Turn Around – The do’s and do not’s

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It is easy to turn around a business. The question is normally how sustainable the turnaround will be. Aquismart have analysed a number of turnaround opportunities and found that there are always common reasons for the success or failure of the turnaround. Based on our experience we found the following to be critical areas to focus on when implementing a turn around strategy:

Opportunity Due Diligence

An analysis of the business is critical for the turnaround and the management of the business must understand all the opportunities available to the business.

Time Frame

A company only has a small window of opportunity to implement changes. Thereafter the change becomes difficult and the effect of it on the operation is very small.

Management

Ensure that the correct people take control of the business that is in the turn around phase.

Track and Measure

Ensure that a system is in place to track and manage the proposed turn around process.

Review and Adjust

Review the effect of the turn around on a daily basis and adjust the process where necessary.

Stakeholder Participation

In the initial turn around period, the stakeholder involvement is more informative than participative. As the process goes forward it starts to change to be more participative than informative.

Project Management

Any turn around should be managed with the same controls, efficiency and effectiveness as any other project. Therefore project management is critical to the success of the turn around.

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