Turnarounds: Week One

In the last edition, I likened day one in a turnaround to the chaotic triage of a patient comatose on a table. We roll up our sleeves to diagnose the patient as quickly as possible and stop the bleeding. To continue this metaphor, week one is the development of a treatment plan for the patient. While we have located the bleeding, we must act quickly and carefully to stop it.

Our first task was identifying all the major players, now we must work with these parties to develop the treatment strategy. We can relate these parties to the family of our patient nervously waiting outside of the hospital room. We report back routinely when we find a new issue and use their knowledge of the patient’s medical history to inform our treatment plan.

There are many things that extend beyond the knowledge of a patient’s support system; the medical provider must utilize the rapid influx of information, their extensive training, and their vast history in the field. My team does the same. Instead of tests and vital monitoring, we rely on contracts and financial documentation. Instead of years in medical school and time spent performing life changing operations, we rely on industry expertise, years of turnaround experience, and a devoted, tireless team. As my core team is industry agnostic, I will enlist the guidance of specific industry experts to aid in strategy formulation.

After we dive in at this level, we have our prognosis prepared. We counsel with the parties waiting outside the hospital room with our plans. If everyone agrees this is the best path to stabilization, we sterilize our tools, prep the team, and start the operation. Me and my team’s work has just begun, we are relentless in our pursuit to enact our strategy and save the patient.