1-2 Big Changes in Strategy for Successful Turnarounds

Michael Fingland

Executive Director and CEO

Developing one or two big changes in strategy is critical in successfully turning around a struggling company. Well at least 95%+ of the time. It’s a key part of our turnaround process and why we’ve turned around over 190 companies at a market leading rate of 85%.

A turnaround strategy is a set of actions designed to address the root causes of a company’s poor performance and put it on a path to sustainable growth. The key is to identify the most significant drivers of the company’s underperformance and develop targeted solutions that can be implemented quickly and effectively.

One of the main advantages of focusing on one or two big changes in strategy is that it allows the company to prioritize its efforts and resources. When a company is in crisis mode, it can be tempting to try to tackle every problem at once, but this approach can be overwhelming and ineffective. By focusing on a few key areas, the company can concentrate its efforts and resources on the most important issues and make meaningful progress more quickly.

Another benefit of making big changes in strategy is that it can create a sense of urgency and momentum within the organization. When employees see that the company is taking bold steps to address its challenges, they are more likely to feel motivated and energized. This can help to build momentum and create a positive feedback loop that reinforces the company’s efforts.

In addition, big changes in strategy can help to signal to stakeholders, including investors, customers, and suppliers, that the company is serious about turning things around. This can be critical in restoring confidence in the company’s leadership and rebuilding relationships that may have been damaged by the company’s underperformance.

Of course, developing and implementing big changes in strategy is not easy. It requires careful analysis, strategic thinking, and effective execution. It also requires buy-in from key stakeholders, including employees, customers, and investors. But if done correctly, it can be a powerful tool for turning around a struggling company and putting it on a path to long-term success.

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