I'm doing research into how to turn around failing companies with the anticipation that I'll end up doing this someday. Here's what I've learnt:
1. Trade market share for profitability. When a company is in the red, focus on products that are still profitable and get rid of products that no longer contribute to the bottom line.
2. Align the organization to support products that are not on the mark but are needed. Focus on finding a niche and specializing and being the best 2 or 3 product areas...There's nothing worse than running with the herd!
more to come...
