“The great thing in the world is not so much where we stand, as in what direction we are moving.” Oliver Wendell Holmes Wells Fargo’s in depth study of business turnarounds concluded “all turnaround situations could have been avoided if timely corrective action had been taken.” What is pre-turnaround? Pre-turnaround is an integrated comprehensive action ensuring internal consistency, by reshaping strategy, financial aspects, organization and operations to transform a business to realize its strategy and vision and avert turnaround status. A pre-turnaround program is company-wide and touches every aspect of the company. Contrary to common misconceptions, pre-turnaround does not always involve employee and expense cuts. If pre-turnaround initiatives are implemented early enough objectives can often be attained through restructure and re-direction to increase revenues and efficiencies. Pre-turnaround not only focuses on what to change,...
Here’s a question most of my students get wrong, and you likely will too. (Don’t feel bad; just about everyone answers it incorrectly). Ready? What is the number one characteristic of an entrepreneur? The vast majority of my students—and everyone else I ask—-usually say, “They’re risk-takers.” If I’m feeling generous, I’ll reward my students with partial credit for this answer, but I probably shouldn’t. Click here to read more
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