Turnaround specialist is an
emerging trend in the International Business world. In this technological era
of fast growth, rapid change turnaround specialists are in great demand. Growing
competition, unpredictable financial markets and new technology are constantly
giving threat and as a result of it some organizations are going for downsize.
No organization can take financial stability for granted.
TAS are those
who come to revive the company when it is in a crisis. They work with their
experience and implement turnaround plan accordingly. Firstly they look into
the problem faced by the company and stabilize the financial status. Turn Around Specialist provide expert solution. Financial organizations like Banks,
insurance hire them to overcome any deadlock situation. They are expert in
handling any volatile economic state.
Their primary responsibility is
to face the financial challenge and to make the condition stable. TAS uses his experience as his strength to handle the crisis. They possess
the quick remedy to cure problems like insolvency, ownership, liquidation etc
with his brilliant decision making power. It is his responsibility to know how
to deal with angry customer, worried employee, agitated staff, panicky
directors and tantrum throwing shareholders and make them believe that his
steps are meant for growth. They replace the Interim CEO on decision making skills for
a limited period of time.
When a company faces any trouble
to deal with the market and their substantial growth has been delayed they look
for someone who can create a whirlwind with his magic wand. Let us look into
various reasons behind hiring an effective turnaround specialist.
Market Pressure: In many cases it has been seen that the
organization could not handle the extreme competitive pressure in market.
Sometime they lack technicality, modern equipment and as a result of it supply
never meets the demand.
Over Diversification: Today many business consultant diversify their
business in order to reduce risk factors. When a new division arrives,
opportunity thrives accordingly. This
sometime creates huge problem as to establish the new segment company invests a
lot on it. Here company starts facing a financial crisis.
Lack of proper Business scheme: To run any business successfully
one has to have a proper business sense and a foresight which warns where to
invest and how to extract profit out of it. Any business plan should be
flexible and if one does not work, a new trick has to be implemented without
any delay.
Lender Relationship: Each company has its financial consultant or institution from which
they seek help during financial debacle. Any adversary relationship could ruin
it as money is the ultimate source for any business.
Sometime it is just impossible
for the management to follow all these pros and cons. Here comes the need of a
skilled TAS to take proper step to control the above mentioned
circumstances.
The salary of any turnaround
specialist depends on the severity of the problem or crisis. They claim their
fee as per their experience. Incentives are also provided if it goes
successful. Salary may vary for business, scope of work, skills, locations, jobs.
History says that turnaround specialist can replace any existing CEO in a disastrous situation. So the compensation
of a TAS is on the same level of the CEO.
Turnaround specialists join the
company with a fresh eye and find the best possible solutions for the company.
They focus on their object and revamp the financial scenario. The best
turnaround specialists work for the interest of the organization and take the
company to a high level. They leave it intact. By hiring a potential professional
any company significantly improves its curve of success and ensures its
survival.
