Vantage Performance Podcast Turnaround Management and Business Resilience

The many thousands of Australian businesses which fall over the cliff each year impacts the economy by billions of dollars. The social consequences are also severe, including bankruptcies, stress, layoffs, unemployment, and even suicides. To avoid collapse, Michael Fingland, CEO of Vantage Performance, says businesses should regularly assess their financials, identify critical KPIs, and confront the brutal facts. It is important, he insists, for directors to seek outside help and for stakeholders to nudge them towards seeking assistance.

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How well prepared is your business to withstand any kind of shock? In this episode Michael Fingland introduces ‘productive paranoia’, a concept made famous from business author Jim Collins. Productive paranoia is the trait of being constantly alert to potential disruptions and challenges that could impact a business.

Michael explains the process of brainstorming initiatives and creating a plan to combat potential changes. Productive paranoia can be used as both a defensive and offensive tool to protect and strengthen a business.

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Working capital, also known as cash flow, is the lifeblood of every business, yet many businesses fail to understand and track it. Michael Fingland, CEO of Vantage Performance, says as a business grows, the amount of working capital increases. He explains the need to calculate working capital days; for example, capturing the period from purchasing raw materials to receiving cash for sold goods. Tracking and improving debtor days, stock turnover, and creditor days can unlock cash and subsequently help improve cash flow.

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Increased stress levels are impacting businesses, and leaders need to be aware of the personal stressors that employees may be facing. That’s according to Michael Fingland, CEO of Vantage Performance, who says implementing stress management techniques in the office, such as yoga classes and team outings, can help alleviate stress and improve staff morale.

Checking in with employees and demonstrating care is essential for understanding their well-being and addressing any issues they may be facing. Leaders should prioritise self-care practices, such as exercise and breathwork, to maintain their own well-being and set an example for their team. The year ahead is predicted to be challenging, with potential economic and political uncertainties, making it even more important to focus on mental health and productivity initiatives.

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Retail sales have plummeted, indicating a challenging economic climate for businesses, says Michael Fingland, CEO of Vantage Performance. Working capital management is crucial during tough times, with a focus on debtors, inventory, and creditor management. AI tools can significantly enhance productivity and provide a competitive edge for businesses, and so it’s important to stay updated on AI applications and consider setting up an internal AI team. Strategic planning at the start of the year, he says, is essential to identify critical issues and develop initiatives to address them.

Vantage Performance – https://vantageperformance.com.au/
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A new way of farming is taking the world by storm. Regenerative Agriculture is aimed at improving the level of organic matter and carbon in the soil. Michael Fingland, CEO of Vantage Performance, says it includes a series of five core principles: minimise soil disturbance, keep soil covered, maintain living roots in the soil, maximise plant diversity, and reintroduce livestock. Not only is Regen Ag better for the land and healthier for consumers, farmers are making more money than conventional farming. 

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