Turnaround implies that a company, business, or business unit is in such trouble \u2013 financially, strategically, organizationally, technologically or otherwise \u2013 that an overhaul of systems, personnel or policies and procedures is necessary. This overhaul is intended to reverse any negative impacts and to start a healing of sorts toward newly aligned vision, mission, values, strategy and goals. In short, troubled companies need to be turned around and pointed toward a healthy, profitable, effective and efficient end game.<\/p>\n\n\n\n
Unlike cleanup, which gets a bad rap despite its being a good thing, turnaround usually only comes up when a company is in dire straits. In fact, turnaround could mean temporarily slowing down performance, halting or shuttering operations or functions, downsizing personnel, or other actions that at first seem counterintuitive. The road to taking a troubled company from deeply rooted challenges and issues to healthy profits and thriving operations is not easy or necessarily pleasant. For this reason, not every company needs turnaround.<\/p>\n\n\n\n
At Master of TACT, we help clients get comfortable with the idea of turning around their businesses by invoking it only as a last resort or only if we\u2019re specifically called into a relationship to do so. To minimize the negative impacts \u2013 like low employee morale, loss of income or profits, loss of brand equity, to name a few \u2013 we emphasize the value of moving the company through troubleshooting, analysis and cleanup as comfortably as possible. In many cases, challenged businesses can correct course with some cleanup that results in long-term best practices. Still, for the cases that require more drastic attention and effort, here\u2019s how we help entrepreneurs and their companies through turnaround:<\/p>\n\n\n\n
In the case of JP\u2019s wood trim and cabinetry business, we implemented an early-stage turnaround, with his input and final approval at every stage of the process, by overhauling his company\u2019s accounting system, analyzing and revamping his filing system, streamlining and digitizing some key processes, and establishing quarterly check-ins to evaluate his progress and to correct course as needed. Since that time, whenever we get phone calls from JP, it is to initiate a new growth-related project, like upping his marketing game or drafting an employee handbook. Might JP\u2019s company have survived without a turnaround intervention? Sure. Might his business now be thriving without taking some important steps covered in our turnaround? Not likely, largely because the administrative burden of business growth must be well supported and structurally sound. Growth without structure underpins many small-business startup and growth failures, and the turnaround efforts we used in JP\u2019s case ensured that his company was properly structured for the growth he has brought to his business since then.<\/p>\n\n\n\n
Whether you\u2019re starting a new company, taking over another business, purchasing a franchise, or heading a company you\u2019ve established already, find out today how we can help you master TACT through strategic troubleshooting, analysis, cleanup and turnaround. Ask us a question<\/a> or request a free initial consultation. Where is your business idea or company right now? If you\u2019re facing crippling issues that prevent you from enjoying the entrepreneur life, what steps are you prepared to take to right the ship and get back on track? How can you engage Master of TACT in supporting you in that endeavor? We look forward to hearing from you and to responding as promptly and TACTfully as possible.<\/p>\n