Turnaround Management
When you’ve tried all the solutions your business experience has taught you, but your company is still in trouble.
What is Turnaround Management?
Turnaround management is the method planning and analysis to help troubled companies return to profitably. In other words, reviving a company that’s suffering from financial or operational problems. This generally involves several different steps, though each case is different. Ultimately, the goal of any turnaround management process is to identify problems within the company and quickly implement a turnaround strategy. Our turnaround solutions are tailored to each specific enterprise situation with the goal of steering your company on the right course.
What You Can Expect
Because each company is different and there is no “one-stop” solution, the steps involved in turnaround management can vary. But in general, you can expect RHG Solutions to follow these steps when we're working with your company.
1. IDENTIFY AND ANALYZE
In this crucial first step, we analyze your company and clearly identify and outline the performance issues within the company and meet with management to discuss findings.
2. EVALUATE AND STRATEGIZE
Next, we will closely evaluate your company’s strengths, weaknesses, opportunities, and threats. This helps us develop a plan that’s in line with your company's capabilities, goals and the circumstances that brought the company to this point.
3. DEVELOP
With a strategic plan in hand, we move to an action plan. This plan outlines the real actions, time-frames, and participants required to achieve turnaround around goals.
4. IMPLEMENT
Now, the action plan is implemented and realized. RHG Solutions ensures the company has the interim management and coaching and support it needs to carry out all the tasks associated with the action plan.
5. REASSESS
Any plan — especially a plan to get a company on track — requires ongoing review with management. RHG Solutions will help you identify areas of the plan that are successful and those that need to be reworked.