I would say I am attracted to situations in which a product line(s) is undervalued with little marketing support, brand identity is lacking, the organization is in need of a brand awareness campaign, and there is an opportunity for increased sales revenue and profit.
Faced with extreme challenges, companies may hire someone like myself to help them get back on track. One of the biggest benefits of hiring someone like me is objectivity bringing a fresh set of eyes and perspective. With this objectivism, some recommendations may seem unpopular, but these future decisions that, while difficult, are in the best interest of the company.
In some of my situations the organizations have hit a temporary rough patch but in some cases the problems are deep. While industry experience is one factor when considering potential turnaround specialists, experts say it’s usually less important than the specialist’s experience in dealing with real-world crisis situations. Lots of hours are spent interviewing all levels of staff asking about big-picture strategy, goals, and overall direction.
Based on the feedback, I usually prepare a plan of action that details my recommendations and milestones for reaching performance benchmarks. There’s usually no time to waste and even though I am introducing a new sales and marketing plan I am usually responsible in my first year for growing sales and keeping the marketing costs down. The plan serves as the road map for the turnaround. We measure the organization’s progress toward reaching the benchmarks at predetermined intervals agreed to everyone.