The ITMS (International Turnaround Management Standard) that was developed by Christoph Lymbersky and the Turnaround Management Society includes all areas that are known to us to be important in a turnaround situation and not just focused on one business area. We believe that a structured approach to turnarounds that includes, financial aspects, strategic reorganization, turnaround strategies and best practices, project management tools and techniques, change management tools, HR aspects, etc., can lead to a more sufficient and sustainable recovery. The following points are things that should improve the current turnaround practice by employing the ITMS that we have developed:
The ITMS provides a checklist of activities, derived from other turnarounds, restructurings, case studies, experiences, and collected lessons learned reports, so that nothing will be forgotten or overseen and to avoid pitfalls during the analysis of the company and the turnaround process. Leading to a more sustainable turnaround process. A company using ITMS can quickly identify at what stage the company is in, what situation they are facing and what proven strategies there are to overcome the turnaround process. Hence, the process gets speeded up and becomes more sustainable. The ITMS manages the flow of information, distributing the right information at the right time to the right parties. Counter fighting the need for banks to employ investigating accountants, which damage the managements reputation even further and helps to keep the investors and stakeholders support by openly, but thoughtfully communicating on the important issues at crucial times. Banks or financial investors get ensured that they will get the information they need if a company uses the ITMS to overcome a crisis situation. The ITMS should help them to revcover their investment.
Even CEOs that don’t have much turnaround experience can easily employ the standard, identify their situation and turn the company around using proven techniques, outlined checklists throughout the whole process and guided procedures.
The ITMS keeps the board discreet distance from the turnaround management team, but still involves them in major decisions.
For more information please visit the Turnaround Management Society: www.turnaround-society.com