Your company may need a turnaround consultant if it:
- Is struggling to maintain profitability
- Has problems with lending institutions or is considering bankruptcy
- Has ineffective management
- Lacks financial and operating controls.
Take a look at these suggestions as you weigh whether or not hiring a turnaround consultant should be your next step:
Action Steps
The best contacts and resources to help you get it done
Analyze your situation
Take a hard look at where your business is failing and determine why the mechanisms you have put in place haven't stopped the bleeding.I recommend: The Turnaround Management Association, a nonprofit association focused on corporate renewal and turnaround management, has tips to help find the pain points. Turnaround Consultants International also highlights phases a company should expect to go through during a restructuring.
Choosing a turnaround professional
Although it may be difficult to conduct interviews or find someone who can effectively lead a restructuring, your company's survival depends on this person. It's not a decision to make lightly.I recommend: The Turnaround Management Association also has a list of questions you should ask potential turnaround managers as well as links to a host of other resources. The Sideroad offers tips for hiring a consultant as well, and the Association of Certified Turnaround Professionals has search engine for finding the appropriate person. Pinnacle Peak Advisors sends former senior executives on assignment on turnarounds. O'Keefe & Associates specializes in debt restructuring.
Change your attitude
It may be hard to relinquish control, but if you want your company to shake off its financial troubles and get through the dark times, you have to put certain amount of trust in the consultant you bring on board.I recommend: Turnaround Central has some additional tips and an e-book called "The Insider Secrets to Saving Your Business," which is an often-referred-to reference on business restructuring initiatives.
Tips & Tactics
Helpful advice for making the most of this Guide
- As you go through business renewal efforts, you want to keep daily tabs on your finances, make sure employees understand what is happening and be upfront with suppliers or creditors.
AT&T Enterprise Solutions
The Most Innovative Network Mngmnt Capabilities in Telecommunications.
att.com/enterprise
The Most Innovative Network Mngmnt Capabilities in Telecommunications.
att.com/enterprise
IBM BPM Solutions
Learn to Assess Real-World Business Processes w/ IBM. Play the Game.
Play the Game
www.IBM.com
Learn to Assess Real-World Business Processes w/ IBM. Play the Game.
Play the Game
www.IBM.com
Web Based Business Performance Management Software
Visualization driven KPI Dashboard & reporting. Easy to use. View our online demo today.
Online Demo | Eval Download | White Papers | About InetSoft
www.InetSoft.com/BusinessPerformance
Visualization driven KPI Dashboard & reporting. Easy to use. View our online demo today.
Online Demo | Eval Download | White Papers | About InetSoft
www.InetSoft.com/BusinessPerformance
Operational Risk Management Solutions, Software & Services
Manage enterprise-wide operational, safety, environmental, quality, security, and financial risk through continuous process improvement & compliance.
About Us | Demo | Customers | White Papers
www.SyntexSolutions.com
Manage enterprise-wide operational, safety, environmental, quality, security, and financial risk through continuous process improvement & compliance.
About Us | Demo | Customers | White Papers
www.SyntexSolutions.com
Free B2B search marketing whitepaper, B2B Search Marketing Strategy Guide: Advice From the Pros.
