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Mike Teng - ArticlesAccomplish Your Dream, Have A Good TeamHaving a good team is fundamental in accomplishing your dreams. In this complex corporate world, no single person can have all the answers. The world is changing so rapidly that even a team comprising internal experts is overwhelmed in trying to follow and monitor the changes. A Sick Company Needs to Concentrate on its Core CompetenceDuring the turnaround phase when the company is on the brink of bankruptcy, there are time and resource constraints. The company needs to concentrate all its resources on doing a few major things right. Many CEOs Pursue the Four Ps - Pay, Power, Perks and Prestige Rather than ProfitsCEOs who live 'fat cat' lifestyles using corporate funds should be slaughtered and skinned. Recovery and Strengthening - Long Term Programs to Sustaining Good Financial HealthMany companies came out of crisis and yet got back into trouble again. Why is it that these companies which have managed to ride out of the 'intensive care unit' fall back into trouble again? If You Need Surgery, Call in the SurgeonWhen you need a heart by-pass, you call in a cardiologist rather than a general practitioner. When you are in legal troubles, you consult a lawyer. When you have tax problems, you seek advice of a tax consultant. Yet many troubled companies make the fatal mistake of not approaching the right professional for help. Do Not Depend Solely on the Doctor in the House to do the SurgeryMany business leaders are good at starting a business or maintaining one that has already been well established. However, they are not good at fixing a seriously sick business. Avoid bankruptcy by hiring the turnaround experts. Without Ethics, The Company Has Lost Its Soul"In the end, integrity is all you've got," this statement succinctly encapsulates the importance of ethics in the corporate scheme of things, and underscores its role as the corner stone of business practices today. Core Values Are InvaluableTurnaround managers have to operate under very tough environment. In some instances, he or she has to make bold decisions based on very little information. All decisions will result in consequences, whether these are positive or negative. His decisions are based on his value system that is his personal beliefs, connections and other influences. Knowing The Type Of Viruses That Are Plaguing The Company Is Half The CureJust as a competent medical practitioner needs to understand the causes of a disease, a competent turnaround manager must understand the causes of the company's decline. A Company In Crisis Is In A NightmareCrisis is visibly recognised when the company faces credit squeeze, negative profitability, cash flow problems and collection concerns.
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