We talked to members of Revitalization Partners at a recent RMA meeting and came away impressed. They are knowledgeable and have a solid plan to help businesses succeed. If you have questions about changes to your business, you should look into Revitalization Partners.
CEOs and business owners need to anticipate foreseeable events and make the necessary changes to mitigate risk. Making proactive changes is imperative for any CEO, but what happens when major changes are made without a carefully researched plan?
Take, for instance, JC Penney. A recent article from Fortune magazine chronicled how new CEO Ron Johnson directed major strategic changes that almost destroyed the company. The article highlights a number of strategic and tactical mistakes that negatively impacted the business. So, what can CEOs, business owners, and independent board members learn from this example?
RevitalizationPartners is an international specialty management services firm that provides hands-on interim executive management and advisory services to client companies. They are frequently asked to help companies after they have implemented change or made an acquisition without a solid plan or understanding of the potential the consequences. Revitalization Partners interviews CEOs or business owners to find out why changes were executed.
Change is necessary, but it is important to plan for change and assess a business objectively by asking important questions, such as:
–Where does the business stand from a product and competitive position relative to its competitors and its industry?
–Are the company sales and profits consistently increasing year over year?
–Does the company have an annual financial plan and is it consistently achieving it?
–Does the company have a three year strategic plan that outlines the vision for the company and provides a thoroughly researched blueprint of how they are going to achieve the plan? Does it include financial benchmarks that provide a basis to evaluate its performance along the way?
–Has the strategic plan been vetted by independent board members or outside experts?
–Does the company regularly assess its progress in achieving the strategic plan and provide for the ability to assess what is working and not working along the way?
Businesses need to anticipate and proactively execute plans that improve performance. Executing change without a properly vetted and researched plan can result in declining sales or profits, or even destroy a business.
Many business owners or CEOs “Fail While Really, Really Trying.” When a company is worth saving… it’s good to consultRevitalization Partners.
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