Best Practices for a Turnaround

There’s an old saying, ‘Never let a good crisis go to waste’.

A turnaround is not only a crisis but also an opportunity to rebrand, redirect, and reposition the company.

Here are some best practices for working on a business turnaround.

View each turnaround as unique and customize your approach to fixing it.

Set goals for the turnaround to ensure you are on the right track.

Apply the same standards to your turnaround as you would apply to other businesses.

Review the skills the company needs and adjust the team accordingly.

Review the team and recruit key players who can help with the turnaround.

Engage the board in the process and make sure they are working at their full potential.

Put cash as the central financial metric first and gear all decisions around it.

Just as you have a story for raising funding for the business you need a story around how the turnaround will work.

Be action-oriented and timely in doing so.

Look for some early wins to build momentum with the team for the turnaround.

Take the turnaround as an opportunity to rebuild compensation and incentive plans.

Consider these points in running a turnaround at your company.

 

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