Businesses come and businesses go. All strategies fail eventually. When conditions in your industry and your broader environment become increasingly harsh, the rubber really hits the road. The obvious question becomes one of ongoing viability. If harsher conditions are recognized in time or even anticipated, then the seemingly dying breaths of a failing business need not be its final breaths. However, in saying that, around three-quarters of turnarounds fail.
‘Coming back from the Dead’, firstly requires a courageous and once only cut back, to radically reduce costs and eliminate anything that is not absolutely critical. If this is done well and funds can be preserved, the important second phase can begin in earnest. An entrepreneurial approach is now needed. This involves the creation of a brave yet smart new strategy, fresh investment in the new strategy and the radical communication of it, to help transform the recently shattered organizational culture.