Turn-around consulting addresses troubled businesses that are at risk for survival. Often these companies can be turned around to profitability and viability through improved management practices, new strategies, product or service repositioning, improved sales and marketing, cost reductions, or key personnel replacement.
In some cases owners or investors want the company turned around to position it for sale so that they may recoup as much as possible from their investment funding.
Successful turn-around consulting requires the ability to quickly identify and focus on the two or three key issues upon which success or failure hinge, and to make corrections accordingly. The process involves many of the same skills needed for a start-up, but with several key differences:
· Because the business is troubled, an accelerated time frame with a bias for action is required
· Entrenched behaviors and corporate culture issues are much more prevalent in turn-arounds
· Often an immediate focus on cost reduction, cash flow, creditor negotiation, and funding are required
· Reorganization, infrastructure changes, quick revenue generation, outsourcing options, and employee morale move to the forefront
· Specialized consultants may be required to assist in skills-specific businesses (manufacturing, information systems, accounting and or legal, sales management, etc.)
· The focus must always be on quick, bottom-line results
PSG has the talent, expertise, and experience to quickly turn around troubled companies.