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The First Step In Corporate Turnaround Is Prevention
There are workable, preventive, diagnostic and therapeutic steps to treat and restore the health of sick companies. Below are the six principles starting with Prevention.
People Work Hard for Money, But They Will Die for a Cause
Most people will work hard for money if properly motivated. Though it may help, more money is not the key to making your employees more passionate.
Calibre of Staff is like Cholesterol - Good and Bad Employees
In every organisation, there are two categories of employees. There are the 'bad cholesterol' employees as well as the 'good cholesterol' employees
People - Life and Death Matters
It is no use having all the correct strategies and resources when you do not have the right people to do the job. To compete successfully externally, you need to have people perform successfully internally
Think Rationally Before You Decide
Many companies often let their success and euphoria gloat over their heads and forget to do their homework.
Companies Without Strategies Are Heading For Tragedies
Many businesses are still focusing on yesterday's problems at the expense of forgoing future opportunities. The best chess players always have a strategy in place. But in businesses, future planning seems to play second fiddle to analyzing of past performance.
When the Company is Sick, Call the Corporate Turnaround Expert
Many troubled companies make the fatal mistake of not approaching the right professional for help. Many try to get out of their conundrum using the internal management. Others rely on their lawyers, auditors, etc. These troubled businesses need to bring in turnaround experts and specialists.
Clone Your Successes by Planning your Succession
Many once successful companies have failed because of poor succession planning. Many entrepreneurs want their children to succeed them and take over the reins in their businesses
Acquisition Binge can Cause Indigestion
The adage still holds true, 'Do not bite more than you can chew'.It can become toxic for the company if they go into acquisition binge.
There Is A Strong Parallel Between Physical And Fiscal Health
There is a strong parallel between corporations and medical science. Companies fall sick just as people do. Contrary to the common view, a company is not an inanimate object.
Company is Already Bleeding Badly When the Financials are Red
There are many important imperatives and factors which are not quantified or measurable by the traditional accounting system.
Litigation Can Put You Out Of Business In A Heartbeat
Many companies underestimate the potential gravity of getting into litigious situations. Lawsuits, especially in cases where one does not have strong legal legs to stand on, are potential minefields for disaster.
Myths in Transformation and Turnaround
Welcome to the real business world where troubled businesses abound. Distressed business owners and executives need to understand turnarounds and transformations in order to face the challenges in this competitive global market.
Cash is Oxygen During the Restructuring Process
Though cash is not everything, its level of importance is the same as oxygen. Without it, you will certainly perish.
Prevention, Early Diagnosis, Proper Treatment - Three Steps to Corporate Turnaround
As the adage goes: Prevention is better than cure. In medical practice, prevention of the disease before its onset is better than giving medication when it is already malignant or full-blown. Getting it right early is much better than subsequent expensive treatments.
The Key To Successful Corporate Turnaround Is Early Detection
Early detection of business problems is vital to sustaining a company's growth, manage the crisis effectively and to contain the economic distress. Business problems rarely occur suddenly.
Cost Control Is An Important Antidote in Corporate Turnaround
Unnecessary cost is always your Number One enemy. You must attack every cost item, justify and challenge it.
Know When to Exit, Do Not Be the Living Dead
Is it worth the pain and effort? Do you want to keep it going by throwing good money to chase after bad money? Therefore one needs to ask whether one's company is worth more dead than alive?
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