Why external assistance to a turnaround process
Most companies will in their lifetime require a turnaround. Either through a slow and hardly noticeable challenge or driven by internal or external crisis (e.g. the financial crisis or the Covid-19 crisis).
Fortunately, the need for turnaround does not occur so frequently – implying that the companies rarely have high experience with the turnaround process. And when a company is performing poorly and need to improve, then there is indeed a requirement for extra and experienced resources to manage the task.
ProvenExperience can help – because we have been in these situations before.
Each turnaround situation is different, but typical tasks are amongst others:
- Create overview of current run rate – in particular to evaluate the cash flow requirement. And to prepare a list over short-term initiatives to start negotiations with all relevant parties.
- Here and now tasks:
- Reduce working capital – and trim the organization.
- Sale of/leasing of assets (buildings, equipment, vehicles).
- Negotiations with suppliers.
- Long-term initiatives:
- Sales growth initiatives – including new markets and new sales channels.
- Closure/outsourcing of non-profitable products and markets.
Advantages by using ProvenExperience:
- Very fast onboarding – we only use senior managers with relevant experience from similar positions.
- We are embedded in the company – and become part of your management team.
- Short-time contracts and short notice periods = flexible costs for your company.
- No indirect or hidden staff costs – everything is included in our rates.