Rescuing A Business In Four Steps

There are four steps that leadership teams must take their businesses through to improve and maximize performance. Business rescue expert Charles Gruner, Managing Partner of Lenox Partners LLC, provides four indispensable steps to saving a business.
 
Feb. 11, 2010 - PRLog -- Four Phases to improving or rescuing a business

by Charles L. Gruner, Managing Partner, Lenox Partners, LLC

There are four phases that leadership teams must take their businesses through to improve and maximize performance. The phases are separate and distinct but overlap each other since each step, starting with Discovery, is dependent on the quality of the work done in the previous step. What follows explains how each step works and what should be expected.

Phase I -- Discovery

   * This is the phase in which deep analysis and data mining must be done to identify what the issues are that negatively impact performance.
   * Programs are developed to resolve what are identified as the performance issues. It is critical that the right criteria are measured.
   * Goals, strategies action plans and time lines for each program are developed and assigned to responsible people.

Phase II -- Implementation

   * Each program is implemented along with the data collection that is going to be reported.
   * Responsible people must be educated as to what is expected of them as programs are initiated.
   * Weekly meetings should be established to review data and trends with the group involved.
   * This is the phase in which people move outside of their comfort zones.

Phase III -- Measurement, tracking and feedback

   * Programs' collected data and trends are reviewed answering the question "Are we having an impact?"
   * Adjustments to programs and measurements are made as collected data guides decision making.
   * This is the "Resistance Phase" when people can't or won't change. Guidance and management action must be taken.

Phase IV -- Change and improvement

   * Initial results show improvement and success.
   * Attitudes change and team develops as success and improvement takes place.
   * Sense of pride develops as "Reward and Recognition" becomes common

All four steps must be managed using relentless follow-up and accountability. All businesses will improve and respond to the need for change in the same general pattern descibed in these four steps.

Article ©2009 Charles L. Gruner

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Lenox Partners LLC is a team of senior executives specializing in the management of distressed companies with the goal of bringing them back to viability by improving cash flow, restructuring the company and working with creditors and investors.
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Tags:Business, Turnaround, Restructuring, Financial, Business Management, Manufacturing
Industry:Business, Financial, Manufacturing
Location:Mishawaka - Indiana - United States
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Page Updated Last on: Feb 21, 2010
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