Key Principles Of Successful Turnarounds
In this podcast Michael Fingland, Managing Director of Vantage Performance, explains key guiding principles that are essential for a successful business turnaround:
1. The right strategy, the right capital structure to fund your business, the right people to execute your strategy and the right processes and reporting to know you’re on track.
2. You will need to execute one or two big changes in strategy to make a difference.
3. Stakeholder management and communication are critical.
4. Develop a strategy to “stand out from the crowd”.
5. Pay down debt.
6. Ensure strong financial management.
7. Maintain a focus on marketing, research and development.
Phil Dobbie talks to Michael about these changes and also asks if confidence can be an issue. If you were partially responsible for the business hitting hard times, are you the right person to build it up again?