Business turnarounds usually mean you are managing under stress and to a deadline imposed by a key stakeholder – usually a Bank. Deliver these results by this date or else! On the positive side, turnarounds also mean there is hope and an overall understanding that it can be done. Restructuring is an integral part of the recovery; life cannot be the same for most, if not everyone, in or connected to the business. Stress is caused by lack of cash to meet financial obligations, anxiety that jobs will be lost and even worse things may happen.
The moment first calls for a reality check – an analysis of the business as it stands now. This is to know its resources, market and operational capabilities, key personnel, customers and vendors. Then a clear understanding and a consensus of what should be done and how to meet a relatively short deadline. Then craft an action plan and move to implementation. To me, all this work results in a “starburst of projects” that can be done independently, interactively, sequentially, in all key areas by teams of people headed by a team leader. Accountability (and keeping this clear and simple) is key. The implementation bias is the only reality from this point on and a frequent ( weekly) team meeting to have accountability and review. You drive this implementation relentlessly and you will not only see results but a return of enthusiasm by the team. A turnaround is a learning experience; it should clean out a business’s past poor practices. New work routines, management practices and relevant oversight should take place.
The MSN service process is biased towards implementation. We start this at the diagnosis and design stage by actively seeking the input of our clients’ staff. This work is to brainstorm and flesh out ideas to give them a sense of participation. There is a co-mingling of our staff within our clients’ accounting and finance functions to ensure a two way knowledge transfer. We do design the changes and new practices distinctly, to benefit the client firm based on our expertise and experience. This design takes into account implementation needs and foresees issues, what resources are needed (mainly, people and their work habits)
MSNCFO provides many opportunities to intermediate accounting students. Throughout my 3.5 years of working with the company, I was able to improve my existing skills,