Key Ingredients to a Successful Business Turnaround

 

 

 

 

In preparing to write this article about the ingredients to a successful turnaround, I collected my own thoughts as well as interviewing many people within the industry including associates right here at The Waterford Group USA.  Some answers were the same, but one is key and probably the most difficult for any of us.

Let’s start with the easy ones.

  1. Analyze your business. Ask yourself:  What happened? Why did it happened?  What was the cause?  What could have been done differently?
  2. This should lead you to identifying the actual problem.
  3. Search for a solution to the problem. It may be something you can find yourself and turn things around or you may have to look outside and bring in professional help.
  4. Now that you have a solution, you must implement it.
  5. You can not start the implementation and just leave it. You must continue and follow through with the plan.

Now here is the final reason that was unique and probably the most difficult.

  1. Be honest with yourself and face the problem.  You will do yourself justice by facing the problem rather than ignoring it or denying it exists.  Check your pride and ego at the door and turnaround your business.

There are some powerful words.  If you can follow through on number 6 and implement the recovery plan you will be successful!!!!

By Julie Harvatine, Director of Accounts at The Waterford Group USA