Coronavirus, Brexit, Market Meltdown; Or, The Ticking Time-bomb within –

The Essentials of a Successful Business Turnaround, or indeed, Protecting it as best you can!

Posted — Wednesday 20.03.2020

The PCW Consulting Group’s Executive Team have manned the front line as employees, directors, and business owners during the past four financial  crises of the 70s, 80s, 90s and, of course, the decade of ‘stagnation’ following the banking and financial crisis that began in 2007. 

For my part, as lead author on this knowledge sharing paper, like all business owners and entrepreneurs I have been through my own fair share of ups and downs in my various business interests over the past 38 years following my initial entry into the business world at the tender age of 16. Along this journey, I gained a passion for helping others with their business growth, their challenges, and their turnarounds. 

Time and time again, my Exec and I have noticed the same problems with same root-causes, regardless of whether it be a modest business re-correction or a wholesale re-organisation after a major loss of market share. Whether there has been the loss of a top client, the drying up of a pipeline,  a major incident, a capital event or accelerating issue with cash, a bank going bust, an oil crisis, negative fiscal policy, or even a macro challenge such as COVID-19, action is needed to safeguard the business. It’s a well-trodden path and we know what to do because we have personally been through it all before.

Now, for context, we are all in UK businesses with three years of Brexit drag behind us and, just as that has begun to clear, a new test has been sent to UK PLC and its inhabitant businesses! 

We thought it timely to write this feature now that there is a new and very significant financial crisis looming, much bigger than Brexit and potentially greater than the crash of 2007, similarly driven by fear. This paper seeks to help other business owners, management teams, and stakeholders by offering insight into a few of the things that we at PCW Consulting have learnt and experienced over our decades of experience within real businesses, having seen all perspectives and worked at and with all levels of seniority during the immense and diverse challenges that all companies face from time to time, irrespective of their size and reputation.

However, shareholders should be careful to not to simply accept these macro-economic issues as an excuse from their boards and management teams for the problems in their company. Instead, they should take this fantastic opportunity to see how their team perform in this latest ‘meteor strike’. This chance to test them is here – don’t leave them to postulate or procrastinate for too long! If they don’t rise to the occasion to confront the challenges and opportunities that will be presented by this latest crisis immediately, then you, as the stakeholders, surely need to make some tough decisions (somebody does!) and grasp the nettle. ‘Cleanse’ your business across all areas to make it strong and well again. You had probably recognised these issues already, long before COVID-19 emerged, but you hoped it would all work out okay. Hope is not a plan!

Here are the key steps that usually need to happen during any major business distress, along with some of the pitfalls to avoid along the way. Think about them and, even though you may not be in distress now, all businesses go through challenges at some point and you can be ready for this. Why not benchmark a few of the key areas now? You never know, you might not catch a cold after all. Go, have a ‘good look under the carpet’ and ask a few difficult questions. See what prompts you from this knowledge share. Undertake a thorough strategic review of your business. You may be surprised in a good or bad way, but you’ll emerge informed and can take the necessary actions to tighten up, improve your business, and be ready! Either way it should be a win-win for you – the business owners.

1. Assess the situation intimately but be brutally honest!

Before a successful business protection plan or a business turnaround can be implemented, it is crucial to understand what got the company to where it is now. 

When businesses get in to trouble – and some business owners might not like to hear this – it is, often, due to ineffective management. After all, management is collectively responsible for every department and aspect of the business on behalf of the shareholders. Perhaps shareholders, indeed some of those directors in the management team themselves, in all honesty, did not know that they were so inefficient, as their performance had been disguised or sheltered by good times or by a strong leader who is no longer around (see the Starbucks case study later) or by shareholders who are prepared to keep pumping money in until the major event causing the distress goes away or they run out of money! Could one or two members of this management team be helped or mentored in order to improve before you throw the baby out with the bathwater!

Macro-economics aside, even a simple event such as a key customer that generates  regular income to cover most of the bills deciding to go elsewhere can begin about a sequence often leading to distress or even failure as, when this happens, something crucial is broken in the business. This may happen if the management have not been protecting their market share or have been complacent/arrogant about a new entrant competitor or, worse still, took that regular customer for granted.

Perhaps the management has been more focused on perfection in processes or procedures rather than winning new contracts because of complacency, or maybe ‘Sales’ is a dirty word, cold-calling or door knocking is ‘unprofessional, not what we do’, or the most dangerous of all – perhaps the  management team has been (over) promoted or recruited in good times, at a point of step-change in the company’s trajectory, or for convenience or misplaced loyalty/obligation, wherein the shareholders have believed what they were told  and incorrectly judged these peoples’ characters and capabilities. Fundamentally, it is only when the tear-gas has gone off and the bullets and shells are flying all around, that real leadership emerges and prevails. Who was the last person in your business to instigate a critical moment, a ‘Call to Arms’, and why? Think about it.

Therefore – and every textbook says it – because managerial ability is usually the problem, coupled with a certain degree of personal self-interest and protectionism at this top level, very occasionally this may lead to a lack of integrity or fantasy, let alone fiction. Owners need to wake up to the fact that it is difficult to use or rely upon their current management team’s insights and recommendations in order to determine what the real and honest changes need to be. 

Those that are prepared to tell you the unbiased truth, unfettered by personal gain or internal politics, those brave enough to whistle blow to you – the owners, those who are prepared to pick up the phone to people like us on the shareholder’s behalf to help a business through tough times, are the people who are passionate about the business and are morally doing the right thing for the greater good. 

These genuine people are your future. They are not weak. They are courageous enough to raise the issue and they just want some help. You need to get honesty on all the issues, like it or not, to turn things around to protect your shareholder value, your business, your life’s work, or perhaps what your parents or grandparents started. If you don’t, the management team alone won’t turn around your business, your livelihood. You will end up with a zombie business, lurching from one crisis to another which, inevitably, will fail sooner or later. We can help you get to the plain factual bottom of things and help support you and your chosen turnaround team from within before it is too late to turn things around.

As outside independent consultants and experienced fixers, we often hear from ineffective management teams that they need greater funding to sort problems out, but we know that throwing money at a problem does not always work out. The people who created the problem in the first place will not know how to fix it! Providing them greater financial resources is a mistake. It just delays the inevitable and wastes investors’ money.

Because the environment arising from whatever has occurred, whether it be toxic internal politics or perceptions of management naval gazing, lack of highly visible action and fear means that employee morale is also affected, and the best people start to leave the firm. If they do this, you can assume that clients are already thinking about going elsewhere. When this begins, significant corrective action must be rapidly enacted because the downward spiral, dare we say, can become a contagion spreading rapidly across the business both inside and out when your highly capable, respected, and highly regarded people exit.

You, the stakeholders, need to have independent expertise to go into that business for the reasons we have mentioned above and, crucially, to facilitate its turnaround.  Very quickly, with your unrestricted authority, we will get to the root(s) of the problem(s). Yes, we’ll engage closely with your management team, but this will be done very sensitively with a well-constructed script. We will talk to employees across grades as well as some clients and suppliers too. This is essential when ascertaining the truth and establishing business dynamics. PCW Consulting Group can undertake business reviews at any point in your business journey, whether you are worried about events internally or externally, growth can bring the exact same issues in reverse too. We know what to do – we’ve done it ourselves.

2. Turnover is vanity, profit is reality and, above all else, cash is sanity!

Too many management teams focus on chasing turnover or working with big clients who give the business a sales volume but chose to ignore the fact that some of these vanity clients generate low margins or have long payment terms and are therefore not cash generative. Often management teams who have lost their way or don’t know what to do simply chase everything they can get their hands on, rather than looking strategically at cash generative clients or off-loading some of those vanity volume turnover clients.

The first thing that we do at PCW Consulting Group is get to grips with the liquidity of the business. 

Again, we’ll listen to the management team, but we’ll form our own opinion. This entails finding out exactly where cash is coming from, how much is coming in, how much is going out, and how to maximise incoming cash flows. Usually, we’ll build a short-term financial model of our own and map everything out in the most granular level of detail, so that we know where the business is today, tomorrow, and this week. This is because, as it gets deeper and deeper into a hole, you need to arrest that fall quickly and find out how deep you are!

As soon as we start looking at next week, then next month, and next quarter, we know we have got the thing by the scruff of the neck and are bringing it back into the daylight. Despite the incredible urgency that is usually needed, this intense detail and micro-transactional level of intimacy is crucial, as it predicts, controls, and ensures that there is enough cash to keep the business going. This buys us all time to think ahead and gives the turnaround team and stakeholders some breathing space to look up and start to manoeuvre. We know what to do.

3. Streamline the business

A common fault of management teams is their failure to identify or even remember where the real strengths of the business lie, especially if it has already been through a lot of disruption. This could be because of high growth or ongoing losses in every respect, including in employee and management energy and motivation. The temptation to diversify and take on more product lines or services is strong – that scatter gun approach that we touched upon earlier – but this increases the costs to the business and eats cash, detracting from its original core strengths and operational excellence.

The next thing that follows in a downward spiral, is dealing with the staff who remain once the best people start to leave. If these people are not being adequately managed or supported, then new problems will occur. The wrong new type of work will be brought in or a product will be made with little testing or development. What follows is the deterioration of quality. Customers delay payment because of workmanship issues which cost more time and money to fix, and cashflow problems are accentuated further. Bad jobs, poor quality, ineffective, or unsupported management in the face of these sorts of challenges, means that morale deteriorates again, more people leave, and the cycle goes on, getting worse and worse each time.

In times of trouble, it is essential that management teams concentrate on their core business, operations, know-how, and capabilities to give the company the very best chance of success. Sometimes this means doing what nobody likes to do – retreating or biting the bullet and downsizing. I think some of the modern consultancy jargon used by those who have read the business books or watched the videos, rather than those who have got the t-shirts is, as they say, to ‘right-size’ the business. 

It’s all well and good making changes to improve the business for a better future, but when you’re facing a cashflow crisis, you need to take steps that have immediate results. Improving a Q&A system or running off to write a shiny new policy at times like this tells us a lot about the team! What is your team doing now to ready the business for growth and/or turmoil? Is it just checking the news constantly for COVID-19 updates?

With PCW Consulting Group’s network, reputation, and credibility, depending on your business and where we think it is, we can often secure a wide range of finance solutions for you. This could be closely working with your bank to help you (both), or raising alternative forms of asset finance. We have access to other private capital resources and investors too, but it is very worth speaking with suppliers and HMRC, who could provide you with a short-term route out of a sticky financial situation.

Whether or not you choose alternative finance, improving the cashflow cycle is a primary goal for any struggling business, along with that strategic review of what the current true business status actually is and whether we’ve got all the right people running it. A word of caution:  you need to get a fix on this from a personal liability perspective too. The moment that your liabilities are greater than your assets, you have reached what is called ‘balance sheet insolvency’. Statutory Directors should also take insolvency advice at this point, if a recognised and viable alternative cannot be found to resolve matters. It is much, much better that you are in control as best you can be, rather than someone else closing down your business in an uncontrolled and unknowledgeable way.

All of the above we can help with but remember our earlier comments about the introduction of new capital. This is not a long term or sustainable fix because the management team, people, processes, products, and the current culture need to be, yes, ‘right-sized’ and perhaps, ‘re-purposed’! We are expert plate-spinners. The chaos of a stressful situation does not warrant a linear stage at a time fix. There is a little bit of that but, fundamentally, there are several absolute priority things that need to happen at the same time, because time is of the very essence and you need independent and expert resources who know what to do. PCW Consulting has the team to protect or turnaround your business.

Some businesses get into trouble by investing too much capital in non-essential assets, such as buying stock they do not need, or undertaking too much work in progress (WIP) or spending more than is necessary on equipment and machinery. Converting that WIP or selling excess stock, even at less than cost price, could free up the finance that you need to rebalance your cashflow and move the business in the right direction right away, in the very immediate, short-term now.

Selling or refinancing assets might seem like a drastic step, but at this stage the reality is that, without such positive action, your assets could well be liquidated anyway as part of a formal insolvency procedure. At least taking this step yourself allows you to receive the maximum value for your assets and potentially save your business.

For most business owners, selling non-essential assets is psychologically easier than ending working relationships with some clients, suppliers, and employees, but the reality is that in some cases this might be the only option you have.

When a business is really struggling, ending relationships with suppliers and employees that aren’t absolutely essential to the performance of your company is something you should seriously consider. The longer you wait, the worse the situation can become, acting quickly can help to nip the situation in the bud before more jobs are at risk and before that downward spiral, we mentioned earlier takes hold.

The key to success in such circumstances is not to tinker and do a bit around the edges. You must be rigorous and single-minded for the greater good, for the survival of the firm, and cut hard, cut deep and to such a degree that you only have to do it once but not so that you kill the patient. Again, this is a well-trodden path, and for those who have had to do this or be on the receiving end, rarely do you forget. There is an art to doing this well and there can be positives in how a re-structuring is done too. PCW Consulting Group all have been through all of this, many times themselves in their careers and as business owners.

We probably keep repeating the C-word, but good communication is key to protecting what is left and we must not lose sight of the fact that creditors need to be kept on board too, the last thing we need as we are starting to emerge into a safe place is a winding up order.

4. Never let a good crisis go to waste! 

So on the basis that PCW have come in, done some or all of the above, or more, and not only is the business back in the warmth of daylight but it’s sprouting shoots again and showing the signs of growth, it is perhaps a little early for us to walk away at this stage with a pat on the back from stakeholders. We need to help you, the stakeholders, set the trajectory that goes on to create shareholder value which is sustained for the long term.

Remember, having recovered the business and brought it to this position, we now intimately know the nuts and bolts about your business specifically.  We have by this point gone about the various aspects of getting the business turned around, and so we have the latest current view of what ‘good’ looks like in terms of people, processes, products and, of course, a plan and outlook for your business.

We will work with the stakeholders and the members of the business management team who have come through the storm and are fit to go to the next stage. These people will be key components taking the company forward to create a new, relevant business plan for the next few years in order to capitalise on all the lessons learned and, ultimately, build a much stronger and more valuable business.

I won’t name names, but a member of our team, when he ran his own businesses, would create a bit of a crisis or a ‘call to arms’ deliberately, because it helped him test his team and the new people coming up through the ranks, often bringing about a tightening of belts, better processes, better ways of doing things across many departments, and pushing the sales team harder to bring in good business wins or new key accounts.  

There is much to do as we move from the micro-management phase to a more strategic outlook and a vision of the future. So, let’s dive into some of these ‘post-CPR’ subject areas to give you a few things to be mindful of.

5. Re-defining a winning culture

Companies in need of a turnaround usually have a confused or ill-defined culture or have lost their way for whatever reason. We can test this by asking staff to describe the company culture as they perceive it. In failing businesses, or failing management, employees will not be forthcoming, and answers will vary from person to person. You’ll find that no two people share the same description. Especially when a company is charting through stormy waters, it is imperative that the whole team embrace a clear vision, a mission, and a unified culture which will define success.

At the heart of culture are the core values a company embraces. Core values are like the Ten Commandments. They are simple action statements that define the principles the company believes in, not fuzzy declarations that can be reinterpreted at the whim of management. 

They should be published and posted throughout the company. If they were developed years ago, then you should revisit them as the management may have lost their way, not lived and breathed them, or perceived them to be no longer relevant. You will need to engage with the staff to write new ones or review and refresh old ones and communicate, communicate, communicate. Employees and clients should understand the company’s commitment to them.

Many companies say they do the right thing, but do they? And do they do it all the time? Core values define corporate culture, and companies without them tend to drift and underperform, so don’t let this sort of omission happen again. Keep communicating the message about what you are and what you hold dear, whether it is through your vision and mission statement or your Ten Commandments, recruit people who mirror them, put them at the core of your existence and keep reinforcing the message.

6. People, People, People

People are the most important component of any organisation. Investors don’t invest in companies; they invest in people. You want to have the best people you can, not just to get you through a crisis but to build a great company for you, perhaps one day they might offer a management buy-out proposal to you. Either way, they will help make your company more valuable, if they are any good.

Let’s get back to the proverbial hitting of the fan. As discussed, when companies deteriorate or begin to fail it is almost always due to ineffective management, and there are chapters in every textbook littered with the reasons why. In a business turnaround, it is important to identify who stays in his or her current position and who must find a position elsewhere. However, most failing ventures have poor methods of measuring individual results, especially because the senior management team are usually in non-productive or non-earning roles. It is therefore difficult for business owners to get it right and not be subjective, overly trusting on what they are being told, just because those people have been there a while and, let’s face it, most business owners and entrepreneurs are good people with good morals, why wouldn’t they trust what they are hearing?

Remember, there prevails, more common than not, a self-preservation motivation amongst high earners. It’s normal human nature after all – more-so if they are part of that failing management team – for them to be selective when it comes to what they tell you about their performance, value, and contribution. They may ‘big-up’ their apple-polishers: that close circle of inner-guards that they have built around themselves for the usual reasons. There’s a lot at stake when you start to look at where the big non-productive cost saving numbers can be secured quickly. Don’t jump in with both feet just yet though, based upon such a presumption, as the stakes are high. You must be very strategic at this stage when considering the business in the future, not just the immediate term, because the firm is running out of cash or facing a tsunami.

There are other common issues with the self-interest incumbents who are good at telling you what you want to hear. You should watch out for the converse, when they are free-flowing and extremely vocal in what they tell you about others, especially if those other members of the senior team could be a threat or a competitor when it comes down to redundancy pool names. There is a lot to gain for certain people within the management team or their inner guard.

So, watch out for these signals and be aware of the enormous risks and care to be taken in this selection process. People never cease to surprise! 

Making this determination accurately is critical. Average directors often surround themselves with high performers, as well as their yes-people, to conceal their own inadequacies. There will also be great people who are just quietly getting on with things and doing their best; great people who are just traumatised or have ‘taken too many beatings’ in their department, or are just fed-up of the management team and need a bit of reinvigoration. These people are usually the senior supervisors on the shop-floor, the most senior doers, those who know what ‘good’ looks like for that business and perhaps have not had a voice or wished to raise their head above the parapet. 

Out of all the challenges, the people arena is the most complex, because most of the other areas of business whether it be turnaround or growth, are very transactional – black-or-white. We can help you in getting to the right decisions when it comes to right-sizing the team and the company because we are independent, uninfluenced, and not emotionally attached to anything other than to do our best for your business. This makes it easier for us to get to the real truth of who contributes the most, who is prepared to make sacrifices for the greater good, and who is important for the future. At PCW Consulting Group, we have all been through the same and have our own experts who can undertake a review for you now, whether you are in distress or not, to establish whether you have the right shape and what it would take to build a high-performing team if it’s not quite there today. 

Most employees believe they have been on the right course, and they see the company’s deterioration as due to the ineffectiveness of other offices, departments, teams, products, or campaigns, but not theirs. When change occurs, no matter how good or how bad, and the new vision is communicated, you can expect employees to fall into three categories: those who embrace it with enthusiasm; those who sit on the fence to wait and see how things go; and those who do not buy in, who resist the change and are open and verbal in their opposition. The sooner management resolves the issues of the latter two groups, the better. 

The fence-sitters and the resisters must quickly reverse their positions and enthusiastically support the new vision or find employment elsewhere. Management must convert these groups quickly.

When looking at the long term and the positives ahead, it isn’t so much about who you fire as it is about who you hire. To fill a company with high performers, look for a track record of success. All high performers will have won lots of badges of honour, medals, a history of making a difference to firms or teams that they have worked in during their career. They might still be at your company out of loyalty to colleagues or perhaps one or two of the management team fit this category too. It is always good to bring in new fresh people after a traumatic event though. It helps re-fizz energy levels which is another crucial part of recovery and building for growth.

To hire high performers and retain them is crucial for the long-term success of the business and so you must ensure these valuable employees can trust management’s word. Management must have their best interests at heart and should lead by examples and be visibly committed to acting positively, with energy, foresight, integrity, distinction, and passion for the best interests of the staff, the clients, and the products or services. They must demonstrate a total dedication to the success of the business in all that they do. High performers want to be on a winning team, and if they think management can’t accomplish this, they will look for employment elsewhere. They will also have friends in the ‘high performance club’ because successful people like to spend time or network with other successful people. If the new improved management team, post-trauma, is top-notch then good news travels fast and an upward positive spiral can be created.

Make the most of the crisis by offloading poor staff, managers, and directors. Hire the best people you can afford, help them to be the future of the business, continually stimulate their need for challenge, success, and victory, and reward them unexpectantly for their great achievements.

7. Creating a new vision of the future and a new strategic plan

As noted earlier, once a turnaround team has re-discovered and defined the core values, culture, and vision for the future of the business, then the effective strategic planning can begin. It makes no real sense to begin strategic planning before these first steps in saving the business and repointing it in an upward trajectory have been accomplished, other than to have one eye on it, knowing that it will have its moment when it is the next subject matter to be of priority importance. The strategic planning process should include the best management team members, if they exist, or perhaps new ones who will be charged with implementing the plan. 

The planning sessions should not be held in secrecy, as the workforce will always find out that management is conducting an important meeting and will become suspicious as to why the meeting is being held. No one likes secret meetings that may define his or her future, and everyone can be sensitive to this after trauma. After the plan is finished, the employees should be promptly informed as to the outcome and how the plan affects their future. Good leadership and communication is essential in relaying that the company has a solid strategic plan now going forward and, quickly and effectively, must let employees buy-in to them and hold open forums for honest Q&A sessions with the owners and new management team.

It’s important to continually instil that need for pace across the business because, without that sense of urgency, desire loses its value.

8. Whatever you do, do it quickly with unshakeable focus and then keep up the pace!

There are things you should know about speed. Firstly, you should always remember that speed is much more important than perfection. Agonizing with indecision or procrastinating over whether to do something one way or another for too long betrays a lack of confidence, shows weakness, and certainly does not contribute to a healthy output. Jim Rohn, the legendary entrepreneur, said “It doesn’t matter which side of the fence you get off. What matters most is getting off. You cannot make progress without making decisions”. When companies or people don’t spend time on overthinking, they devote time to executing, getting on with things, getting things done, putting bread on the table and all that good stuff!

We’ve got to get solid revenue and cash flowing, identifying the right clients, who possess the right behaviours, who are in the right markets, who have needs and demands that are within the capability of the business and are crucial to the Company’s Strategic Plan going forward. It is proven that companies maximize customer value when they quickly respond to customers’ needs with well-thought out plans, actions, and propositions. The speed of the response to a customer’s signal or event has a significant impact on the probability of positive customer feedback. Conversely, failure to monitor activities over short time intervals, or failure to contact customers quickly, will result in excellent opportunities being lost. Know your customers! It’s basic stuff until you and your team get busy or grow too big and forget. As we have said before – nice set of policies! Where’s the revenue!?

Secondly, companies need to make quick decisions because it increases efficiency and productivity. The human brain operates much faster when there is a deadline ahead and it works in a much more focused way and so, by implication, will process tasks quicker. Nothing focuses the mind like a critical deadline. Even soft deadlines allow you to define priorities and clear away other lesser objectives. 

This may sound strange at first, coming from people who do what we do for a living, but one of the most essential skills in today’s business world is being comfortable with a state of ‘controlled chaos’. We do emphasise the word ‘controlled’. People who have the ability to embrace chaos and yet can quickly sieve through the clutter to get to the real nuggets, those who usually have an instinctive and intuitive feel for things, always make fast decisions and nearly always get it right too. These are the people you should have on your management team – your directors along with one or two of the linear process, data obsessive types to keep a balance. 

Starbucks is the perfect example of this situation. We usually think of the coffee giant as flush with sales and profits, but at the end of the second quarter in 2008, Starbucks quarterly earnings had plummeted. Their international operating income had sunk 26%, and in-store sales figures were negative for the first time. They lost $6.7 million for the third quarter. After seeing the chaotic situation of the company, the founder of Starbucks, Howard Schultz returned after being away from the business for eight years. Schultz stopped the company’s expansion and he immediately closed more than 7,000 American Starbucks stores for a retraining session for employees. Schultz effectively used the crisis as an opportunity to re-focus on his core business and created a breakthrough to turn it around. The decision-making process is slower in formalized organizations and faster in centralised organizations. What Howard Schultz did in this situation turned Starbucks into a centralised organization for a short period of time. 

Consequently, making quick decisions improves efficiency, productivity, and customer feedback. Even simple things such as when a client receives a response to his/her email from a company in a short period, the bond between the client and the company gets stronger. Little things about improving the customer experience, ‘a little TLC’, as this example of being attentive demonstrates, needs a good look at in virtually all cases.

For successful productivity, when there are no deadlines and time pressure, the human brain is always looking around for new things. This can be good for creativity, however, most of the things we’ll be looking around and noticing are entirely irrelevant to the current priorities. We must be clear and determined to confront those challenges that lay inside and outside the business, often in the ‘difficult box’, which cane quickly put bread on the table and/or put cash in the bank. Don’t lose focus, and certainly do not lose the pace or momentum that you have built-up at turnaround phase. Otherwise you are in remission, not recovery!

A few final words….

Pulling off a business turnaround takes an intimate, impartial, independent, and forensic understanding of the operations of a business, its customers, its products, sales processes, the capability of its management and staff, and its back-office functions. As the turnaround process should be completed in an intense and rapid time period, stalling or delaying doing something about it can lead to even more losses. Stakeholders should deploy all the armoury available rigorously and at pace, hiring independent support from those who know exactly where to look, know precisely what to do and who are very familiar with rolling up their sleeves and getting their hands dirty. We have all the resources you will need at PCW Consulting Group, and we can provide a one stop shop or work alongside your current advisors. However, you feel comfortable, we will deliver for your best interests.

With the proper support and an understanding of the key steps, you’ll not just be on the road to a successful and permanent business turnaround, but also an exciting transformation and ultimately growth that could perhaps make your company very valuable one day. PCW Consulting Group can then help you again when you want to sell it!

For a no obligation confidential consultation or a general discussion on business strategy, ask to speak to Paul Waldeck on 0800 037 5029 or email

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