How can businesses facing distress respond to market challenges quickly? Focus on these four success factors for quick, sustainable results.
Businesses respond to distress in various ways. Some attempt to find buyers or investors with deep pockets. Others attempt to undertake longer-term continuous improvement, which often drives results too slowly. And many, unfortunately, do little or nothing at all.
For companies that need to drive quick, substantial gains, a rigorous turnaround program might be not only optimal but necessary for the survival of the business. We have seen such programs save businesses in all kinds of situations, and four common characteristics are found in the most successful cases.