I’ve always been impressed with the skills, dedication and hard work of those professionals in the Turnaround Industry. (see also Global Turnaround and INSOL) Facing impossible deadlines, screaming creditors and often angry and demoralized employees, they quickly size up the situation, stem the negative cash flow, make the “hard business decisions”, realign the balance sheet and stabilize operations.
These are experienced business people who understand the “realities” of business and organization dynamics, not freshly minted MBA’s hiding behind the brand of a global consulting or accounting firm. They are in high demand and often leave their families during the week and take up residence, working all hours of the day and night, usually as the interim CEO or CFO, to rescue the company.
It’s a good model and works well, as far as it goes.
Ah, I can hear the Turnaround professionals saying: “But that’s not our job. We are hired by the (creditors or debtors) to keep the company from going belly-up. They pay us to stabilize the company, do the heavy lifting, then we leave.”
You’re right. But look at it this way. After all the work you’ve done inside the company, who knows more than you about the strengths and weaknesses of the company? Who knows more about the strengths and weaknesses of the management team? Who has spent countless hours rebuilding trust with customers and suppliers? Who has a good idea of a reasonable forward strategy?
What I’m not suggesting is that you sign on as the permanent CEO or CFO. Instead, let’s think creatively.
What if there was a proven set of management processes that you and your team could help the owners / managers quickly implement, that could align, focus, deploy, govern, communicate and engage all employees in the delivery of a “Go Forward” plan . . . fast? What if you took your business acumen to the next step and helped them get aligned and organized for sustainable growth, not just for recovery?
Why should the professionals of the turnaround community take this additional step? Three reasons come quickly to mind:
- because you have the knowledge, skills and maturity to lead this important step,
- because it is the right thing to do. We don’t need more failed companies at this time, we need successful companies growing and creating more jobs to pull the economy along and get people back to work
- because it provides additional revenue, and you’re already on-site
Think about it! What process could you put together that would help launch a company on the growth path? I think it’s worth the effort all around.
Tight Lines . . .