In a business turnaround situation, trimming the fat can be a challenging but a necessary step to improve financial performance. Business fat can refer to excess people, assets, or unnecessary expenses weighing the company down. By identifying and addressing these inefficiencies, businesses can become leaner, more agile, and better positioned for long-term success.
In a business turnaround situation, trying and doing everything simultaneously to improve the company’s financial position can be tempting. However, spreading resources too thin can result in ineffective solutions that fail to address the root causes of the business’s problems. Instead, companies must focus on their core competencies and develop strategies that leverage these strengths to generate revenue and improve profitability.
Defining transformation goals is a critical step in any company’s transformation journey. Transformation goals provide direction and clarity to the transformation process and help ensure all stakeholders are aligned and working towards a common objective. In this blog post, we will discuss the key elements of defining transformation goals for a company.
