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.

Getting capital projects back on track: Six elements of a successful turnaround

McKinsey

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

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.

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.

How Agile Teams Can Help Turnarounds Succeed

Harvard Business

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.

Turnaround artists: How companies can catch up to the digital revolution

McKinsey

Latecomers can succeed at digitization if they take these five steps. Our Insights

The turnaround at Clariant: An interview with Hariolf Kottmann

McKinsey

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

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.

How an oil and gas giant outmaneuvered low oil prices

McKinsey

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.

Using people analytics to drive business performance: A case study

McKinsey

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

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. Video Thursday, January 19, 2017.

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

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? Source: Flickr ).

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.

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.

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.

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.

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.

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.

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).

Executives on Demand: What are part-time CEOs and why does every business need one?

SkillQuo

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.

SMB 70

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.

Student Consulting – Does it deliver?

Tom Spencer

This may include discrete projects completed at arms length, such as due diligence on a transaction, or turnaround projects where consultants are embedded within an organisation. Student consultants certainly mean well: for their CVs if not the organisations they consult to. But whether student consulting organisations deliver for clients or the students who take part is questionable.

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?

Sample Consulting Case Questions

Tom Spencer

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.

Implementing Great Customer Service

Confessions of a Consultant

The legendary book ‘Moments of Truth’ by Jan Carlzon, detailed the business turnaround enacted at Scandinavian Airlines Systems (SAS) and was on the executive best-seller bookshelf in the late 1980’s. Be really honest about the customer service provided.

How to Deliver Bad News as a Manager

LSA Global

Be clear about why the cuts are necessary, how it will help, your strategy for a turnaround and how you expect to make up for the reduction within a certain time frame. When the News Is Bad. No one likes to receive bad news. But it sometimes seems harder to deliver than to receive it.

Best Practices Survey

Women in Consulting

Whether your business continues to expand, has experienced a slowdown or turnaround, or is consistent with last year, we want to hear about your experiences. By: Jen Berkley Jackson. It’s back and we want to hear from you. Our 15 th Annual WIC Best Practices Survey is open March 14-April 17. A comprehensive analysis of the state of consulting businesses in the Bay Area. It’s hard to believe but this is the 15 th year WIC has run our best practices survey.

How does your consulting business stack up? Take our 16th Annual WIC Best Practices Survey (open March 14-April 7) and find out.

Women in Consulting

Whether your business continues to expand, has experienced a slowdown or turnaround, or is consistent with last year, we want to hear about your experiences. :: A comprehensive analysis of the state of consulting businesses in the Bay Area Yes, it’s that time again.

Food Stamp Growth Outpaces Illinois Job Creation 5-4 During Recovery

MishTalk

Bruce Rauner’s Turnaround Agenda, which addresses Illinois’ top economic reform needs. Rauner’s Turnaround Agenda would put Illinois on the path toward responsible budgets, improved jobs growth and decreasing government dependency.

The Consulting Value Proposition

Tom Spencer

Turnarounds. Why do organisations hire consultants? If you are a junior consultant, knowing why your work is valuable is likely to make your job more meaningful. If you are a partner, knowing why your work is valuable is likely to help you sell consulting projects and make money for yourself and for the firm. Below we outline five (5) reasons why organisations engage consulting firms. Expert Knowledge.

Consultant Ninja: Finally, two counter-cyclical markets: Management.

Consultant Ninja

The other sector Im long on is turnaround consulting: 10-13-08. skip to main | skip to sidebar. Consultant Ninja. Management Consultant | Excel Jockey | Slide Monkey | Corporate Insurgent | One-Eyed Man in the Valley of the Blind Mckinsey | Bain | BCG | Booz | Oliver Wyman. Tuesday, November 11, 2008. Finally, two counter-cyclical markets. After seeing so many markets down, my cousin in the hunting business informed me that gun sales have been surging, due to Obama winning the presidency.

When Is Teamwork Really Necessary?

Harvard Business

In turnaround situations, for example, the most important roles for the team often are Agenda Setters, Execution Drivers, and Architects (leading required organizational transformation). Caspar Benson/Getty Images.

FTI Consulting Interviews and Culture

Management Consulted

FTI expanded into investigation and research capabilities as well as turnaround, restructuring, bankruptcy and forensic accounting with the moves. Restructuring/Turnaround Services. Honored with Seven M&A Advisor Turnaround Awards. Honored by Finance Monthly as Turnaround & Restructuring Firm of the Year, Singapore. FTI CONSULTING INTERVIEWS & CULTURE.

Could one leader be costing you thousands of dollars?

Peter Stark

The leader mentioned at the beginning of this article was offered the opportunity to work with an executive coach and he took the opportunity to heart and made a dramatic turnaround.

Renewed Customer Focus Boosts McDonald's Bottom Line

1 to 1

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.

‘WHEN A NEW MANAGER TAKES CHARGE’: Deciding the Pace of Entry

Confessions of a Consultant

It offered a ‘turnaround’ challenge. “I just need to get a handle on this new industry” Believe it or not, when I was younger I was interested in keeping fit (I still have the body of a 32 year old obese man). Pounding all those roads on long runs, we learned one key lesson.

Steel Consumption in China Declines First Time in Three Decades; Painful Rebalancing

MishTalk

Affected by overcapacity, it is unlikely there will be any turnaround in oversupply in the steel product market or any big recovery in prices," CISA said. Looking for signs of a global recovery that will lead export growth? If so don't look at China. Reuters reports China's Annual Steel Consumption Drops for First Time in Three Decades.

The Crazy Lives of Consultants: is it just me.

The Crazy Lives of Consultants

Not solitary do we have the unexcelled prices but our turnaround heyday for your Xrumer posting is wonderful fast. skip to main | skip to sidebar. Friday, January 29, 2010. is it just me. or have some of our clients become completely unprofessional? recalling a convo i had with a client, i was gently delivering some less-than-stellar news on how "some" of his policies werent being adhered to. he angrily retorted, "well, heads are gonna roll, i assure you! heads are going to ROLL!!!".

Getting Old, Getting Stagnant, and That’s Trouble

Martinka Consulting

Once stagnation hits it may not be a turnaround but it sure is a fixer-upper, and that is something all sellers need to avoid. The July 29, 2015 edition of the Wall Street Journal featured an article titled, “The Cost of Germany’s Graying Managers.” ” The subtitle was: “At small businesses led by older bosses concerns are raised about stalled investments, succession.”

"Bubblicious" High End Flipping Up 350%, Overall Flipping Down 13%

MishTalk

What’s behind these quick turnarounds? Flipping houses went out of fashion around 2008, along with flip phones and sub-prime mortgages. But real estate data shows the practice is on the upswing — among million-dollar homes. At the low end, where flipping might actually make some economic sense, flipping is down. MarketWatch reports House flipping makes a comeback.

Management Consulting versus Investment Banking

Management Consulted

This expertise may be as broad as “operations turnaround” and as specific as “benchmarking for insurance companies.” This is an important question for prospective applicants (in particular, undergrad/MBA students) looking for summer internships and fulltime jobs alike.