CIB.11 (CREATING A CONSULTING / IMPROVEMENT BUSINESS): TURNING COMPANY'S AROUND - WILLIAM EASTMAN

Performing a successful turnaround is one of the most difficult parts of the consulting business; highest risk - highest reward.

There is no way I can cover a decade of this type of consulting in one show so what follows is my over view.

SUMMARY
Being the main driver of a business turnaround will tap all of your talents and expose areas where help will be needed. Most successful consultants have a team available to support their efforts. As we review my process determine which of these you can perform and which need additional support. In my case I sought outside help in finance and marketing - good enough as a consultant is insufficient for a turnaround.

TOPICS

1. Understanding how the current situation occurred
2. Fix the immediate obstacles to current performance
3. Build a plan for the short and long term turnaround
4. Know your limits and line a term for support

INSIGHTS
Since all organizations are a system of processes don't expect to find a single cause. You have to examine the entire operation and do not get fixated on the first shiny object you find. Root cause the situation to death given the constraints of time and resources. Anything that happens going forward is your fault.

A second issue is the owner and their role. I don't have any generic advice. If they are well respected keep them in the game to the best of your ability. If on the other hand that is not the case, isolate the owner and assume control of the intervention. Remind them, as nicely as you can, they got the business into this do or die situation and they are hiring you to save it.

One last thought before we look at the steps of making it happen. What is presented is a linear model and not really. Several times in the process you will go back and rethink previous steps as new information is developed - the process is messier than it looks.

APPLICATION

1. Understand the Current Culture
   1. Positives & Negatives
   2. Determine what you are going to add, remove, and continue
   3. Write your 'Burning Platform' Statement - Part 1
2. Triage the Operation
   1. Financial Performance
   2. Operational Performance
   3. Marketing & Sales Performance
   4. Human Performance
3. Create a New Set of Operating Principles
   1.  Management By Objectives (Goals, Objectives, Metrics)
      1. Operations
      2. Customers
      3. People
      4. Financial
4. Complete your Burning Platform Statement
   1. Why the past no longer works
   2. The new plan - short and long term
   3. The new operating principles
5. Short-Term
   1. Cash & Costs
   2. Quality & Capacity
   3. Service
   4. Talent & Pay4Performance
6. Long-term
   1. Scalability
   2. Capital Investments
   3. External Drivers
   4. Marketing, Sales, & Service
7. The Future
   1. Anticipated Reinvention
   2. Your Future Role

Business At Your Finger Tips

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Closing
If you want more assistance beyond what is contained in the LIVE show, podcast, or the corresponding notes, I am available to help. Join one of our groups on social media or leave a comment below. Thanx bill.