The most significant part of a business turnaround is the ability to ask the right questions and maintain complete objectivity throughout the entire process. Every aspect of a business must be scrutinized to determine what needs to be adjusted or repaired. Unfortunately, those on the inside tend “not to see the forest for the trees!” Major reasons why companies do not turnaround on their own could involve:
a. ‘the overwhelmed factor’ – inability to break down the big picture into small components
b. fixed loyalties
c. antiquated ways of doing business
d. lack of relevance in today’s market
e. inability to change
Therefore, ‘adjusting or repairing’ the problems must address the preceding without prejudice.