Importance Of A Turnaround Management Strategy

The process of Business Turnaround Management consists of reviving a company that is struggling from the financial problems to keep up with competition in the market and there comes a time when the management of the company needs to put the process and strategic approach of Turnaround Management plan in place.

Steps In A Business Turnaround

Turnaround management focuses on the restructuring and renewal of the business. Often, a business turnaround strategy is employed when the business is no longer sustaining growth and profits are under duress. Parker Revenue Growth Strategies applies a specialized and unique turnaround management strategy that stabilizes finances and develops a business plan to guide the turnaround process.

STEP 1: Discussion with senior management and the board of directors

STEP 2: Review the current business plan and strategy; what parts are working, which ones require a new direction?

STEP 3: Review every element of the financial management system

STEP 4: Conduct an “Organizational Fitness” review; issue a questionnaire to the senior team to complete

STEP 5: Compile and share the SWOT analysis (strengths, weaknesses, opportunities and threats) business assessment with the leadership team.

STEP 6: Lead the team through the SWOT analysis {strengths, weaknesses, opportunities and threats

STEP 7: Develop the objectives, strategies and action steps (operating plan) to guide management’s decisions

STEP 8: Communicate the plan to the entire organization; ask for buy-in so execution is flawless

STEP 9: Implement a high sense of urgency in executing the turnaround plan

LAST STEP: Measure the results

We help companies turnaround their non-profitable ventures into something that benefits them. Our specialty lies in our thorough assessment and action plan we follow. We make sure the business is worth more in the future than the current state.