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It is most definitely not for big, old-line companies that are facing an existential crisis and require a full-scale turnaround. None of these conditions exists in extreme events such as natural disasters, terrorist attacks, major military battles — or large-scale business turnarounds. The agile approach injected a level of speed and accountability not found in many business turnarounds. In a turnaround, teams may work unsustainable hours for several months at a time. MORE
Some of this year's best business books are narratives that cover the divergent fortunes of three hot technology companies -- one that crashed to earth, one in the midst of a wrenching turnaround, and one that is soaring into the stratosphere MORE
This Firm Profile started as an email from Sean, asking if we could write on Alvarez & Marsal, “The Turnaround Guys”. Combining their industry experience, the pair were forerunners in what became a specialty area in professional services: turnaround management, corporate restructuring and operational performance improvement for companies and stakeholders. The firm’s first turnaround client was the household brand, Timex Corporation. Turnaround and Restructuring. MORE
The former president of Wiremold, Art Byrne, explains in his book The Lean Turnaround that he eliminated volume discounts and incentives for sales to book the largest possible orders. With more level demand, the warranty department was able to keep its turnaround time to under a week, even during the peak summer season. “Disruption” has become another business buzzword that obviates the need for prudent, careful thought and consideration. MORE
Latecomers can succeed at digitization if they take these five steps. Our Insights MORE
Italian oil and gas company Eni has transformed under a leader determined to reduce costs without cutting jobs—instead including employees in the turnaround mission. Our Insights MORE
But buoyed by a strong fourth quarter that beat analysts' expectations, McDonald's recent customer-focused turnaround appears to be putting some luster back in the golden arches. As one of the world's most iconic brands, McDonald's has fallen on some hard times in recent years. The world's largest restaurant company has suffered disappointing sales growth and declining margins. MORE
I like to say (especially to business buyers with stars in their eyes) that, “turnarounds make headlines because they are rare.” These five things present in a company make that company as rare as a successful turnaround and cause headlines to be written about them in business journals and magazines. To continue from the last two posts, here are my comments on situation number three. Losing money. Recent upward trend or reduction of expenses. Is it a spike or a trend? MORE
I (buyer) can fix this business (turnarounds make headlines for a reason, they’re rare). There was a recent news story about a Seattle area law enforcement officer suing for about $11 million because of a health condition caused by vaping (a CBD product and something else to relieve his stress and pain). Am I missing something? He heated a chemical concoction, inhaled it, and figured all was good? He couldn’t imagine burning chemicals could cause bodily damage. MORE
Suppose you are trying to design a company whose strategy is to provide broadly accessible, lower-cost, optical glasses to customers within quick turnaround times of one hour. Turnaround times might be much longer. A common approach is to identify different options for organizational structure and then analyze tradeoffs (e.g., pros and cons or degree attractiveness by objective). That said, I wanted to share another perspective that has carried me a long way. MORE
The dramatic turnaround engineered by Grossman -- from $120 million in annual losses to consistent profits -- offers important lessons for any manager seeking to overcome chronic underperformance, and lessons are also to be found in the rapid growth in its physician network, a top 10 ranking from U.S. MORE
This book tells the story of a successful sales executive who, after leading an analytics-driven turnaround (in Data Driven, this book’s predecessor), faces a new turnaround challenge as chief human resources officer. Jenny Dearborn Data Driven: How Performance Analytics Delivers Extraordinary Sales Results. MORE
AlixPartners is an international business advisory firm based in Southfield, MI known for its work in corporate turnarounds, bankruptcy assignments and restructuring. Generally regarded as turnaround market leaders, AlixPartners is doing a killer job at taking up more room in the consulting space by strategically hiring a plethora of gurus. Among these are turnaround teams, the role of Chief Restructuring Officer (CRO) and incentive-based success fees. MORE
Ask questions about production efficiency, turnaround times, collateral organization/dissemination, and costs. MORE
Modern businesses follow the talent and many talented individuals are embracing their independence from companies, going off the books and onto their own as freelancers. MORE
We refer to these as turnaround and restructuring efforts. At this point, the company starts burning through cash reserves and needs to launch a turnaround. . Turnaround and restructuring programs involve applying all three components: * Funding the Journey. A turnaround or restructuring program should include all three elements, but the relative importance of each changes at various points in the process. Article Friday, November 11, 2016. MORE
Transformation and turnaround leader specialized in building teams, measurement systems, and driving results at distressed and growth companies alike, with a focus on the middle market. Translation: turnaround expert. Many people who embark on the independent professional path think they should define their services broadly so they will look like a good fit for many projects. The exact opposite is true. MORE
The final question is, “What is the turnaround to that thought and is it just as true or even truer?” The turnaround thought would be, ‘They just might be interested in meeting with me.’ MORE
He describes his “shock and awe” approach (my terminology) in his excellent book The Lean Turnaround , where he takes the company through several week-long kaizen events. I’ve been struggling to resolve two conflicting facts: Science has shown that incremental change is both easier for people and more sustainable than dramatic change. Art Byrne has had undeniable business success by starting with dramatic change. MORE
In the early years of the turnaround initiative, hundreds of the top 350 senior leaders who could not, or would not, demonstrate their willingness to adapt their approach were let go or transitioned to other roles. MORE
Consultants and consulting firms can go some way towards reducing the effect of economic downturns by offering a range of services including some which are counter cyclical, that is, services which are more in demand during downturns such as restructuring and turnaround support services. Management Consulting consulting restructuring turnaround services(Source: Flickr ). MORE
When the business landscape changes, how can you turnaround a failing company? Assuming this leads to successful refinancing, what should the strategy be to turnaround and save this iconic company? When faced with a broad turnaround question, it is important to ask a variety of questions to determine the source of the problem. Marc Consentino in his book Case In Point suggests the following possible actions for a company turnaround. MORE
OTP is also affected by decisions made in multiple areas, including fleet size and composition, flight crew composition, and flight turnaround times. Article Wednesday, September 21, 2016. Sometimes it pays to sweat the small stuff. Take on-time performance (OTP). In the airline business, one late aircraft early in the morning can lead to more than 70 delayed planes later in the day. MORE
Turnarounds. Assuming RadioShack averts bankruptcy and achieves a successful refinancing, what should the strategy be to turnaround and save this iconic company? (Source: Flickr ). Below we provide a selection of sample consulting case questions. The questions are broken down into seven (7) question types to make them easier to digest. Declining Profitability. Our client is eBay. Its share price fell from $310 to $200 per share on reports of declining profits. MORE
The CEO of the Swiss specialty-chemical company has steered it back onto a growth path through restructuring and an aggressive continuous-improvement program. Our Insights MORE
It’s quick – the turnaround time on jobs is impressive. Being a solo consultant doesn’t mean you have to do everything yourself. In fact, you shouldn’t. Of course, you need to take responsibility for all the core consulting tasks – those tasks that require your high-level expertise, your thinking, your credibility. But for a host of other things, get help. MORE
Recently, The Wall Street Journal reported on how Procter & Gamble’s CEO is under scrutiny by investors and the board for a stalling turnaround effort. P&G’s Stumbles Put CEO On Hot Seat for Turnaround. Most painfully, but all too common, this is occurring in the middle of a very difficult turnaround. For me, one of the most thought-provoking parts of this story was reported nearly at its end. MORE
Hubert Joly shares lessons from leading the turnaround of the retail and technology giant and how it prepared him and the company for the current crisis. Strategy & Corporate Finance Insights MORE
A quick-service restaurant chain with thousands of outlets around the world is using data to drive a successful turnaround, increase customer satisfaction, and grow revenues. Our Insights MORE
Leaders don’t want their projects to be in a turnaround situation, but that often happens. Here are some tactics for resolving problems quickly. Insights on Capital Projects & Infrastructure MORE
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Brad was a part of several major project at Microsoft, including the complete turnaround of MSN.com, leading the marketing effort for Windows 2000, Windows 98 and Internet Explorer, as well as developing and executing the award winning marketing strategy for Windows 95. MORE
John Shook describes how within the constellation of GM plants, the Fremont plant went from worst to first in quality in one year, with a 180-degree turnaround in culture, all while keeping the same workers. (In The overhead light in aisle two has been burned out for three months. It’s hard for the workers in that row to see the small parts they handle and repair. MORE
Only two years after going public, specialty tea retailer DAVIDsTEA announced at the end of 2017 that it was evaluating strategic alternatives, including a potential sale and store closures. MORE
The turnaround of the LEGO Group is one of the famous business stories of this century. He was a 35-year-old former academic and consultant who quickly gained a reputation as a turnaround artist. Prior to the turnaround, Knudstorp acknowledges, LEGO had taken this loyalty for granted by stretching the brand too thin. Video Thursday, January 19, 2017. MORE
It’s quick – the turnaround time on jobs is impressive. Being a solo consultant doesn’t mean you have to do everything yourself. In fact, you shouldn’t. Of course, you need to take responsibility for all the core consulting tasks – those tasks that require your high-level expertise, your thinking, your credibility. But for a host of other things, get help. MORE
Some of the most notable specialisations include healthcare, IT or tech, and turnaround consulting. Although IT consulting firms can be big shops such as Gartner and Infosys, healthcare and turnaround consulting firms tend to be more boutique in nature. Turnaround firms, like FTI Consulting , will typically value quantitative skills as the work typically requires rigorous financial analysis. MORE
Turnaround Related Topics Think Customers
MAY 30, 2018
Only two years after going public, specialty tea retailer DAVIDsTEA announced at the end of 2017 that it was evaluating strategic alternatives, including a potential sale and store closures.
BCG
NOVEMBER 11, 2016
We refer to these as turnaround and restructuring efforts. At this point, the company starts burning through cash reserves and needs to launch a turnaround. . Turnaround and restructuring programs involve applying all three components: * Funding the Journey. A turnaround or restructuring program should include all three elements, but the relative importance of each changes at various points in the process. Article Friday, November 11, 2016.
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McKinsey
JULY 18, 2018
Leaders don’t want their projects to be in a turnaround situation, but that often happens. Here are some tactics for resolving problems quickly. Insights on Capital Projects & Infrastructure
Strategy+Business
MARCH 12, 2017
The dramatic turnaround engineered by Grossman -- from $120 million in annual losses to consistent profits -- offers important lessons for any manager seeking to overcome chronic underperformance, and lessons are also to be found in the rapid growth in its physician network, a top 10 ranking from U.S.
Harvard Business
JULY 2, 2018
It is most definitely not for big, old-line companies that are facing an existential crisis and require a full-scale turnaround. None of these conditions exists in extreme events such as natural disasters, terrorist attacks, major military battles — or large-scale business turnarounds. The agile approach injected a level of speed and accountability not found in many business turnarounds. In a turnaround, teams may work unsustainable hours for several months at a time.
McKinsey
AUGUST 29, 2017
Latecomers can succeed at digitization if they take these five steps. Our Insights
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Harvard Business
OCTOBER 5, 2017
In the early years of the turnaround initiative, hundreds of the top 350 senior leaders who could not, or would not, demonstrate their willingness to adapt their approach were let go or transitioned to other roles.
Tom Spencer
SEPTEMBER 3, 2016
Consultants and consulting firms can go some way towards reducing the effect of economic downturns by offering a range of services including some which are counter cyclical, that is, services which are more in demand during downturns such as restructuring and turnaround support services. Management Consulting consulting restructuring turnaround services(Source: Flickr ).
McKinsey
JUNE 26, 2020
Hubert Joly shares lessons from leading the turnaround of the retail and technology giant and how it prepared him and the company for the current crisis. Strategy & Corporate Finance Insights
McKinsey
JULY 27, 2017
A quick-service restaurant chain with thousands of outlets around the world is using data to drive a successful turnaround, increase customer satisfaction, and grow revenues. Our Insights
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McKinsey
OCTOBER 20, 2017
Italian oil and gas company Eni has transformed under a leader determined to reduce costs without cutting jobs—instead including employees in the turnaround mission. Our Insights
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Strategic Planning and Management Insights
AUGUST 17, 2020
Brad was a part of several major project at Microsoft, including the complete turnaround of MSN.com, leading the marketing effort for Windows 2000, Windows 98 and Internet Explorer, as well as developing and executing the award winning marketing strategy for Windows 95.
Steve Shu Consulting
SEPTEMBER 1, 2016
Suppose you are trying to design a company whose strategy is to provide broadly accessible, lower-cost, optical glasses to customers within quick turnaround times of one hour. Turnaround times might be much longer. A common approach is to identify different options for organizational structure and then analyze tradeoffs (e.g., pros and cons or degree attractiveness by objective). That said, I wanted to share another perspective that has carried me a long way.
BCG
JANUARY 19, 2017
The turnaround of the LEGO Group is one of the famous business stories of this century. He was a 35-year-old former academic and consultant who quickly gained a reputation as a turnaround artist. Prior to the turnaround, Knudstorp acknowledges, LEGO had taken this loyalty for granted by stretching the brand too thin. Video Thursday, January 19, 2017.
Strategy+Business
NOVEMBER 1, 2015
Some of this year's best business books are narratives that cover the divergent fortunes of three hot technology companies -- one that crashed to earth, one in the midst of a wrenching turnaround, and one that is soaring into the stratosphere
Markovitz Consulting
JANUARY 14, 2019
The former president of Wiremold, Art Byrne, explains in his book The Lean Turnaround that he eliminated volume discounts and incentives for sales to book the largest possible orders. With more level demand, the warranty department was able to keep its turnaround time to under a week, even during the peak summer season. “Disruption” has become another business buzzword that obviates the need for prudent, careful thought and consideration.
Tom Spencer
SEPTEMBER 14, 2014
When the business landscape changes, how can you turnaround a failing company? Assuming this leads to successful refinancing, what should the strategy be to turnaround and save this iconic company? When faced with a broad turnaround question, it is important to ask a variety of questions to determine the source of the problem. Marc Consentino in his book Case In Point suggests the following possible actions for a company turnaround.
The More Clients Blog
FEBRUARY 9, 2020
The final question is, “What is the turnaround to that thought and is it just as true or even truer?” The turnaround thought would be, ‘They just might be interested in meeting with me.’
Management Consulted
JANUARY 25, 2016
AlixPartners is an international business advisory firm based in Southfield, MI known for its work in corporate turnarounds, bankruptcy assignments and restructuring. Generally regarded as turnaround market leaders, AlixPartners is doing a killer job at taking up more room in the consulting space by strategically hiring a plethora of gurus. Among these are turnaround teams, the role of Chief Restructuring Officer (CRO) and incentive-based success fees.
Management Consulted
DECEMBER 6, 2015
This Firm Profile started as an email from Sean, asking if we could write on Alvarez & Marsal, “The Turnaround Guys”. Combining their industry experience, the pair were forerunners in what became a specialty area in professional services: turnaround management, corporate restructuring and operational performance improvement for companies and stakeholders. The firm’s first turnaround client was the household brand, Timex Corporation. Turnaround and Restructuring.
Tom Spencer
JULY 13, 2019
Some of the most notable specialisations include healthcare, IT or tech, and turnaround consulting. Although IT consulting firms can be big shops such as Gartner and Infosys, healthcare and turnaround consulting firms tend to be more boutique in nature. Turnaround firms, like FTI Consulting , will typically value quantitative skills as the work typically requires rigorous financial analysis.
Jacq Hackett Consulting
OCTOBER 24, 2017
It’s quick – the turnaround time on jobs is impressive. Being a solo consultant doesn’t mean you have to do everything yourself. In fact, you shouldn’t. Of course, you need to take responsibility for all the core consulting tasks – those tasks that require your high-level expertise, your thinking, your credibility. But for a host of other things, get help.
Markovitz Consulting
NOVEMBER 26, 2018
John Shook describes how within the constellation of GM plants, the Fremont plant went from worst to first in quality in one year, with a 180-degree turnaround in culture, all while keeping the same workers. (In The overhead light in aisle two has been burned out for three months. It’s hard for the workers in that row to see the small parts they handle and repair.
Successful Independent Consulting
JANUARY 20, 2017
Transformation and turnaround leader specialized in building teams, measurement systems, and driving results at distressed and growth companies alike, with a focus on the middle market. Translation: turnaround expert. Many people who embark on the independent professional path think they should define their services broadly so they will look like a good fit for many projects. The exact opposite is true.
Jacq Hackett Consulting
OCTOBER 24, 2017
It’s quick – the turnaround time on jobs is impressive. Being a solo consultant doesn’t mean you have to do everything yourself. In fact, you shouldn’t. Of course, you need to take responsibility for all the core consulting tasks – those tasks that require your high-level expertise, your thinking, your credibility. But for a host of other things, get help.
Martinka Consulting
JANUARY 16, 2020
I (buyer) can fix this business (turnarounds make headlines for a reason, they’re rare). There was a recent news story about a Seattle area law enforcement officer suing for about $11 million because of a health condition caused by vaping (a CBD product and something else to relieve his stress and pain). Am I missing something? He heated a chemical concoction, inhaled it, and figured all was good? He couldn’t imagine burning chemicals could cause bodily damage.
Think Customers
JANUARY 26, 2016
But buoyed by a strong fourth quarter that beat analysts' expectations, McDonald's recent customer-focused turnaround appears to be putting some luster back in the golden arches. As one of the world's most iconic brands, McDonald's has fallen on some hard times in recent years. The world's largest restaurant company has suffered disappointing sales growth and declining margins.
LSA Global
JANUARY 1, 2018
This book tells the story of a successful sales executive who, after leading an analytics-driven turnaround (in Data Driven, this book’s predecessor), faces a new turnaround challenge as chief human resources officer. Jenny Dearborn Data Driven: How Performance Analytics Delivers Extraordinary Sales Results.
Kates Kesler
OCTOBER 9, 2012
Recently, The Wall Street Journal reported on how Procter & Gamble’s CEO is under scrutiny by investors and the board for a stalling turnaround effort. P&G’s Stumbles Put CEO On Hot Seat for Turnaround. Most painfully, but all too common, this is occurring in the middle of a very difficult turnaround. For me, one of the most thought-provoking parts of this story was reported nearly at its end.
Prudent Pedal
JANUARY 28, 2020
Ask questions about production efficiency, turnaround times, collateral organization/dissemination, and costs.
Markovitz Consulting
JULY 11, 2017
He describes his “shock and awe” approach (my terminology) in his excellent book The Lean Turnaround , where he takes the company through several week-long kaizen events. I’ve been struggling to resolve two conflicting facts: Science has shown that incremental change is both easier for people and more sustainable than dramatic change. Art Byrne has had undeniable business success by starting with dramatic change.
BCG
SEPTEMBER 21, 2016
OTP is also affected by decisions made in multiple areas, including fleet size and composition, flight crew composition, and flight turnaround times. Article Wednesday, September 21, 2016. Sometimes it pays to sweat the small stuff. Take on-time performance (OTP). In the airline business, one late aircraft early in the morning can lead to more than 70 delayed planes later in the day.
Martinka Consulting
AUGUST 11, 2014
I like to say (especially to business buyers with stars in their eyes) that, “turnarounds make headlines because they are rare.” These five things present in a company make that company as rare as a successful turnaround and cause headlines to be written about them in business journals and magazines. To continue from the last two posts, here are my comments on situation number three. Losing money. Recent upward trend or reduction of expenses. Is it a spike or a trend?
SkillQuo
AUGUST 16, 2017
Modern businesses follow the talent and many talented individuals are embracing their independence from companies, going off the books and onto their own as freelancers.
Tom Spencer
JULY 2, 2015
Turnarounds. Assuming RadioShack averts bankruptcy and achieves a successful refinancing, what should the strategy be to turnaround and save this iconic company? (Source: Flickr ). Below we provide a selection of sample consulting case questions. The questions are broken down into seven (7) question types to make them easier to digest. Declining Profitability. Our client is eBay. Its share price fell from $310 to $200 per share on reports of declining profits.
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