Turnaround - 100 days of history (part 2)
Turnaround (Corporate Recovery): A comprehensive process undertaken to restore profitability and ensure sustainable management for companies experiencing severe difficulties. This involves simultaneous restructuring and revitalization.
Tasks during a Turnaround Situation:
Identifying the Cause: Understanding why the company has reached this point.
Identifying Problems in the Field: Issues felt by headquarters and sales staff.
Establishing Short-Term Tasks and Mid-Term Strategies: Differentiating between immediate actions needed and investments to continue from a mid-term perspective.
Shareholder Persuasion: Gaining shareholder approval to properly implement the established strategies.
Employee Persuasion: Communicating with employees to explain and win their hearts.
Execution and Presenting Results: Quickly implementing actions and presenting results to foster hope among everyone.
Persuading Stakeholders: Convincing stakeholders (clients and banks) to believe in the company and wait, and to grow together.
Organizational Structure Reorganization: Boldly transitioning to an organization that can perform these tasks more swiftly and effectively.
In this process, tasks 1, 2, 3, and 8 primarily require a cool head, whereas tasks 4, 5, 6, and 7 are better executed with a warm heart.
As a financial expert, the author (Kim Seong-ho) has a cool head as his default setting, therefore, to act with a warm heart, he builds the following mindset:
The Three Principles of Happiness (Kant):
- What to do,
- Whom to love,
- What to hope for.
"What must I do to make people love and hope?"
Therefore, this report could also be called "A 100-Day Record of Creating Hope."
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