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Turnaround Specialists
Turnaround Specialists –a new term to describe an extraordinary breed of business professionals –people who can change an organization during difficult times; with pressing creditors, falling sales; high staff turnover, quality issues -not necessarily all but often with several serious problems.
Consultants brought in to change organizations often have the luxury of funding, time and support- turnaround specialists may have to find their feet within hours, find the team to execute a turnaround plan; persuade stakeholders and implement with not too many surprises.
There are probably a number of reasons for this development:
The speed of business change in today’s world
The influence of creditors especially banks
And not least the success through using turnaround specialists.
How to Select Turnaround Specialists
There are many choices individuals –they are free when they are free which may not suit your business need; they may have other assignments you are not aware of. So a good choice may be a specialist firm like QR Ventures – in these situations there are a number of individuals who can provide intellectual input into the business even if only one member of the team is used directly on a particular assignment.
How Do Turnaround Specialists Work
First they need to diagnose for themselves the particular problems; they will probably have input from a wide variety of sources including the company’s own records –and sometimes these are not as accurate as they should be. The diagnosis should help to identify the issues and present some priorities so that a clear plan can be developed. As in all plans there needs to be contingencies as not all problems will be evidenced in the initial diagnosis.
Practical Examples
From an analysis of the case study book from QR Ventures –example problems explained by the client included a company with difficulty gaining payment from its customers. This one problem covered a multitude of issues – quality problems causing customers to refuse to pay; poor record keeping and control so “invoices had been manually adjusted”; records weeks behind the current date –so there was no accurate position on what debtors owed –do I need to go on. So this problem could not be solved by just employing a credit controller or debt collection agency.
Another example was a company which showed impressive results –some major debts not being paid and a lack of professional sales personnel or quality proposition.
Both these examples resulted in successful outcomes for staff and owners. So if you need a turnaround specialist –companies like QR Ventures would be a great place to start.
For more information : Buying and Selling & Business recovery Northwest
Consultants brought in to change organizations often have the luxury of funding, time and support- turnaround specialists may have to find their feet within hours, find the team to execute a turnaround plan; persuade stakeholders and implement with not too many surprises.
There are probably a number of reasons for this development:
The speed of business change in today’s world
The influence of creditors especially banks
And not least the success through using turnaround specialists.
How to Select Turnaround Specialists
There are many choices individuals –they are free when they are free which may not suit your business need; they may have other assignments you are not aware of. So a good choice may be a specialist firm like QR Ventures – in these situations there are a number of individuals who can provide intellectual input into the business even if only one member of the team is used directly on a particular assignment.
How Do Turnaround Specialists Work
First they need to diagnose for themselves the particular problems; they will probably have input from a wide variety of sources including the company’s own records –and sometimes these are not as accurate as they should be. The diagnosis should help to identify the issues and present some priorities so that a clear plan can be developed. As in all plans there needs to be contingencies as not all problems will be evidenced in the initial diagnosis.
Practical Examples
From an analysis of the case study book from QR Ventures –example problems explained by the client included a company with difficulty gaining payment from its customers. This one problem covered a multitude of issues – quality problems causing customers to refuse to pay; poor record keeping and control so “invoices had been manually adjusted”; records weeks behind the current date –so there was no accurate position on what debtors owed –do I need to go on. So this problem could not be solved by just employing a credit controller or debt collection agency.
Another example was a company which showed impressive results –some major debts not being paid and a lack of professional sales personnel or quality proposition.
Both these examples resulted in successful outcomes for staff and owners. So if you need a turnaround specialist –companies like QR Ventures would be a great place to start.
For more information : Buying and Selling & Business recovery Northwest
