Writing A New Prescription

It happens in thousands of companies every day. Metaphorically speaking, what begins as a sneeze turns into a cold. Before long, the entire company is sick, and in need of a cure. Something that appears to have happened overnight, in reality took quite some time to develop. When the problem surfaces in the boardroom, my telephone starts to ring, and travel plans begin. Such is the life of the consultant and turnaround specialist.

I usually get called in after a company has missed its numbers for three or four quarters in a row. Investors and financial institutions may have become uncomfortable with the loss of a major customer, the rise in inventory levels and fewer turns, or perhaps the financial ratios are headed in the wrong direction.

Determining a point in time at which the shift occurred requires an initial assessment by the consulting team. Talking with the employees, vendors, and customers usually uncovers some problems, as these are all stakeholders with a desire to see positive results. Major challenges present themselves when technology advances are not adopted in a timely fashion, or logistical considerations are ignored, or time to market increases. Personnel issues are easily resolved; replacing capital equipment requires planning. All of these areas, however, needed to be scrutinized.

Organizations are going to make missteps during their lifecycle. Having the right consultant in place who can not only provide a quick but thorough assessment, followed by a plan of action, and who can assist in its implementation, is key to minimizing those missteps.

RS
CEO 24/7