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6 key tips for Operational Turnaround

Operational Turnaround is about achieving more for less. It concentrates on fixing the underlying business issues that got you into the mess in the first place, and this in turn increases profits.

Our 6 Key tips for an Operational Turnaround are,

Tip 1 : Experience – Things get tough in Turnarounds, and achieving what can sometimes appear like the impossible can only be done when you’ve got some extra fire power and the benefit of a Company Doctor who’s been there before. Make sure that you buy in this experience and hire an experienced turnaround practitioner (read more here)

Tip 2 : Lean - Getting more for less is the basic principle of Lean. Waste in any business translates directly into losses on the bottom line and so must be minimised.

http://www.venturn.com/article-get-your-organisation-chart-right.php

Tip 3 : Team work – Getting everybody on the same page and pulling in the same direction is essential. It means everyone getting their hands dirty to make things work (read more here).

http://www.venturn.com/article-get-your-organisation-chart-right.php

Tip 4 : Common sense – keeping things simple and focussing on the basics. Remember communication is key.

http://www.venturn.com/article-get-your-organisation-chart-right.php

Tip 5 : Objective view – Sometimes the solution to a problem is right in front of you. Don’t hold back here, every stone must be turned over.

http://www.venturn.com/article-get-your-organisation-chart-right.php

Tip 6 : Additional resource – External pressure on cash from banks, lenders, investors or creditors often means that time isn’t on your side. You wouldn’t chose a DIY strategy for company law or accounting, so make sure that you get expert help when you really need it
(read more here).

Read More...

Stephen Moon, Director, Venturn Ltd

Further Reading on our recent articles,

http://www.venturn.com/article-get-your-organisation-chart-right.php

What is an Operational Turnaround?

http://www.venturn.com/article-get-your-organisation-chart-right.php

Common causes of business failure

http://www.venturn.com/article-get-your-organisation-chart-right.php

Key elements of a smart business turnaround

http://www.venturn.com/article-get-your-organisation-chart-right.php

Do I need a Turnaround Practitioner, Turnaround Interim or Company Doctor?

http://www.venturn.com/article-get-your-organisation-chart-right.php

Why a quick fix it not the answer