Turnaround Planner Business Idea
If you enjoy the challenge of starting up a small business, you will probably enjoy becoming a turnaround planner.
In this role you will encounter the same type of challenges, only they will be a little more difficult, as you will need to make a currently failing business succeed.
By working closely with your client to overcome problems that currently plague them, you can help move their business on to a new path of profit and success, and earn those things for yourself in the process.
This is the perfect business opportunity for someone with experience in business who now wishes to help other managers out of difficult situations, and to earn a living from doing so.
You will provide strategic planning and your expertise in running a business plus all your experience with other business turnaround situations. To have this, you will need to have a solid business background and the ability to make tough decisions to help your clients see their failings and correct them.
You will specialize in being able to see the big picture for businesses, and revise existing plans to fit with this. Communication skills are of the highest importance as you implement changes. Part of the reason a business often gets into trouble is a lack of planning with no sustainable management control and a lack of sensitivity to market changes.
It is your responsibility to make your clients aware of such weaknesses diplomatically.
Dealing with executives requires persuasion skills to make necessary changes, especially if the executives were responsible for creating the current policies and procedures. In situations such as this, be prepared to constructively work through the natural resistance to change.
As a first measure, though, look at yourself critically – you want to be on the same level as them and not look like a warehouse worker when you meet if you want to convince them of anything!
Expanding Your Turnaround Planner Business
At some point you may expand your business into that of a business broker where you will find businesses that are looking for buyers. By understanding the fine art of selling a business successfully, you can offer to outright broker the sale.
You can negotiate a deal where you buy the struggling businesses yourself, then turnaround and resell the business later for a higher price.
When considering expansion, you should also look at going into professional market forecasting, offering turnaround seminars for interested and pro-active managers, working in chain-planning, and becoming a process improvement consultant. These are all natural steps onwards from the role of a turnaround planner.