NEW YORK, NY / ACCESSWIRE / December 23, 2020 / From restaurant chains, technology companies to manufacturing industries, Fito Salume is a master blaster for salvaging dying businesses. We caught up with him to learn some of the how-tos of achieving such successful restructures and turn them into profitable ventures.
Common sense is key to decision making
Fito emphasizes certain skills that are imperative for turnaround specialists like him. Topping the list is problem-solving capability, something that one cannot do without if you have to put an end to a struggling business that has not been able to address the concerns of its plaguing operations. Fito also stresses his ability to be a quick decision-maker and fast solution provider as valuable qualities that make him the numero uno choice for an organization that needs his expert help to save their barely surviving teams. Fito relies a lot on his common sense when it comes to making appropriate decisions. He believes that most people fail because of not applying the most obvious logic to an existing situation. "Because you're facing a company whose management team and shareholders have failed at solving the problems, so you come into a situation where people have made a lot of mistakes and those problems. That's why the company is in the current standing that it is," mentions Fito when asked about his adept skills that stand by his side to solve mission-critical issues. To get to the technical matter of facts, Fito's expertise in data analysis and his comfort in dealing with accounts and finance, capacity to identify strong patterns staring at him help him anticipate future roadblocks and strategize measures to overcome those without time. Fito also points towards the need to focus on the operations of the businesses in question and the systems and processes in use.
Understanding the human psyche to unearth underlying secrets
One of the most interesting facets that intrigue Fito regularly is his interactions with the business owners who seek to save the dwindling empire. More often than not, Fito has faced challenges understanding the crucial problems that the business is facing. Moreover, without understanding what the problem areas are, it is impossible to strategize a workaround. What is critical to understand here is that the "stakeholders representing the business will sell you that the company is not as bad as it is, making it sound like the problems are not that big." However, this is where Fito's understanding of human psychology comes in handy. Fito believes that those who work to save withering organizations must have the human sensibility and the ability to look at a person and get the right information out of them. It is pertinent to learn about their fears, desires, frustrations, pains, problems, goals, and motives. It is only when one understands people who have been running the show can one realize the ultimate concerns of the operations and seek ways to meet those concerns effectively.
When asked about some of the best practices that he followed and implemented to become a turnaround specialist, Fito shared some of his very useful insights. As per Fito, "the best way to become a specialist is just to understand the process of the turnaround independent of the industry. Whether it's high-tech companies, banks, retail, or hospitality, you need to apply the general concepts of business management. When you develop an approach like that, you can analyze more deals and get more opportunities."
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SOURCE: Fito Salume