Turnarounds--Renaissance Resource Group, Ltd.

Turnarounds and Crisis Management
Some Steps to Recovery

Turnarounds frequently require fresh, objective assessment by outsiders; management consultants frequently perform this function. Some management consultants, also, perform interim management and crisis management, helping companies turnaround and avoid bankruptcy. Some managements are able to recognize the early warning signs of trouble and perform a self-assessment with the guidance of an experienced management consultant. Part of the turnaround process involves taking some steps to recovery including the following:

1.	Prepare for the worst.
	-	Don't play it safe. Accept that your company is in trouble. Now enjoy bringing it back to life.
2.	Face the truth.
	-	Stop lying and making excuses. Get help! Accept the fact that you don't know everything.
3.	Build a team.
	-	Gather truth tellers around you, managers who care about the business and won't be afraid to speak out.
4.	Get to know the customers.
	-	Make personal contact. Probe their hearts and souls.
5.	Set priorities.
	-	Decide on three to five short-term goals, articulate your priorities clearly in writing, and then take action.
6.	Ask "why" and "how."
	-	Everything that happens in your company must make sense. Pursue cause-and-effect ruthlessly.
7.	Get back to basics.
	-	Concern for profit and cash flow must permeate your every decision.

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Renaissance is a management consulting firm that specializes in implementation and adding value in short time frames for companies engaged in manufacturing, distribution and service.

Renaissance consultants are the publishers of the "NJ Directory of Select Service Firms and Organizations®."

Senior management expertise is available for assessment and implementation in the following:

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Turnaround management, crisis management and interim management - for troubled and/or under-performing companies where Renaissance consultants' considerable management and restructuring experience can add significant value either in an advisory capacity or as temporary CEOs, COOs or CFOs.

Business Positioning - preparation of business plans, growth strategies and acquisition plans. Also break even valuations for companies seeking additional capital; sales growth; growth by acquisition; to enter new markets; to be acquired; or to go public.