Michael Fingland says, building momentum early in a turnaround can make all the difference

In this week's tip I discuss the critical initiative of developing a dedicated stakeholder management plan to ensure you deliver a successful turnaround

In this week's episode Michael Finland provides three tips to help you manage rapid growth and avoid the cash crunch which so often happens.

What does a turnaround advisor actually do? Michael Fingland explains.

In this week’s episode Michael Fingland talks about the top three reasons why directors love Safeharbour. As always, if you found this podcast of value it would be great if you could share it.

Given the substantial amount of debt built up during 2020 there will need to be some creative restructuring undertaken to avoid a potential avalanche of insolvencies. Enter the "Informal Debt Restructure", as part of an overall turnaround strategy.

I would typically advocate that executive teams carry out their strategic planning sessions in January or February at the latest. However, given that 2021 could be such a dynamic year we are calling on all businesses to undertake this exercise pre-Christmas so you have your plan ready to execute as the business landscape unfolds and so you can go into the Christmas break knowing you are ready to go.

The role of a chief restructuring officer maybe the key as to whether your business survives or not over the next 18 months. In this episode I outline the critical role a CRO plays and how you can benefit.

At Vantage performance, we talk regularly about the need for stress testing your business if your business or your industry is facing disruption. there has never been a greater time to undertake this exercise than now to ensure that you have a range of initiatives ready to implement in 2021 should business conditions deteriorate further.

In this episode Michael Fingland outlines which industries we believe will come under most pressure in 2021.

The Temporary Covid Safe Harbour protection is ending on 31 December, 2020. If any directors are concerned about the viability of their business or potential insolvent trading then you need to act now to undertake the work to qualify for the pre-existing Safe Harbour regime so you are protected into the new year. As a director, you will want the reassurance of protection by 30 November, as if it turns out that you are not protected then you will only have four weeks to plan for a voluntary administration or an emergency fund raising prior to 31 December. furthermore, as it may take a few weeks to confirm protection you need to act now.

A major focus on cultural transformation is key to most turnaround situations to ensure the turnaround becomes embedded.

Maintaining a focus on marketing and research and development is key to driving sales, maintaining margin and taking market share during a recession.

Strong financial management is so crucial to any turnaround process as it builds confidence and helps to ensure an environment of “no surprises” which is so critical. In this podcast I outlined the key tools that all management teams should maintain.

Having a focus on paying down secured debt is a key pillar in our turnaround model as it “buys you credit or points” with your key financiers and helps to build their confidence in your turnaround plan. Invariably you will be able to cash in those credits when you need additional support down the track!

Knowing and clearly demonstrating your WHY or Purpose, as Simon Sinek articulated in his famous Ted Talk, is key to growing revenue and attracting the right employees to your business and should be a key initiative in your turnaround plan. Knowing your Why is a key pillar in our 10 Principles to successful turnarounds.

Growing top line revenue is key to any successful business turnaround. In this episode I outline the importance of and how to stand out from the crowd.

Stakeholder management is crucial in any business turnaround and the lack of it is what causes most turnarounds to fail. In this episode I highlight the amount of time that should be devoted to stakeholder management and why it’s so important in building momentum in a turnaround process.

The first step in any turnaround management process is to stabilise your business. In this episode I run through the key steps and tools required to stabilise your business and build the confidence of your key stakeholders. YouTube: https://www.youtube.com/c/MichaelFingland Linkedin: http://linkedin.com/in/michael-fingland-34a09b3 Website: https://www.vantageperformance.com.au/

Turnaround management is a game of confidence. Are you doing enough to rebuild and maintain the confidence of your key stakeholders? YouTube: https://www.youtube.com/c/MichaelFingland Linkedin: http://linkedin.com/in/michael-fingland-34a09b3 Website: https://www.vantageperformance.com.au/