5 Important Lessons From Helping Many Successful Company Turnaround

Q: What makes successful company turnaround?

1. FULL COMMITMENT from CEOs and Business Owners 2: Finding The RIGHT Partner 3: OPEN to your partner or consultant 4: Well planned and well executed IMPLEMENTATION 5: FURTHER OPTIMIZING the solution and maintenance

Q: What do we need for a well planned implementation?

* Get participation of all stakeholders . This stage is the hard work and participation of all stakeholders is necessary. * Open Communication . Communication to all personnel in each department involved is important so that they can set their expectation what is coming and discuss the applicability of solution and how it impacts their respective responsibility. Change management has to be anticipated and prepared. With open communication we can find solutions together. * Anticipate problems that may arise and prepare accordingly . As the key to get massive results is the solution in the systems. The infrastructure has to be designed correctly. Therefore, we may anticipate changes in organization structure, systems and policy, internal control etc. People will have to do things differently. * Problems occurred during the process is fixed immediately . Changes we make may not be 100% smooth when it's first implemented, but we have to anticipate problems and find solutions as soon as possible as we go along. Time is ticking. Timely problem solving will make less stress. * Making improvement every day. The changes and process is improved on daily basis so that people adopt the way to do things differently smoothly and it becomes a new process and a new habit and culture. * Determination to make it happen and solve all the hurdles. The Consultant or person in charge have to have the determination to make it happens no matter what. Needs someone who can drive the change and make things happen.

It’s every CEOs and business owners dream to have a profitable company. Their purpose of having a company is to make money in the first place isn’t it? But the reality set in, reality is not the same as their aspiration. Instead of giving them joy, it gives them problems, pain, stress, sleepless nights. The options for business owners are: fix it, sell it or close it down.

Having a cash eating monster is painful to all business owners, it does not matter how deep your pockets are. It can eat up other resources and other companies within the group profits. Not to mention, the stress, spending long HOURS, sacrificing time with family and friends. CEOs and business owners might have tried many different ways to improve the situation and have used many Consultants to help them solve the problems but with no result.

After helping many successful company turnaround from cash eating monster to profitable companies, I would like to share 5 Important Lessons that can help your company turnaround successful too.

Lesson #1: FULL COMMITMENT from CEOs and Business Owners

This is the First Important Lesson that I learned the hard way. Without the Full Commitment and Support from CEOs and Business Owners, it’s very difficult to turnaround companies.
It’s because there are many changes and obstacles in the turnaround process. It could be in the area of the organization structure, business process, systems and policy etc. Something that is very difficult to do without full commitment and support from CEOs and Business Owner.

Like Albert Einstein says: “Insanity: doing the same thing over and over again and expecting different results”. We need to find a solution out of the box, the way doing things differently otherwise we will only get “Band-Aid” solutions. If we want a different result, we need to do things differently. Doing things differently is not easy as human is a nature of habit. It takes full commitment to make it happens.

Lesson #2: Finding The RIGHT Partner

This lesson is about choose the right person or consultant or firm to help you. Someone with the right experience and expertise who can help you. Someone who has proven results and proven systems, not just trying and hoping that the solutions they offer work.

This is important because if you have given all your mind, heart and commitment and not getting result, you become pessimistic that you can find the right partner who can give the solution and solve the problem and make the company profitable in the future. This is especially true if you have tried many times unsuccessfully too.

Choosing the right partner is especially key during implementation stage. The RIGHT partner has to have a combination of know how and experience, able to manage the process and determined to get the process completed with result. She does whatever it takes to make the turnaround successful.

Lesson #3: OPEN to your partner or consultant

This lesson is about being open to your partner or consultant as hiding information will not help. Consultant need to see the true picture of the company. The Consultant is there to help you find long term sustainable solution. The more information you provide, the more she can help you.

Up to this point, it’s an easy sail as not much involvement from the part of the company’s personnel other than participating in interview, discussing the business process, providing information requested, accompanying site visits. After the Consultant find what the root cause problems are, now we go to the implementation stage of the solution to optimize profits.

Lesson #4: Well planned and well executed IMPLEMENTATION

The implementation stage is the longest period from the 3 steps in the HRS Systems. If we recall, the 3 steps in my HRS systems is Helicopter overview, Determining the Root Cause Problems, Solutions – Optimizing the company profits.

Up to this point, we have done the talking, the thinking determining the root cause problems and find the right solutions. Now the drum is rolling. Implementation stage is the lifeblood. A well executed implementation will result in successful turnaround. What do we need for a well planned execution so that we could expect to see result within 6-12 months?

Get participation of all stakeholders. This stage is the hard work and participation of all stakeholders is necessary.
Open Communication. Communication to all personnel in each department involved is important so that they can set their expectation what is coming and discuss the applicability of solution and how it impacts their respective responsibility. Change management has to be anticipated and prepared. With open communication we can find solutions together.
Anticipate problems that may arise and prepare accordingly. As the key to get massive results is the solution in the systems. The infrastructure has to be designed correctly. Therefore, we may anticipate changes in organization structure, systems and policy, internal control etc. People will have to do things differently.
Problems occurred during the process is fixed immediately. Changes we make may not be 100% smooth when it’s first implemented, but we have to anticipate problems and find solutions as soon as possible as we go along. Time is ticking. Timely problem solving will make less stress.
Making improvement every day. The changes and process is improved on daily basis so that people adopt the way to do things differently smoothly and it becomes a new process and a new habit and culture.
Determination to make it happen and solve all the hurdles. The Consultant or person in charge have to have the determination to make it happens no matter what. Needs someone who can drive the change and make things happen.

Lesson #5: FURTHER OPTIMIZING the solution and maintenance

The early implementation focus on solutions to fixing the systems, the Big win. Once the systems is fixed, we will further optimize the profit by looking at item by item to make the company even more profitable.

Maintenance what has been successfully built is necessary. The fourth lesson is basically building the infrastructure. After we build something we need to maintain so that our building continues to be strong, clean, neat and operational.

Make the personnel get into the habits and once habits are formed, it will become the culture of the company. This can be constructed in the form of clear and measurable KPIs (Key Performance Indicator) and the carrot and stick system to support this.

You now have successfully optimize your company profits and turnaround your company. Celebrate on the successful implementation. The systems has been planted and the company has turned from cash eating monster into profitable company.

Company Turnaround Case Study

I want to share a case study to give you a glimpse of a small part of how implementation of proper systems and internal control can save you big % of money. This is an example of further optimization. The major systems has been built, the organization structure was not changed in this case but the systems and policy and internal control needs to be improved.

The company travel expense policy exists but basically nobody adheres to it for many reasons, the policy was not enforced. Employees can go travelling without approval from the supervisor, no budget was set when they leave for travelling. All company travels even for the junior employees is on Y Class flight ticket (full fare flexible ticket) with premium airlines.

The reasons that employees do not adhere to the travel policy was evaluated and the policy was adjusted accordingly. A travel budget and approval for the travel system was set with travel reimbursement forms easily tracked the expenses. All expenses are accounted for.

The implementation of changes to the internal control and policy of the travel expense results in saving of more than 60% of the previous year travel expense.

Summary

In summary, The 5 Important Lessons From Helping Many Successful Company Turnaround are

Lesson #1: FULL COMMITMENT from CEOs and Business Owners
Lesson #2: Finding The RIGHT Partner
Lesson #3: OPEN to your partner or consultant
Lesson #4: Well planned and well executed IMPLEMENTATION
Lesson #5: FURTHER OPTIMIZING the solution and maintenance

Your successful profit optimization and company turnaround will result in joy, spending more time with your family and friends, putting money in your pocket, not stressful and having a work-life balance. Having a good profitable company is what we all dream of when we have a business. Congratulations!!

Rantai Breakthrough Consulting can be your RIGHT PARTNER in helping you optimizing your company profits and turnaround your companies.

Why Rantai Breakthrough Consulting?

Rantai Breakthrough Consulting has lots of experiences in helping many CEOs and Business Owners to massively increase company profits.

Our CEOs and founder of Rantai Breakthrough Consulting is a veteran CFO with 20 years of experience helping companies turnaround in many different industries.

Results previously seen like include turnaround companies by increasing profits by USD30million in 1 year and increase profits by 3.000% in a few years.

How does Rantai Breakthrough Consulting do it?

Our approach is we look and analyze the company as a whole not just piece meal. If we want to achieve positive results at the end, then we need to work and fix from the front end of the company.

We implement the HRS system, founded by Ronawati Wongso, CEO and founder of Rantai Breakthrough Consulting.

With HRS system, we take helicopter view of the company to find the root cause problems and provide the right solution to optimize the company profits.

We go deep to find the root cause problems and give long term solution, not just surface level solutions. You can reap the benefit years to come and the profits increase massively as quickly as 6-12 months period.

For a limited time we offer FREE 30 MINUTE STRATEGY CALL to find out if your company is a good candidate to implement a PROVEN SYSTEM which I have used to MASSIVELY INCREASE PROFITS by USD30 million in 1 year!

YES! I Want To Book A FREE StrategY Call

Company Turnaround FAQ

What is company turnaround?

Company turnaround is turning company from loosing money to become profitable. Company turnaround marks an important period whereby the company is making improvement in its profitability after a significant period of negativity – loosing money.

What makes successful company turnaround?

1. FULL COMMITMENT from CEOs and Business Owners
2: Finding The RIGHT Partner
3: OPEN to your partner or consultant
4: Well planned and well executed IMPLEMENTATION
5: FURTHER OPTIMIZING the solution and maintenance

What do we need for a well planned implementation?

* Get participation of all stakeholders. This stage is the hard work and participation of all stakeholders is necessary.
* Open Communication. Communication to all personnel in each department involved is important so that they can set their expectation what is coming and discuss the applicability of solution and how it impacts their respective responsibility. Change management has to be anticipated and prepared. With open communication we can find solutions together.
* Anticipate problems that may arise and prepare accordingly. As the key to get massive results is the solution in the systems. The infrastructure has to be designed correctly. Therefore, we may anticipate changes in organization structure, systems and policy, internal control etc. People will have to do things differently.
* Problems occurred during the process is fixed immediately. Changes we make may not be 100% smooth when it’s first implemented, but we have to anticipate problems and find solutions as soon as possible as we go along. Time is ticking. Timely problem solving will make less stress.
* Making improvement every day. The changes and process is improved on daily basis so that people adopt the way to do things differently smoothly and it becomes a new process and a new habit and culture.
* Determination to make it happen and solve all the hurdles. The Consultant or person in charge have to have the determination to make it happens no matter what. Needs someone who can drive the change and make things happen.