6. Business Turnaround

Challenge

Your company is at break-even or losing money.  You need to get the business turned around and have it become solidly profitable.

Three Fundamentals to Consider

To get your company turned around and solidly profitable, consider:

  1. Face reality and determine the root cause or causes of your company’s challenges.
  2. Focus relentlessly on the 2 – 3 critical issues that will address these root causes.
  3. Get the right people in place doing the right job (for the success of the company).


Relevant Blog Posts to Read

Pertinent Book Summaries to Review

Appropriate Book Chapter from 110% Success

Related Quotes to Think About

  • “The fall from greatness, though, was from lost discipline driven by a failure of leadership to listen, to continuously renew, to act sooner, and to keep the strategy fresh and great along the way. Like the popular buy and hold investment strategy, some of the companies seemed happy with average performance and overly reluctant to fix what wasn’t (clearly) broken.” Arthur Laffer (Economist and business consultant)
  • “The industrial landscape is already littered with the remains of once successful companies that could not adapt their strategic vision to altered conditions of competition.” Ralph Abernathy (American civil rights leader)
  • “Focusing on the right critical issues – no more than three to five, in most cases – is crucial to achieving success.” Orit Gadiesh and Hugh MacArthur (Authors of Lessons from Private Equity any Company Can Use)
  • “The hardest part of a business transformation is changing the culture – the mindset and instincts of the people in the company.” Lou Gerstner (Former CEO of IBM)
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