In view
of much greater uncertainty, volatile and changing global business environment
ahead, perhaps it is timely for me to share my turn around company’s experience
with some of you with the intention to stimulate our thoughts and success
oriented plans further. Sharing our experience, skill and insightful experience
will benefit larger magnitude of people for a better world ahead.
I still
recalled when I first heard about the turn-around guru, Lee Iccacoa who
turned around the General Motors during the seventies when I was
a student. I was amazed with this guru who inspired me to study this topic with
much great extent and interest. I never expected that I would have a chance to
put it into a real test.
During my
professional service with a trading company, I was given an opportunity to work
with the General Manager to turn around this poorly managed company. We
were able to turn around the company with a small profit after about six months
of hard work, commitment and effective strategic profit rationalised plans.
We have
prescribed some success oriented formulae which stopped the company from
bleeding further. Various measures such as stay focus on higher profit margin
products; contain operational costs, shortening its cash conversion cycle and reduce
the bad practice of the cannibalized machine. This bad practice in fact
increases our inventories holding period, thus eroding our profit margin.
However,
that General Manager left for a better offer from other company and leaving
behind the company without a head. I eventually left the company after realizing
that a new general manager was leading us to a clueless direction. The company
was sold off to third party not long after I left.
No doubts,
I didn't really complete my mission as a Turnaround Manager and my dream never
end there. I was put into a real test again when I was with another new company
when I helped my then employer to grow his private limited company into a
publicly listed company. With such fantastic results, I was then promoted to be
the Financial Controller of the company.
Thereafter,
the company was badly hit by the Asian Financial Crisis in 1996-7 and this
enabled me to put my partially incomplete mission and skills into a real test. Because
of my strong desire, determination, direction, I managed to deliver the
required turnaround result. Just imagine how I had acquired the new skills by laughing
it out more often so as to release my pressures especially when my company was
hit by numerous occasions such as receiving Section 218 notice, Seizure notice,
etc.
Fortunately,
my boss and then the owner who earned my trust over the years gave me full
support by granting me more authority to effectively implement several drastic strategic
and operational plans to keep the company afloat. There I had even take up new
roles to sharpen my business development skills. It is a real rewarding and
memorable for me to have such a wonderful experience as turn-around manager. This
experience shaped me into a more-handy and complete person to face much greater
challenges. The company finally continue its services and fulfill its other
commitments. The rests are history.
It well
demonstrates the point that no storm can last forever but only the tough people
last. Again, it is timely for me to reflect what I had experienced so as to
benefit larger magnitude of people at the time of greater challenges ahead in
view that four out of five largest emerging economies, BRICS except India are
declining in economic growth characterise by weakening commodities’ prices and
numerous economic nourishment (Quantitative Easing) by many countries over last
decade. This un-precedented economic challenge is the new global phenomenon that
requires higher thinking skills to solve this new challenge.
The hands
on experience of the entire turn around process, was a tough but real sweet and
rewarding job. I finally realised one of my dreams of becoming a turnaround
manager in 1998, at the age of 38. Blessing led to more blessings I even took
my new venture in internet to a new height. Again, I have seen the light in my
new venture.
Today, my labour of love has been
featured in the media multiple times namely in Smart Investor Magazine,
Financial First (MFPC) , Money Compass, Corporate Voice Journal (MAICSA),
Journal of Wealth Planning and Management (MFPC), FlyMe360 and Hospitality Asia
magazines. I have self-published eight books, specializes in value creation. 3
out of 8 books have been upgraded to second edition and beyond.
With my passion in sharing my
thoughts and knowledge in both the financial,
wealth and mindset fields, I was officially appointed as a trainer and speaker
with various local professional institutions, and economic updates with an
international business club.
My recognition goes beyond the
organization I served in as I was invited to be one of the speakers at the
Secretarial Conference in Kuala Lumpur on Dec 2 & 3 2015, a conference
organized by Camfori Training Provider that featured comprehensive secretarial
and financial strategies and solutions featuring 10+ thought leaders and
speakers.
Check for more details at
jamesoh.blogspot.com
