Accountants told to 'think outside the box'
Thinking outside the box is critical to successful company turnaround according to the director of Barclays Bank's business support services.
In a conference to the UK 200 Group, turnaround expert Les Otty yesterday told representatives of 160 of the country’s top medium sized accounting firms that turning around a business required thinking outside the box when prioritising.
Other critical factors to success, he said, are building trust with the people who work in the company, stabilising the company, and ensuring that workers have the right skills-base for the job they are doing and work well together.
But he also stressed the key to turning troubled businesses around was early referral and that the turnaround process should be viewed as a project.
He added those turning the company around should speaking to management at all levels and finding out where the problems are. Customers, he said are also a valuable source of information.