The First Step to a ‘Turnaround’ is Acknowledging

The First Step to a ‘Turnaround’ is Acknowledging There is a Problem A turnaround situation is first recognized when there is serious concern or dissatisfaction with the firm's [organization's] performance, results, and/or near-term forecasts of [financial] performance and results. - Richard Sloma, The Turnaround Manager's Handbook If your organization is in trouble, be honest. Make it absolutely clear to everyone in the company that survival [long-term viability] depends on cost management. - Jon Meliones, “Saving Money, Saving Lives,” Harvard Business Review on Turnarounds KP www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 239 How Might a ‘Turnaround Expert’ Look at an Organization that Needs to be ‘Turned Around?’ The recovery of a [challenged] company [or country]...depends on the implementation of an appropriate rescue plan or turnaround prescription. Characteristics of the appropriate remedy are that it must: 1) address the fundamental problems; 2) tackle the underlying causes (rather than the symptoms) and 3) be broad and deep enough in scope to resolve all the key issues. - Stuart Slatter, David Lovett, Laura Barlow, Leading Corporate Turnaround KP www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 240 HOUSE_OVERSIGHT_020961