Desperate Times Call for Effective Turnarounds

BCG

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.

6 Turnaround Tactics for a Failing Team

Rick Conlow

3 Turnaround Tactics for a Failing Team. The following six proven turnaround tactics come from my consulting practice. These kinds of actions can swiftly turnaround a failing team. The post 6 Turnaround Tactics for a Failing Team appeared first on Rick Conlow.

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6 Turnaround Tactics for a Failing Team

Rick Conlow

3 Turnaround Tactics for a Failing Team. The following six proven turnaround tactics come from my consulting practice. These kinds of actions can swiftly turnaround a failing team. The post 6 Turnaround Tactics for a Failing Team appeared first on Rick Conlow.

How Etsy Found Its Purpose and Crafted a Turnaround

Harvard Business

CEO Josh Silverman’s purpose-driven turnaround at Etsy made the company profitable and improved its social and environmental impact. Leadership Strategy Change management Organizational culture Organizational transformation Retail and consumer goods Audio

The Journey from Underdog Athlete to Turnaround CEO w/Mike MacDonald Ep#155

Strategic Planning and Management Insights

SME Strategy is a strategy consulting company that specializes in aligning teams around their vision, mission, values, goals and action plans. Learn more about how we can help align your team with our strategic planning and implementation services. Leadership Change management podcast CEO

Management Lessons from One Hospital's Dramatic Turnaround

Strategy+Business

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.

Brewing a Turnaround at DAVIDsTEA

1 to 1

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. At first glance, this is another example of a brick-and-mortar business struggling to stay afloat in a retail economy that is increasingly shifting toward e-commerce and digital experiences. In the U.S., more than 12,000 stores are expected to close in 2018, up from about 9,000 in 2017, according to commerc

The Key to Campbell Soup’s Turnaround? Civility.

Harvard Business

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.

Surviving in a Procyclical Industry

Tom Spencer

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 ).

Why a Long-time Microsoft Exec Believes in Strategy First - Interview with Brad Chase

Strategic Planning and Management Insights

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.

A Bread and Butter Method for Identifying the Right Organizational Structure

Steve Shu Consulting

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.

At LEGO, Growth and Culture Are Not Kid Stuff

BCG

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.

How to Manage a More Experienced Direct Report

CaseInterview.com

That will increase their turnaround time for the work orders in their group by 70%. You don’t need to understand technology, law, accounting, or medicine to grasp the concept that for $200,000 you can buy a 70% faster turnaround time in the department in question.

Best Business Books 2015: Narratives

Strategy+Business

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

The Perils of Internal Disruption (Part 2)

Markovitz Consulting

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.

Saving RadioShack

Tom Spencer

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.

People – Replaceable or Integral?

Martinka Consulting

As part of their turnaround efforts, they setup a stock-ownership plan. The Sunday Dilbert cartoon the other day had the pointy haired boss telling his staff he says employees are the key to success but that’s only so he can blame them when things go wrong. He goes on to say 99% of them are easily replaceable. This is in the same vein as a former client who used to mumble, “They should be glad they have a job.”. But let’s go to real life where it seems the above is a fairy tale.

Our thought leadership predictions for 2021

The Source

This need to ramp up production and meet a requirement for super-fast turnaround times led to wholesale rethinking of processes, and often turned long-held assumptions about just what can be achieved within tight timescales on their head.

Alvarez & Marsal Interviews and Culture

Management Consulted

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.

AlixPartners Interviews and Culture

Management Consulted

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.

Common Project Challenges – and how to deal with them

The Management Centre

Talk through options for communicating better, aiming to ensure the Project Sponsor has the right information at the right time and an agreed turnaround time. Throughout any project there are challenges that can spring up, and attempt to take us off track in progressing our projects.

Your Consulting Niche vs Jack-of-All-Trades Myth

Successful Independent Consulting

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.

Why you need a company wiki (and how to build it effectively)

Asamby Consulting

The turnaround time can easily be days instead of minutes. Company Wiki As your organization grows, there is the need to make information available to the whole team. You need a wiki.

Tools 52

Management Process: Small Clues with Big Consequences

Kates Kesler

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.

Vaping and other Naïve Actions

Martinka Consulting

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.

How to Change a Bad Thinking Habit

The Fearless Marketer

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.’

4 Types of Consulting Firms

Tom Spencer

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.

Improving Airlines’ On-Time Performance

BCG

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.

Business Buy-Sell and the Business’s Status – #3

Martinka Consulting

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?

First, You’ve Got to Show That You Care

Markovitz Consulting

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.

Consultant Marketing Pillow Talk

Jerry Fletcher

For instance, the interviewer in a pod cast asks how you accomplished a turnaround for a client or what process was used to save multiple clients. If you’re lucky. Not everyone has a partner outside the business they can talk to candidly about how it is going.

Don’t do everything yourself

Jacq Hackett Consulting

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.

Jenny Dearborn Data Driven Strategies

LSA Global

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.

Don’t do everything yourself

Jacq Hackett Consulting

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.

10 Must Read Books for a Business Consultant

ConsultX

A one-stop turnaround plan, Conquer the Chaos lays out a complete path to make your business run smoothly and provide you with the freedom you desire. Our list of highly recommended books to help you succeed as a consultant. Conquer the Chaos - Clate Mask & Scott Martineau Crush It!

How to Evaluate Your Marketing Leader’s Performance

Prudent Pedal

Ask questions about production efficiency, turnaround times, collateral organization/dissemination, and costs.

Business Buy-Sell Facts

Martinka Consulting

If you want to control the deal look for a turnaround business and roll the dice. It surprised me when I saw that in less than a week my podcast on business buy sell facts was one of the most popular educational episodes we have. Given that popularity, I figured it also makes for a good newsletter, so here we go. Dave Chappelle took some heat for saying gender is a fact. Of course, he gets into hot water every time he does a special because he insults just about everybody.

Small Steps or Big Steps: What’s the Right Way to Begin Improvement?

Markovitz Consulting

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.

A “Thing” That Really Works

The Fearless Marketer

They can help your clients do things faster and better, improve productivity and effectiveness, increase sales, shorten cycle times, turnaround cultures, etc., This year I realized that a marketing thing I’ve always been good at was not something I was actually teaching to my clients.

The consulting case study: What you need to know

freshminds

Operational Cases: Operations Case, Increasing Sales, Reducing Costs, Improving the Bottom Line, Turnarounds. Why are Case Studies used?