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Venturn A smart business turnaround.

Good regular sales managment

No two business turnarounds are the same, but there are common characteristics that can improve the chances of success. 

Here are a few observations from successful turnarounds.

  • Focus : You need to have a clear plan. It needs to be easy to explain to your employees, bank, suppliers, and creditors. If it's hard to explain, then it's probably too complex and people just won't get it. You must focus on delivering this plan as everything else is secondary.
  • Decisiveness: Once you have a plan, get on with it.  Don’t delay, there’s no time for dithering.  You need strong affirmative action and immediate impact is essential to achieving a sense of urgency.  Early results in a project are essential to build momentum and also convince the ‘nay sayers’ that this is going to work.
  • Measure it : You do need to measure your progress as this helps to build momentum and carries you through the tougher times.  There will be times when you need to rally the troops, and give updates on progress.  Make sure that you’ve got the facts to demonstrate that you’re on track.
  • Refine :  Everything won't go to plan so make sure that you adapt your tactics to address this in order to reduce the risk of failure.  If you can react quickly, you can stay one step ahead of issues.
  • Stay flexible : You have to embrace plan A, but also keep a plan B in your bottom draw.  Not only does it give you options, but it gives balance to tactical decisions.

Further reading

Stephen Moon, Venturn Ltd. August 2010

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