Business Turnaround Consultants: Celebrating Our IFT Award

We were part of the winning team that won the Mid Market Turnaround of the Year award last year, but it was more than just an accolade for us as business turnaround consultants – it was a defining moment in our journey. It served as a reminder of why we do what we do and the impact that can be achieved when a team of hand picked individuals come together and rally around a company at breaking point. 

We were proud to be part of the winning team, recognised for our joint work with Grainger & Worrall. This award is a testament to how the right approach and the right people can turn any business around. We’ve always believed that business turnaround is about more than just numbers – it’s about people, culture, and purpose. It’s about stepping in when things are tough, being sensitive to the situation, rolling up our sleeves, and working alongside leadership teams and those on the shop floor to rebuild them from the ground up. 

What makes this recognition so special is that it validates the heart of our mission: helping businesses get back on their feet and move toward long-term success. In the manufacturing world, seeking external consultancy is often viewed as a last resort. However, IMIG’s success stories, exemplified by the IFT award, aim to challenge this perception. Engaging with us at an early stage can prevent challenges from escalating, leading to quicker and more effective turnarounds. It’s a proactive strategy that emphasises partnership, job preservation, and the amplification of existing strengths. 

Jointly winning this award has energised our team and strengthened our commitment to supporting businesses when they need it most. We are now fortunate enough to have two accredited members of the IFT working for IMIG, myself as CEO – Alun Tribe – and Paul Marron, our Senior Consultant and Interim Managing Director. Read how the IFT are creating next generation leaders in business turnaround here.

We’re all incredibly proud of what we all achieved with Grainger & Worrall. 

-Alun Tribe, CEO, IMIG 

FAQ: Business Turnaround 

• What is business turnaround?

  Business turnaround is the process of revitalising a struggling company to restore financial health, operational efficiency, and long term success. It’s essential because it helps businesses overcome challenges, preserve jobs, and rebuild stakeholder confidence. A successful turnaround not only stabilises the company but also positions it for sustainable growth, ensuring long-term viability in competitive markets.

   

• When should a company seek business turnaround consultants’ services?

  A company should seek business turnaround services as soon as signs of financial distress, declining performance, or operational inefficiencies appear. Engaging external expertise early can prevent challenges from escalating, leading to faster and more effective solutions. Waiting too long can limit options, making recovery more difficult.

   

• What are the key elements of a successful business turnaround?

  A successful business turnaround involves several key elements:

• Diagnosis: Identifying the root causes of the company’s challenges. 
• Strategy Development: Creating a clear, actionable plan to address financial, operational, and cultural issues. 
• Execution: Implementing the plan with a focus on improving cash flow, reducing costs, and enhancing productivity. 
• Collaboration: Engaging leadership teams, employees, and stakeholders to foster a culture of resilience and accountability. 
• Sustainability: Ensuring long-term success by embedding best practices and continuously monitoring performance.
  

Read more about IMIG’s Business Turnaround services HERE.

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