It is surprisingly easy for formerly robust and stable companies to descend into a cycle of instability and crisis – all it takes is a sudden shift in the economy or market combined with leveraged funds and a cash flow problem and any company can find itself in a bad cycle of borrowing and panic decision-making.
Denial plays a role in many companies’ eventual failure: Often the clear signs of a crisis were present long before any overt problems become obvious. Much like a family living on credit cards, there is a period where the problem is getting worse but day-to-day operations appear perfectly normal. By the time a company as a whole realizes the depth of its problems, it is often time to hire a turnaround & crisis management consultant or firm in Mobile Alabama.
Reasons to Go With Turnaround & Crisis Management
Instead of attempting to fix the situation from the inside, there are many reasons why hiring a turnaround & crisis management consultant or firm is the better choice:
- Objectivity: Often company officers and stakeholders are aware of a role they played in the crisis and are guilty and defensive, clouding judgment. An outside turnaround specialist is also not beholden to any stakeholders in making decisions.
- Experience: A turnaround & crisis management consultant or firm in Mobile Alabama spends their professional time helping companies survive crisis mode, whereas the company’s own officers usually have no such specific experience.
- Skill: A turnaround specialist can make decisions very quickly, because they are not mired in the usual way of doing business, which often involves consultation and debate among stakeholders.
A troubled company can almost always benefit from an outside perspective that can identify challenges and offer real solutions.