What Causes Turnaround Management?
Businesses may find themselves in need of turnaround management for a variety of reasons. Common causes include a change in market conditions that put the company at risk. This can be due to new competitors, competing products and marketplace shifts towards new and evolving business models. Any changes that threaten a business’ existing position may lead to financial distress and place the business at risk.
Turnaround management provides a means for businesses to get back on track. Where there have been major failures in business control, or where management does not possess the skill set to continue the business, turnaround management allows corporate governance to take advantage of outside expertise. Using a turnaround service, the business can continue to operate while navigating its strained financial position.
What Are the Expected Outcomes of Turnaround Management?
Engaging a turnaround management service will see the development of a comprehensive company-led turnaround plan. The plan will be designed for a business’ specific circumstances to ensure it attracts the support of key stakeholders. During the execution of the turnaround plan, turnaround management will provide assistance with any negotiations as well as mentoring and advice to the board and senior management team.
The turnaround and mentoring process will help the executive team develop a better understanding of their financial position and the options that are available to the company. Overcoming company weaknesses and financial hardships requires a significant commitment from the executive team. Only with their support can a business improve its processes, develop existing strengths and regain control of its finances.
How can SV Partners help?
The help of skilled turnaround professionals produces better results for businesses as well as their employees, creditors, directors and shareholders during times of financial distress. SV Partners develop and deliver tailored turnaround solutions for our clients, including a range of insolvency services to companies in distress and to creditors. Our main focus is the long-term health of the business. We look after your future by placing an emphasis on improving business performance and building on existing strengths. The SV Partners team are dedicated professionals who are ready to provide assistance to business owners, SMEs and senior managers, helping them overcome the challenges they are facing.
We also provide the following services:
- Business Diagnostics
- Business Planning & Growth Strategies
- Business Performance & Improvement
- Investment Readiness & Exit Planning
- Coaching, Mentoring & Board of Advice
- Turnaround Management
For more information on how SV Partners can assist your business and deliver turnaround management solutions, contact us today or call 1800 246 801.