Can Turnaround Management be the Answer to your Company’s Problems?

Turnaround management uses analysis and planning to save troubled companies and return them to solvency. The corporate renewal process identifies the reasons for failing performance in the market and rectifies them.

Services Provided

WA Insolvency Solutions (WAIS) provides the following turnaround management services:

• Business Improvement 
• Informal Workouts 
• Business Viability Reviews 
• Strategic Diagnostic Reviews 
• Creditor Negotiation 
• Distressed Debt Consulting 
• Financial Modelling 

The ultimate goal of WAIS' turnaround management service is to help troubled businesses become successful. If turnaround management is used early enough, most businesses have a good chance, but if the financial stresses are too great, administration may be the only option left.

Turnaround Management Process

The following is the general process for turnaround management:

Is the Business Viable for Turnaround Management?

A business viability review is completed to ascertain if the company can be 'turned around'. If the analysis shows the business is a candidate for turnaround management, the business owners are informed and WAIS begins work on the analysis and planning stage.

Next Steps

A detailed analysis is completed to identify the problems in the business. If required, action is taken to stop any further decline in finances before a plan can be put in place. Part of the analysis is to define the business’ strengths, weaknesses, opportunities and threats.

A detailed plan is drawn up addressing each of these and the actions to be taken. WAIS will determine which changes will bring about the most substantial changes in the fastest timeframe possible.

WAIS’ experienced staff provide assistance in communicating with employees, shareholders, creditors and other third parties. For the plan to be a success it is important that employees understand the business’ goals and work towards achieving them. Regular support, communication and coaching by WAIS is an important part of the strategy.

Review and Amend

Once the plan is in place, WAIS conducts regular reviews to check on progress. Any problems are tackled with corrective actions. WAIS aims to not only turn the business around but improve it so that it has the potential to thrive in the future.

Association

Service providers in Australia can become members of the Turnaround Management Association. Members use the association for networking, education resources and educating the wider business community of corporate renewal and turnaround management services for all levels of business – individuals, SME’s and corporations.

If you would like more information on Turnaround Management, it's best to speak to experts and agencies who can advise you about the appropriate steps to take for your company.