What is it and how will it help me?
Here are some of the circumstances where you as the owner or CEO might need some objective, external turnaround consulting expertise and advice:
Profits Have Been Eroding
You want some objective advice on finding the root causes before your lenders start getting antsy and asking too many questions; you want to solve your own problems before your lenders solve them for you.
One or more market segments are consuming undue resources and unsatisfactory financial metrics, and you want answers and solutions, not excuses and blah-blah from your lieutenants.
Revenues are Under Attack
You want some help evaluating your business model; maybe it’s time for a change in strategy, or maybe a change in acceptable customer profiles; maybe you want to reallocate your resources to focus more on global business opportunities. One thing is for sure – your lieutenants don’t like change, so don’t expect many radical ideas from them. You want to take charge and get some outsider perspectives.
ROI is Not Acceptable
Business results are performing at a static rate, meaning that you are above water financially, but your return on invested capital is not acceptable. You want some outside advice and counsel on various ways by which you can ratchet up your game plan and your results. Maybe a brainstorming session would help; maybe a full scale financial analysis would help; maybe a deep dive into the vision and strategy would help. One thing is for certain – doing nothing different, or worse yet, doing nothing at all, will result in the same uninspiring results.
THE BOTTOM LINE IS THIS.
Turnaround consulting advice from an outsider’s perspective with an insider’s knowledge can help a lot. Some of the methods used in turnaround consulting are as follows: