Key Elements of a Successful Business Turnaround

By Simon Fawkes | Podcast Episodes

Jan 18
B2M058 Business Turnaround

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If a company is in any form of distress, it is important to take appropriate action in a timely manner. This means taking the right action at the right time. What are some of the common signs of distress and how can you detect them? So what are some of the key elements of a successful business turnaround?

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In This Episode, You'll Get Some Great Tips on a Successful Business Turnaround...

  • ​Good governance and a clear strategy are essential. The company’s board is explicitly responsible for monitoring the health of the company and this means having reliable and useful financial reports.​
  • Assess the potential benefits of a business turnaround before you start. In particular, look at the big cost and revenue items and drill deeper to find the drivers.
  • People can be your most valuable asset. So don't cut people. Help them do a better job by being focussed on fewer things that really matter.

Successful Business Turnaround - Resources

Punakaiki Fund

Learn More About Punakaiki Fund​

Questions posed by the interview: Key Elements of a successful business turnaround

  • How well are you monitoring the health of your company? Furthermore, do you have useful and timely key performance indicators and do you know your daily cash position?
  • Your business may not need a turnaround, but what scope is there to improve performance? In particular, how well do you understand the main drives of your costs and revenue?
  • How far ahead do you plan? In other words, do you look far enough ahead and wide enough to spot major changes that could have a significant effect on your business?

Introducing Lance Wiggs

Lance Wiggs

Lance is the co-founder of Punakaiki Fund and a principal with Lance Wiggs Capital Management, the manager of the fund. 

He combines a wide variety of global experiences with helping high-growth companies in New Zealand. Lance is a director of 11 of Punakaiki Fund’s investments. ​

The company’s board is responsible for monitoring the health of the company. Good governance and a clear strategy are essential. Take corrective action in time to deliver results. #business #turnaround

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Simon Fawkes

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Summary
Key Elements of a Successful Business Turnaround
Article Name
Key Elements of a Successful Business Turnaround
Description
There are two signs of distress: cashflow and employee morale. The board is responsible for monitoring the health of the company. Good governance and a clear strategy are essential.
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Publisher Name
Business to Markets Ltd
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About the Author

I believe in thinking differently and I love challenging perceived ideas and ways of working. This brings new insights that can be the catalyst for taking a different approach. That’s why I love coaching SME business leaders to help them increase sales and profits.

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