Dr. Mike Teng placed an interesting post that is well worth reading on his blog Corporate Turnaround titled Myths in Corporate Transformation and Turnaround.
These myths are:
Myth 1: Not vulnerable to financial crisis.
Myth 2: Nothing has gone wrong (self-denial).
Myth 3: Primary role of a turnaround manager is to cut cost to the bone.
Myth 4: It is a safe route to success doing business in Asia.
Myth 5: Textbook knowledge will suffice in helping executives manage a corporate turnaround situation.
Myth 6: “Firing shall continue till morale improves.”
Myth 7: Common sense alone will suffice.
This turnaround news flash was brought to you by Turnaround Solutions - turnaround management consulting firm rescuing distressed companies and improving results of underperforming companies in South Africa.