in it. You have to tell them why you are doing the things you are doing, because that gives them a sense of understanding and team effort.
3. Prepare to think on your feet
- Not everything can be predicted. There will be unexpected factors that will prompt you to make essential changes. Don’t be stuck in what they call “analysis paralysis” because it will get you nowhere.
These are concepts that our turnaround experts know by heart here at William Advisory Group. Rest assured that we’ll assist you for as long as you need our help, because your success is our success as well.