The first wave of global financial tsunami, as is known, was triggered off by the collapse of the Lehman Brothers in US, yet the second wave is stemming out of Europe with economic problems fromItaly,PortugalandSpain. How about the third wave? From a corporate perspective, is the worst over or yet to come?
The worst is not over yet, according to Dr. Mike Teng, a well-known corporate turnaround expert inAsia. In collaboration with Z. H. TANK, Dr. Teng sat down to advise corporate leaders to diagnose the early symptoms of company’s illnesses and put in place a set of corporate turnaround strategies -- in a proactive fashion.
In the webinar of “Corporate Turnaround & Transformation: Nursing a Sick Business back to Health”, Dr. Teng elaborated on the parallels between corporate turnaround phases and the western-eastern treatments. In the Surgery & Resuscitation phases, he suggested a scientific- and analytic-approach, emphasizing on the hard issues – which normally will lead to local (and partial) “quick cure” effects, reflected by enhanced cash flow, profits and sales. While these all tend to be financially-driven, corporate turnaround emphasis in the Nursing phase should be focused on soft issues and holistic (wholeness) preventive effects, directed at winning the “heart” of the people.
Admittedly, leaders for change management will face particular risks and pressure in a fast-moving business environment (like the one ofChina). Under such circumstances, corporate turnaround CEOs and managers will have to prepare both long-term and short-term strategies, according to Dr. Teng, and it’s also wise to strike a delicate balance between the corporate sickness that deserve caution and treatment and a “try and err” culture that tolerate certain degrees of mistakes and chaos.
Dr. Teng finally pointed out in the webinar that the use of internet can be a secret weapon in corporate turnaround. Abundant real-world cases have showcased that internet has helped a lot of companies to leapfrog and become stronger than many of their big rivals.
Dr. Teng is the Managing Director of Singapore-based Corporate Turnaround Center Pte Ltd. Often referred to as “Turnaround CEO of Asia”, Dr. Teng is also the best-selling author of 25 books on Corporate Turnaround and Transformation.
About Z. H. TANK
Z. H. TANK, a sister-brand of Z. H. STUDIO, is a knowledge dissemination platform with a library of customized webinars for Chinese elite business executives and professionals. Through webinars, homegrown and global industry leaders share with the audience the latest trends, best practices, hot topics, and technologies that impact the world of business. The bilingual library of webinars also aims to enable the seamless integration between global perspective, know-how and local business insights and wisdom.
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