December 12th, 2011 
jvremec
Turnaround Consultant Discloses Free Change Management Tips Used By Turnaround Companies
It may sound clique, but the age old saying of, “if you keep doing what you have been doing, you’ll keep getting what you have been getting” rings true in the middle of the current business economic downturn.
If you are looking to grow your business in times of uncertainty, then turnaround and management change should feature heavily on your radar screen.
A turnaround consultant who understands these free change management tips can implement an effective turnaround strategy to power management firms into exponential & sustainable growth. Savvy business owners and directors are looking to turnaround companies to help them identify strategies for blasting through the financial tipping point and positioning their business in the long term profitable and sustainable sector.
Although a turnaround strategy is currently finding favour with business owners, it should not be considered as the Holy Grail for companies in trouble, except for when it is included in a ‘bigger picture’ marketing strategy.
Often when a turnaround consultant is engaged to produce a turnaround strategy or for change management implementation, it quickly becomes apparent that the managing director owner and the turnaround company have opposing views on where the real business problems lie.
Frequently business owners and managing directors oppose leadership change management because they view it as a personal assault on their leadership methodology.
In reality a turnaround specialist offers an outsiders perspective and can remain impartial to many of the personal issues surrounding the owner and his or her business. Turnaround companies and management firms should capitalise on this professional impartiality as it frequently lifts the fog from the business growth.
In many of the SME’s I have delivered turnaround and change management services into, I have frequently sensed hostility and resistance to change. Most of this materialises from a fear of the unknown.
I have to work quickly to reassure most business owners that my presence is there to help the business grow and prosper in a long term sustainable fashion.
I always produce better results once the business owner understands that I am not a threat and they then buy into my turnaround strategy and/or management change plan.
Free Change Management Tips # 1 Finance
The current economic recession has changed the way banks and financial institutions consider investment in businesses. Numerous turnaround companies are reporting that many banks are now erecting barriers to restrict the number of business qualifying for bank finance.
Although many business owners cite cash flow as king, they are failing to ensure this is a primary consideration in their change management implementation.
Any turnaround company or turnaround specialist understands that cash flow now more than ever is a key to success. Any professional turnaround consultant planning a current turnaround strategy will need to work closely with the business owner’s bank or external investors to ensure the business is not starved of capital.
Most change management firms recognise that the businesses that survive and thrive from 2010 onwards will be those who understand the absolute requirement of establishing positive cash flow.
Free Change Management Tips # 2 Turnaround Consultant
Although most business owners turn to turnaround companies for a bespoke turnaround strategy, several managing directors are bucking the trend by engaging a new breed of turnaround consultant’s who operate as a freelance turnaround specialist.
Whereas a conventional turnaround company might offer a broad spectrum of services required for leadership change management and/or change management implementation, an individual Turnaround Consultant might just specialise in one area like management change or leadership change management.
Given that management change should only be considered if the end result means increased business growth it is critical to ensure your Turnaround Consultant is suitably qualified and can provide proof of his or her prior business growth success.
Free Change Management Tips # 3 Leadership Change Management
Many business owners are afraid to engage turnaround companies because they fear the first thing that will happen is that they will be dismissed from the business leadership role and ultimately will lose control of their business.
Although change management implementation may occasionally call for the replacement of a managing director or senior manager, it is not an absolute initial requirement.
Any turnaround consultant will need to get down and dirty in the business coal face before identifying any management change as part of any turnaround strategy.
Every individual turnaround specialist I know understands that leadership change management is often one of the area’s most resisted by business owners and managing directors.
Free Change Management Tips # 4 Turnaround Strategy
One of the greatest business myths that needs dispelling is that a turnaround strategy can only be implemented for businesses in trouble.
Because a very high percentage of SME managing directors (97%) have never received any formalised business academic or management training, turnaround companies or an individual turnaround consultant are often engaged by management firms which have simply lost their direction.
Many of these management firms are not necessarily in financial trouble, but are just like a rudderless ship. Engaging a turnaround company or an individual turnaround specialist is often all that is required to pull the business back on track.
Before any turnaround consultant can look at management change, he or she has identify a clearly defined turnaround strategy.
Only when this strategy has been critically analysed can the turnaround company look towards the next areas of leadership change management and change management implementation.
Free Change Management Tips # 5 Change Management Implementation
Conduct rigorous due diligence before appointing any turnaround companies or an individual turnaround consultant or turnaround specialist.
Fortunately the turnaround and change management industry is quite incestuous, and every one in the know knows who the major proven success specialists are. Word of mouth recommendation is the best asset in your due diligence phase.
Any turnaround company is only as good as their turnaround consultant, so ensure that the consultant assigned to your company has a personal proven history of achieving prior success from their own change management implementation.
Look for clues that the specialist’s previous turnaround strategy or strategies have been structured along the lines of long term profitable and sustainable growth.
Try not to get hung up on any perceived notions of management change or leadership change management. Change management implementation often produces further resistance from business owners and long term workers. We are human beings after all, and as such we are creatures of habit, which by definition means we don’t like change.
However in a business context, turnaround and change management solutions offer a very real opportunity for exponential business growth and profitable expansion.
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Is H. Clinton White enough to be a US President? What about Guiliani? What about Mitt Romeny?
The Whitest American must not try to make sure other countries have a larger share of our US $$$ = All 3
Romney is a former CEO of Bain & Company, a management consulting firm, and the co-founder of Bain Capital, a private equity investment firm. Prior to Bain, he worked for The Boston Consulting Group. Romney also served as president and CEO of the 2002 Olympic Winter Games held in Salt Lake City = Corruptions!!!
After leaving office as mayor, Giuliani founded Giuliani Partners, a security consulting business, acquired Giuliani Capital Advisors (later sold), an investment banking firm, and joined the Bracewell & Giuliani law firm, which changed its name when he became a partner.
H. Clinton? Just listen to how she bark like an Exxon dong instead of talking like an American
askthepizzaguy;
Please do so by writing to CNN because they did the same thing to Obama this morning……..
ladyshondra;
what is politic? Is it a birthday party
While the question itself would appear to be racist by casual glance, I see a little humor in it.
Bravo.
Let’s see how many people knee-jerk a response without reading the entire thing…
If race or gender is not important, why does the media selectively bring those topics up? I’ll bet money that when Jessie Jackson ran for President, there was not a single question to his ethnicity.
If religion is not important, why are candidates asked? Why aren’t all candidates asked? Why are only some pursued?
Too funny.
Edit: Supaypahuahua- You have it backwards: Minorities tend to become Democrats to safeguard their racial interests.
How do i change careers and become a manager?
I’m 24 and graduated with a BS degree as an applied mathematics major and had a really good GPA. I work for a financial actuarial consulting firm and have been there 2 years and don’t like it, although I feel like I’ve done well. I’m really interested in management and would be willing to take a step down in pay to take that route and climb the ranks from there. Where do I go from here?
You need to apply for openings with company that have management positions to fill. There should be companies that have entry level management trainee positions open. Read the classifies (paper and electronic). Contact placement agencies (ones that do not charge fees). Your college should have a job placement office. Consider going back to college part time to get a degree in business management. Good luck.