Tom Peters said, “If a window of opportunity appears, don’t pull down the shade.”
There is an abundance of information on how to run or launch a successful business, but when it comes to turning around a business, the thinking elevates to an entirely new level. Yesterday, I had the privilege of interviewing Baron Hanson, the lead consultant for Red Baron Consulting on the mindset and communication skills necessary for implementing successful business turnarounds – they have 220 successful turnarounds under their belt.
Many of us are all too familiar with businesses that have fallen on hard times in this uncertain economy, and find ourselves cheering for the innovators and entrepreneurs who are determined to finish strong. Like many, I have become fascinated with the skill set of the elusive turnaround artist – whether innovation breakdowns, operational inefficiencies, or talent shortage, chances are, they are the bearer of the wake up call.
Baron shares his formula for meaningful first meetings with potential clients, and what he describes as the four C’s of turnaround management: Cost, Customer, Competition, and Consensus. When I asked if most CEO’s are cognizant that they need help, he responded with genuine insight on what keeps the C-suite and employees up at night. I think that you will find this interview full of useful and rich content, please listen and enjoy!
Guess which Presidential candidate is known for successful turnarounds…
Leanne… I really enjoyed your post… When turning around an organization or keeping one healthy, I simply following the rule of concentrating on your own core expertise, then hiring out experts to do the rest. In today’s constantly changing world, we can’t stay on top of it all and outsourcing can be a strategic way to empower an organization to success, as well a key tool to any “turnaround artist”. What role do you think outsourcing will play?