Art of the Turn-Around

Most small business owners are reluctant to retain consultants when facing business issues affecting operations, and require a specialist to correct. Most of us go to the doctor at the first sign of a possible illness, but when it comes to our business' lack of revenue, high operating costs compare to industry standards, working excessive hours that rob us of quality time with family, inability to meet personal obligations, high employee turnover, we don't seek a specialist to treat those issues, thinking it's part of being self employed. Wrong.

Retaining a turnaround specialist is like going to the doctor at the first sign of an illness. Granted most of us in the U.S. have health insurance, but a business does not have operational insurance that pays for consulting fees. However, correcting issues robbing your business of bottom line profits, and improving your quality of life, pays for the consulting fees that appear expensive at first.

What does a turnaround consultant do for your business?

The consultant does an exhaustive quantitative and qualitative analysis of your operational data, similar to having a complete physical. All aspects of your business are analyzed from top to bottom.

This analysis identifies operational issues, how they affect your business, how much they are costing you in bottom line profits, what it will take to correct the issues, and the investment cost required to correct the issues.

You have the following options subsequently: Do nothing, do the corrections on your own, retain outside help, and, most importantly what the corrections will generate in operational efficiency for you. At a minimum it should be a 3: 1 return on your investment after a completed turnaround engagement.

Well, this is enough to make most of us out there comfortable with the idea of retaining a consultant. Feel free to contact me with your questions at any time.