I am riveted by turnaround stories! They have immense drama. The protagonists have to play the role of super heroes. And just like the super hero stories, there have many shades of grey and operate in a hostile, dynamic and uncertain environment. In fact turnaround experts need to take decisions that are usually unpopular making them thoroughly misunderstood, sometimes hated. Is the journey worth it?
There are many notes here about start-ups, however I am looking for turn around stories from the masters here.
Q1. What is the anatomy of a turnaround? What is usually wrong with the company in the first place? Are there any common characteristics that you have noticed?
Q2. Why would you join a company that is asking for a turnaround?
Q3. What makes you believe that a turnaround is possible?
Q4. Can you distinguish between a turnaround potential company and a lost cause?
Q5. What do you do to achieve a turnaround? Let us know your personal approach. Are there any mandatory do’s and don’ts? Any examples that illustrate your point would be great.
Q6. What are the first signs of a turnaround? Are there any signals that you watch for?
Q7. What are the barriers that you face in the pursuit of a turnaround?
Q8. What do you measure when you are in the pursuit of a turn around?
Q9. When do you know that you have achieved a turnaround and not a temporary high?
Q10. How do you make a turnaround result in a stable company
Q11. Your personal, itemised, turnaround template. I know that every turn around situation is different but I am sure that you have a template in your mind of the process you usually follow.
Q12. Is the journey worth it? How do you celebrate a turnaround?
I hope that we will share our learnings and views. Look forward to your answers.