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EVERY COMPANY IS A TURNAROUND

By Patrick G. Kedziora

I spoke with a friend who happens to be an attorney that specializes in turnarounds, which usually means Chapter 11. He viewed the world as companies that are in a turnaround situation and those that are not.

I started thinking about this and such a view will definitely lead you to his door. Instead, I believe there are companies that are either in a turnaround situation or companies that will soon be in a turnaround; but don't yet realize it.

I suggest that in all economic conditions, but especially in our difficult economy, that every company should think of themselves as a turnaround. If one approaches business life with the thinking that one has to constantly change, constantly innovate and constantly grow, then one can protect ones business from ever having to do a real turnaround.

Many companies, big and small, fall into complacency. The business is doing well and owners and managers begin to neglect the basics. They get complacent and the next thing you know, they've lost their top three customers or a competitor just came out with a cheaper and better product while they have nothing in the works.

If you think like a turnaround every day, you're always looking for new customers, always looking to make the product better and always looking to offer more value to your customers (please note, I didn't say cheaper, I said more value). In short, you are always looking to turnaround your company into an even better company.

Thinking like a turnaround also means always looking at your business in a new light, always looking for new opportunities and always innovating. It's a lot more fun to do it when you don't have to than when it's too late.

Thinking like a turnaround, puts you in the top 1% of business thinkers. You don't need any special qualifications, you don't need any special degrees. What you need is the willingness to challenge yourself and to develop a culture of growth in your company.

Because if you don't, you'll find yourself speaking to my attorney friend.

Patrick G. Kedziora is a Senior Managing Partner with Growth Advisors Inc., a multi-industry growth advisory firm based in South Florida. More information can be found at www.GrowthAdvisorsInc.com

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