For corporate turnarounds and crisis management, we use a 3-step process for rescuing businesses and strengthening financial health. As each client case is unique, only a flexible approach is needed in order to achieve success. The 3 steps illustrated below can and often do overlap with each other depending on the particular circumstances.
The most valuable resource a company in distress has is TIME. The goal of this first step is to buy enough time by stabilizing finances to implement the next stage.
Although the activities of this stage are uniquely adapted according to the client’s business needs, it often involves redefining corporate wide strategies and operations, reorganizing, rebuilding and in some cases even restructuring the entire business. This stage often concludes with a transitional period where business operations are handed over to the management team once the business has been showing consistent signs of recovery for an agreed upon period of time.
It is very easy for businesses to fall back into old patterns and therefore regular followups are scheduled with the management team to make sure that the new path is sustainable and the financial health of the company is getting stronger with each followup.