5 Common Mistakes of Financial Turnaround Projects

In the currently challenging economic climate, many organisations are having to embark on financial turnaround or financial survival projects.  While these might be necessary, what mistakes is it important to avoid?

  1. Seeing it as something for the accountants rather than business change projects.
  2. Focusing too much on quick fixes.
  3. Deck chair shuffling.  In other words making the easy changes while ignoring the big stuff.
  4. Short term focus rather than trying to create sustainable success over the longer term.
  5. Failing to give sufficient time to people to make the change happen.

Update:  In the current COVID-19 environment, financial stability and the mere survival of the business is a challenging facing many organisations.

In these times it’s often doing the basics well that makes the difference.

Your credit control, cash flow forecasting and cash management are absolutely critical.

What additional mistakes do you see when it comes to financial turnaround projects?

About the Author Duncan Brodie

Since 2006 I’ve worked with in excess of 8,000 accountants and professionals in workshops, seminars and one to one helping them land their next jobs and become better leaders, presenters and business partners. Before that I spent 25 years in accountancy climbing the career ladder from Payments Clerk to FD. I’m a CIMA Fellow, Certified Professional Coach and Team Coach Facilitator.

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Change Management Program says 13 September 2010

This is a great resource, useful for anybody interested in this topic.

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