Shared by Gregg Yorkison, C.Y.G.
When a company has had a period of poor performance, it’s not always a sign that things are beyond hope, according to Gregg Yorkison, a Managing Partner at C.Y.G. A well-enacted turnaround can have positive results and lead to a profitable and long-term recovery. Blockchain technologies have become essential in helping to make that possible. Blockchain takes the guesswork out of what resources are available and ensures that they are tracked from starting point to delivery, thus preventing, reducing, and tracking loss when it happens. Gregg Yorkison of C.Y.G. also notes that it provides a decentralized and easy to access database so that all employees and stakeholders can access the information they need when they need it and in real-time.
What sets blockchain technologies apart
Simply put, blockchain technologies create transparency and accountability.
“A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.”
Image credit: Olya Kobruseva
Design a blockchain strategy to improve results
Corporate turnarounds can be a challenge, especially when there are internal disputes over business operations or accuracy and accountability regarding cash management, employment, and reporting. Gregg Yorkison of C.Y.G. emphasizes the need for a plan that integrates blockchain technology to create transparency and reduce fraud as well as the need for disputes based on faulty or inaccurate information and inventories. With twenty-four years of experience in turnarounds, he knows what he is talking about.
In many cases, when companies are in trouble, they bring Gregg Yorkison on as the Chief Restructuring Officer. He assumes the role of the Officer in charge of all business operations, cash management, employment, and reporting. These matters typically occur where there is a dispute amongst ownership or the need for an “agent of change” as required by a secured party. These crises usually have little to no advance notice. Yet, Gregg Yorkison of C.Y.G. has successfully managed through these situations by stabilizing operations, implementing appropriate reporting, advising the Board of Directors, and setting strategies to move the business forward in a positive manner.
Integrating blockchain with effective turnaround tools and plans
An effective process for turnarounds involves a series of procedures recommended by Gregg Yorkison of C.Y.G., all of which can benefit from an approach that integrates blockchain technology. The groundwork for a turnaround will include the following procedures:
- Assessment
- Cash flow planning
- Revenue & Margin testing
- Productivity testing
- Supply chain testing
Once those are measured, tested, monitored, and easy to track, the next stages become easier to manage and negotiate:
- Correcting the size of operations, staff, and wages
- Changing stale performers and practices
- Renegotiating supply agreements
- Rationalization of vendors
- Repositioning of the company for sale or recapitalization
It’s all easier with blockchain.
Image credit: Joey Kyber