Use Turnaround Management to stay ahead of the curve.

Corporate distress does not happen overnight. Business failures develop over the course of 2 - 3 years.  

External factors, such as the current recession, cause about one-third of business failures.  But the research shows that most often, internal factors are the cause.  

It starts when small problems are ignored -- either because decision-makers don't know they're in trouble, or they're hoping that the situation will improve on its own.  The odds don't support a bet like that.  Declining performance, left unchecked, turns into distress.      

To remain competitive, management has to stay ahead of the curve and catch problems early while they're still manageable. 

Practical Turnaround Management is Melissa Craig's approach for 21^st century management teams who want to be able to diagnose early decline and reverse it.  

The way to do this is to not wait for performance problems to make themselves known.  Pro-actively use the tools of turnaround management every day to avoid distress, or to turn it around once it has started. 

• Track the early warning signs;
• Reduce working capital and manage cash;
• Institute performance measurement throughout; and
• Create a culture that fosters employee engagement.
   

These activities are guaranteed to improve your company's performance, no matter where you are on the curve. 

This is Practical Turnaround Management  --  staying ahead of the curve with vigilance and proactive application of the turnaround management tools.