The 10 Guiding Principles To Successful Turnarounds

How do you ensure that your company, if its struggling, comes out the other side as a business that will survive and prosper? In this edition of the Vantage Performance Podcast Phil Dobbie talks to Michael Fingland, Managing Director of Vantage Performance, who provides 10 guiding principles that are crucial to a successful turnaround:

1. One to Two big changes in strategy
2. 100 day cash runway
3. Stakeholder management is critical
4. SCPPE Model
5. USP
6. WHY or Purpose
7. Pay down debt to de-risk the business
8. Strong financial management
9. Maintain focus on marketing, research & development
10. Cultural transformation is critical

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My philosophy is that there is always a way to solve a crisis, as long as you’re engaged early enough.

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Cooperative leadership teams that develop prioritised actions to progress towards clear strategic objectives can achieve long-term business viability.