It concentrates on fixing the underlying business issues that got you into the mess in the first place, and this in turn increases profits.
Our 6 Key tips for an Operational Turnaround are,
Things get tough in Turnarounds, and achieving what can sometimes appear like the impossible can only be done when youâ€™ve got some extra fire power and the benefit of a Company Doctor whoâ€™s been there before. Make sure that you buy in this experience and hire an experienced turnaround practitioner (read more here).
Getting more for less is the basic principle of Lean that is incorporated within its waste reduction techniques. Waste in any business translates directly into losses on the bottom line and so must be minimised. An Operational Turnaround therefore often utilises the basic principles of Lean.
3. Team work
Getting everybody on the same page and pulling in the same direction is essential and find out where this isnâ€™t happening usually leads to a root cause of a problem (read more here).
4. Common sense
keeping things simple and focussing on the basics. If you keep it simple, then itâ€™s easier to get everyone to understand it. Remember communication is key and getting your employees, bank and creditors to buy into your Turnaround plan involves keeping things simple.
5. Objective view
Sometimes the solution to a problem is right in front of you, but Directors and Managers often canâ€™t see it as they are too focussed on day-to-day issues. An additional pair of eyes brings that objective view and gives the opportunity to ask the tough questions and revisit existing practices. Donâ€™t hold back here, every stone must be turned over.