Grow Your Comfort Zone; it will help you improve as a Manager! Too many times I see Owners of companies feel uncomfortable implementing a needed change in employees, or one of the manages. For you and the company to grow personally and professionally, you need to step out of your comfort zone. Unfortunately, many owners stick their head in the sand and ignore the problems. Therefore, the company and your management team suffers.
My advice is for you to act as a “Turnaround Specialist” for your own company. Therefore, making changes are much easier to accomplish and the result is the company will be successful.
When I start working with a distressed company, I go through a “fact-finding” process at the beginning of the engagement.
1. I interview the management team to search for weak managers. If the company has a weak manager, I start looking in his area for the “low hanging fruit” problems. Above all, I try to improve cash flow as quick as possible.
2. I evaluate each problem to determine which has the most significant impact on profits. I always fix the most significant “profit killers” first because my goal is to improve the cash flow immediately.
3. Next, I evaluate the financial and operational reporting. If the reporting is bad, I immediately meet with the financial people and upgrade the reporting. Accurate and timely reporting can quickly highlight problems.
4. If there is not a financial budget for the business, that is the next task on the agenda. In conclusion, these key issues will improve the financial results of your business.
Grow Your Comfort Zone – Nothing in the four steps listed above is magic.
Grow Your Comfort Zone. There are many other procedures I follow during a turnaround. Each business owner should follow these steps with his own business in addition to many others.
My name is Robert Curry, and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.
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I have recently published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.
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