CEO's guide to leading a business turnaround
Naturally, one of the most emotional and difficult aspects of a turnaround is to cut the number of people or opportunities within a company. It’s the antithesis of normal CEO behaviour. By nature, CEOs want to grow a business. And this is where they fall down. Usually by the time I’m called in to help, it’s clear that the CEO in charge will be out of work within four to six weeks because they either haven’t managed to control the crisis as they should or they have been living in the false hope that it will blow over. And, in fairness, crises driven by macro-economic factors, usually do blow over, but if you don’t act, they have the ability to take a company out with them. That’s why I’ve written this book, to serve as a guide for CEOs needing to take the lead in turning a business around.
With Covid-19 swinging the scythe over an unprecedented number of businesses right now, there has never been a better, or more pressing time, to offer companies and CEOs a step-by-step plan to save them from becoming another statistic of the pandemic. A turnaround isn’t rocket science, it’s a brutally honest evaluation of a business so that the right analysis can be made for data-driven decisions and successful implementation. Right now, this is the work I’m in and this book will essentially walk you through a 90-day turnaround to save your business.
When I had my business, I knew I was three to four months away from bankruptcy without having to do any great analysis of the company. I simply walked into the office one day and saw there were too many people in it who were costing the company too much money. Having an idea of the orders we had and the amount of available cash, it was clear that this wasn’t a sustainable situation. I didn’t need to pour over the accounts, or the bank statements or the order books to know this. I simply took an honest look at my business and saw something was off. And that’s what this book will endeavour to help you do – it will help you to see, decide and act. And if you do that quickly enough, your company might not go to the wall – you will have 90 days to save your world.