Recovery and Strengthening - Long Term Programs to Sustaining Good Financial Health

By: Mike Teng
Submitted: 2007-01-17 15:31:50
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

Many 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? We also see such problems with patients in that they are cured of "heart disease" and "lung ailments" and subsequently went back to the old bad habits of stressful living and smoking. These companies and individuals did not continue to nurse themselves to good health through long term recovery and strengthening programs of their bodies and spirit.

Once a company has come out of the ‘intensive care’ stage, it is of paramount importance that it can continue to nurse itself to health. The pace of recovery and rehabilitation can vary from patients to patients, even though they maybe afflicted by the same disease. Similar to the recovery after a surgery, a physiotherapist will start you on an exercise and rehabilitation regime such as assisting you to walk with crutches. As you recuperate in the hospital, the physiotherapist and occupational therapist will teach you the proper way to walk, eat, bath, sit and dress. They will also advise on your diet and exercise programmes when you are discharged from hospital.

The company needs to give itself time for healing and recovery. Then it needs to review and reflect on some of the hard issues relating to sales and marketing, customers and market positioning. Oftentimes, these basic issues are taken for granted and can get the company into trouble. The recovery period is also a good time for the company to recharge and reenergize itself through re-visiting its ethical values, inspirational and renewal process.

After full recovery, the battle to stay in good health is not over yet. The company needs to continue to strengthen and have foresight to transform and innovate. It must also continue to build up its cash reserves.

Some doctors believe that the immune system can defend the body against cancer and germs. The immunity is the defence system to combat diseases. During this phase, the strengthening of the immune system is key to boosting health.

The immune system for the company is the corporate culture. A dysfunctional corporate culture is one which is arrogant and full of ego. Also, the company needs to strengthen its immune system through healthy mindsets and vision. In medical science of psychosomatic, it is believed that the mental health can affect the physical health, similarly the mindset of the company can hurt the financial health. Oftentimes, in a sick company, the enemy is within.

An organisation that has regained corporate wellness needs to implement a sustained programme to remain in the pink of health. The company needs to strengthen its heart through exercising, good diet and vitamin supplements. As these are long -term measures, their benefits are normally not visible immediately.

http://www.corporateturnaroundexpert.com

Dr Mike Teng (DBA, MBA, BEng, FIMechE, FIEE, CEng, PEng, FCMI, FCIM, SMCS) is the author of the best-selling business book “Corporate Turnaround: Nursing a sick company back to health”, in 2002. In 2006, he authored another book entitled, “Corporate Wellness: 101 Principles in Turnaround and Transformation.” Dr Teng is widely recognized as a turnaround CEO in Asia by the news media. He has 27 years of experience in corporate responsibilities in the Asia Pacific region. Of these, he held Chief Executive Officer’s positions for 17 years in multi-national, local and publicly listed companies. He led in the successful turnaround of several troubled companies. He is currently the Managing Director of a business advisory firm, Corporate Turnaround Centre Pte Ltd, which assists companies on a fast track to financial performance. Dr Teng was the President of the Marketing Institute of Singapore (2000 – 2004), the national body representing some 5000 individual and corporate marketing professionals in Singapore

Article source: Expert Articles

Most Recent Articles in Change Management category

  • Ideas to Get Your Started Online $ Marketing Business - By: Thingom Kenedy
    Is the same old routine that you have everyday getting you down? Fighting the traffic to go and sit in an office for 8 hours or more and then joining the rush hour home again. Collecting the kids from school, watching their sports practice or helping with homework, this leaves you no time for yourself at all.
  • Manifesting The Law of Attraction: An Unbiased Evaluation - By: Brian Garvin
    Find out the scoop with relation to Law of Attraction and evaluate if it is proper for you at this time. Please read our original evaluation of Law of Attraction.
  • Small Business Kit For Dummies - By: Ajaay Kumar
    The Small Business Kit for Dummies has eliminated the need for business coaching for many companies because the book explains in enough detail a range of aspects from beginning to continuing a successful business. This book is invaluable to both a new entrepreneur as well as those with plenty of experience.
  • Identifying the Right Venture Capital Firm Partner - By: Rahul Rana
    Venture capital firms are comprised of individual partners. These partners make investment decisions and typically take a seat on each portfolio company's Board. Partners tend to invest in what they know, so finding a partner that has past work experience in your industry is very helpful. This relevant experience allows them to more fully understand your venture's value proposition and gives them confidence that they can add value, thus encouraging them to invest.
  • Business Plan - By: Gaurav Walia
    A is a short brief that explains how a business owner, director or entrepreneur plans to orchestrate an enterprising effort that carries out the actions that are necessary in order for the effort to succeed. Basically, a business plan is the written description of a business's business model. Those involved in the planning process and management are the most likely to use a business plan. Business plans are also used when approaching potential lenders or investors that have an interest in a particular business venture.
  • Data Center Automation - What Your Organization Needs - By: Sam A. Brown
    When it comes to researching resources, there are several aspects worth considering, to ensure that business and operational needs are met. From the basics of implementing a software solution to automate tasks such as provisioning, patching and software distribution, to a full blown multi-tier architecture, data center automation is key.
  • The Power of the Chamber of Commerce - By: Andy Keeler
    Advice on how your Chamber of Commerce can work for you
  • Conference Sessions Focus on Organizational Change - By: Mark Harbeke
    Recently, I summarized the tips and strategies provided in two of the morning sessions at our recent 2006 Best Bosses Conference, held September 27, 2006 in Chicago. Below, I continue in this series of articles dedicated to the knowledge provided by the workplace leaders and experts at the Conference workshops. In recounting the two remaining morning sessions, “Evolution of a Best Boss: Changing to Grow Your Organization” and “Small Steps to Big Culture Change,” the common theme is organizational change.
  • Medical Billing Outsourcing - By: Damian Sofsian
    The medical treatment business has changed significantly in the past few years. It presents many administrative difficulties during the preparation of insurance policy procedures and dealing with complicated claim forms. To avoid these complexities, doctors look out for outside help, and hire representatives to advise them, attend insurance company seminars, and provide them with regular financial reports.
  • Leadership v Management - By: Kevin Hinton
    Change is one of the only certainties in life – it is constant.How we adapt to change will be one of the most determining factor in evaluating our successes or our failures.• where we end up.