Regaining Lost Glory

In recent years, the global economic scenario has been rather  volatile, and most of the countries are still suffering from the aftermath of the financial crisis and recession. And it has been quite an uphill task for small companies to grow at the same pace as before. With the rapid advancement of technology and advent of new managerial processes, there has been a sea change in the way the markets are working today. The companies, which were not quick to adapt to the new changes, were either forced to shut down or are on the verge of shutting down..

Pradip Chanda’s Rise Like a Pheonix: Scripting Corporate Turnarounds walks us through the roadblocks faced by some companies, especially firms on the verge of collapse, and how they figured out that a few changes in the system could enable a complete turnaround, turning a ‘sick’ unit into a highly successful one. Chanda has vast experience of 30 years as a senior corporative executive, 14 of them as the CEO of various top MNCs, and is widely known in business circles as the ‘guru’ of turnaround in India. In 1985, ‘HMV’ was on the brink of shutting shop. Chanda , who was appointed the CEO, planned a successful turnaround and put the company back on the No. 1 slot.

With ample case studies and examples, the book illustrates how some companies (Hindustan Motors, Tata Nano, Nokia) missed signs of change and competition and, in turn, started losing market capitalisation.  Or how some  organisations (Ford, Bharat Tiles, India Post) took note of its impending doom, planned a  turnaround and bounced back into action. The author also explains in detail, why it is important to speak to the right executives during a turnaround — the HR, heads of supply chain, finance, marketing, etc.

Hidden between the pages of the book is the secret of how organisations with the right resources and efforts have the ability to ‘rise like a phoenix’. One such gem: If the company is to revive, a change in its personality is the starting point.