Turnaround business management is a process dedicated to corporate renewal. It uses analysis and planning to save troubled firms and returns them to solvency, and to identify the reasons for failing performance and rectify them. Turnaround business management involves management review, root failure causes analysis and analysis to determine why the company is failing. Once analysis is completed, a long term strategic plan and restructuring plan are created. Once approved, we as turnaround professionals begin to implement the plan, continually reviewing its progress and make changes to the plan as needed to ensure the company returns to solvency.
Weputuonline.com does the transformation of the businesses and our speciality is into Digital i.e. digital transformation, but now we are moving one step ahead and going to look into other areas where our experience and skills can help the troubled and distressed companies opting to go for administration or sale of their businesses. Our efforts are usually in the direction to put the business online again i.e. to bring the business on track and ensure the revenues and profits being streamlined.
Transformation is a whole scale change to the foundational components of a business: from its operating model to its infrastructure. What it sells, to whom and how it goes to market. A transformation programme touches every function of a business; from purchasing, finance human resource, through to operations and technology, sales and marketing.
Businesses often build and develop new products and services, move into new markets, merge with or sell to competitors, or swap components from their value chain to gain competitive advantage, but none of these things are necessarily transformative. Businesses don’t transform by choice because it is expensive and risky.
Businesses go through transformation when they have failed to evolve. When a business evolves with its market, continually refreshing products and proposition, reaching new sets of customers and growing the value of existing ones, it doesn’t need to transform. A business may go through radical changes and significant restructures, but it’s only a transformation if it’s highly visible from the outside, to its customers, and was driven by external factors. That said, a transformation is still some way off of a turnaround.
There are three key drivers of transformation: changing consumer demand, changing technology and changing competition. These, of course, are an ecosystem and it is always a convergence of factors that brings about changes in a market.
When any of these factors coincide such that a business’ operating model is no longer fit to serve its customers, the business has reached a tipping point. Here’s the thing – evolving businesses don’t reach tipping points! They spot opportunities before they become tipping points. Evolving businesses are continually focused on their customers, changing and adapting with, or leading in their market. Businesses that spot tipping points when they are too late to be considered opportunities need to transform, and those that don’t, tip over the edge.
The process of the turnaround has usually five stages:
1. Evaluation, analysis and assessment
2. Very urgent areas
The techniques used are:
2. Analysis and Planning
3. Analysis, Planning and Execution
We are giving the above three options to the companies for renewal. The companies can opt only for the analysis of their failing performance, they can ask for the planning and available routes for revival. The companies can also ask us to take the interim charge to execute the plan and recover them from the troubled situation.
Unlike other big companies and accounting firms, we charge a very nominal fee for our services which is quite affordable for SME (small and medium companies) as well as for big corporate.
We are offering our services to all sectors and to every kind of private, government, public private partnership companies and of any size.
Please contact us for more detailed information.
*Sources: Wikipedia and the guardian