PRLog (Press Release) - Aug 07, 2011 - To alleviate uncertainty in business for businesses facing difficult turnaround situations, Seattle Biz Coach Terry Corbell provides 11 management strategies for success. “Certainly one of the considerations is the evaluation of risks,” says the business-performance consultant and writer (http://www.bizcoachinfo.com).
“In accounting, many companies are finding it necessary to retool with proven solutions for maximum profits,” adds Mr. Corbell. “It’s all about capital mobility created by effective management.”
He points out public policy and government debt are adversely affecting business, too.
“Despite their challenges in business, by a wide margin, the most-viewed news videos on my business portal have been the Reuters news reports on the debt-limit debate in Congress,” Mr. Corbell explains.
He says every situation is different, and not to oversimplify, he provides his 11 proven principles for turnaround situations.
Mr. Corbell's strategies include:
1. Before acting, get the right information. Don’t get paralysis from too-much analysis, but know the difference when to act quickly or to be still. That’s where having experienced advisors will be productive for you.
2. For a 180-degree turnaround, use a 360-degree approach – many solutions lie within your company. Employees should be assets. Conduct an organizational assessment. Some employees can provide valuable insights about company culture, accountability, middle management, processes, internal communication, and customer preferences.
3. Consider yourself a CEO of your profession, not just your company. Complete balance is necessary. Whether you’re in the automobile business or technology, consider the perspectives of all your stakeholders not just your company.
4. Be careful to whom you listen. Lawyers don’t always know best. After the Gulf oil spill, my sense is that BP suffered by listening more to lawyers than reputation experts.
5. Become a master in tough-love management. Don’t allow yourself to become uncomfortably straitjacketed. You have to make tough decisions to act upon. This is not a time for people-pleasing. Get rid of unproductive employees.
6.Analyze the root causes of your situation. They usually include the poor-employee performance, marketplace competition, inaccurate sales forecasts, unproductive strategies, weak execution of strategies, expenses, inadequate cash flow, ineffective financial controls, and weak economy (which is why my writing also focuses on public policy).
7. Assuming your firm is worth the turnaround effort, assess your prospects.
8. Consider time-proven tactics, which include dumping poor assets, increasing revenue, lower costs, and making strategic purchases.
9.Develop and implement an emergency cash-flow plan.
10. Restructure your company by improving company culture, making operational changes, adding or changing products, and by fixing your branding approach.
11.Think big picture – start working to become the authority for your industry.
His recommendations include exit strategies in his column, “Management Strategies for a Successful Turnaround,” at http://www.bizcoachinfo.com/archives/7730.
The column also links to these solutions: “Step-by-Step Financial Solutions for a Company Turnaround” and “8 Simple Strategies to Give You Pricing Power.”
Mr. Corbell's management services: http://www.bizcoachinfo.com/managemen-services.
As a profit professional, his business portal, The Biz Coach, provides hundreds of business-coaching columns on Planning, Operations, Marketing / Sales, Finance, Tech, Public Policy, HR, and Wall Street.
The Biz Coach also features frequently updated news videos on topics that interest businesspeople. They include: World, U.S., Business, Economy, Sci-Tech, Health and Sports.
Seattle Biz Coach Terry Corbell is longtime columnist and business-performance consultant. The profit-professional publishes performance-enhancing strategies at The Biz Coach: http://www.bizcoachinfo.com, Proven Solutions for Maximum Profits.View the original article here
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