With decades of experience conducting multi-million pound turnarounds for global financial organisations, Peter Charambalous has the inside track to turnaround success. Here are nine of his key points to consider before embarking on a turnaround.
"I wasn’t very popular in certain circles, so I received personal security training for the duration. Once, I was trapped in the middle of the street with military armoured vehicles and barbed wire behind me and advancing Zulu tribesmen in traditional regalia charging towards me, but that’s another story!"
"If you are in a hot air balloon plummeting to the ground the first thing you do is to jettison everything you don’t need to gain more height. Losing a part of the business that is beyond repair to save the rest must be a nuclear option within your armoury and you must be strong enough to press the button when required."
For our Turnaround Series, Peter Charalambous, Senior Consultant, BDO Greenlight, gives a personal insight into major turnarounds he has worked on around the world during his extensive career. From Canada to Hong Kong, South Africa, and back to Jersey, Peter's experiences show how the key principles of a turnaround can be applied across different cultural and working environments.
Organisational cultures don’t change overnight and the right project framework for your organisation might not suit that of another. However, if you can focus on managing project benefits and ensuring you use benefits realisation as a measure of success, the culture of how change is initiated, delivered and managed will start to change - for the better.
For our BDO Greenlight summer event, we brought over International Futurist and U.N Gold medal Winner, Ray Hammond, to offer an insight into how Jersey might look in 2027 and beyond. With over 35 years analysing global trends, Ray Hammond is one of Europe's most experienced Futurists, predicting trends in AI, robotics, medical devices, the internet. Here are a few ideas Ray shared with us about the future of business, in Jersey and beyond.
There's something really exciting about an office move; a change of scene, a new location and a determination to further improve business performance. On paper the move may look simple. However, it can turn out to be complex, stressful, time consuming and if executed badly, an expensive undertaking.
Your organisation could be suffering from a variety of symptoms: Operational costs are rising, affecting margin %, you are not meeting revenue and profitability targets, there is a compelling event causing pressure, such as a new regulation, customer complaints are increasing with no clear action plan to stop complaint happening...