In the dynamic landscape of business, adaptability is a core element in the successful turnaround of struggling companies. Scott Dylan, co-founder of Inc & Co, has demonstrated the power of adaptability in revitalising businesses across various sectors. With a global presence and a turnover exceeding £150 million, Inc & Co’s success hinges on its agility and ability to innovate. This article explores the significance of adaptability in the business turnaround process, drawing on the experiences and insights of Scott Dylan.
Scott Dylan, a self-made entrepreneur with a 20-year career, hails from humble beginnings in South East London. He has surmounted numerous obstacles and errors, working diligently to achieve his accomplishments. Alongside Jack Mason, Group CEO, and Dave Antrobus, Group CTO, Scott established Inc & Co in 2019, focusing on acquiring, investing in, and revitalising struggling businesses. In doing so, they have preserved employment, minimised creditor losses, and fostered growth.
The turnaround of distressed companies is a challenging task, often met with resistance from suppliers, employees, and customers, while negative press from journalists further complicates the process. The key to successful business turnaround, according to Scott Dylan, lies in adaptability. He states, “In an ever-changing business environment, the ability to adapt to new circumstances is essential. A company that can pivot and reinvent itself in the face of adversity is far more likely to succeed in the long run.”
Statistics illustrate the importance of adaptability in business turnaround. A study conducted by McKinsey & Company found that companies that prioritised adaptability during a turnaround were 60% more likely to achieve sustainable growth. These businesses exhibited traits such as continuous learning, innovation, and a willingness to take risks, all of which are hallmarks of adaptability.
Inc & Co’s track record is a testament to the power of adaptability in business turnaround. The firm has acquired and revitalised businesses across a range of sectors, including professional services, travel, retail, e-commerce, and shared workspaces. Notable examples of successful turnarounds include MyLife Digital (sold to Dataguard), Laundrapp (sold to competitor Laundryheap), and Wood for Trees (sold to Edit Agency). Each of these businesses underwent significant transformations, embracing new technologies and strategies, ultimately resulting in successful divestments.
Scott Dylan’s experiences provide valuable insights into the importance of adaptability in business turnaround. For example, the turnaround of Laundrapp, a UK-based laundry service provider, showcases the role of adaptability in navigating industry disruption. The company initially struggled with inefficiencies and a lack of profitability. However, under Inc & Co’s guidance, Laundrapp embraced new technologies, streamlined its operations, and expanded its services. This adaptability allowed the business to thrive, leading to a successful acquisition by competitor Laundryheap.
The ability to anticipate and respond to changes in the market is crucial for businesses facing adversity. In this context, adaptability can manifest in various forms, such as restructuring, embracing new technologies, or pivoting to new business models. For Inc & Co, adaptability is ingrained in their approach to business turnaround, as evidenced by their diverse portfolio of revitalised companies.
Dylan’s personal journey is also a testament to the power of adaptability. Despite suffering from Complex PTSD, he has become a vocal advocate for mental health and champions diversity, embracing various cultures and promoting women in business and technology. This openness to change and inclusivity is reflected in Inc & Co’s company culture, which fosters a loyal team upon which one can depend. As Scott Dylan emphasises, success is never a solitary journey.
Adaptability is a crucial element in the business turnaround process. As demonstrated by Scott Dylan and Inc & Co, the ability to embrace change, pivot, and reinvent oneself in the face of adversity is a key driver of success. The firm’s diverse portfolio of revitalised companies across various sectors underscores the power of adaptability in overcoming challenges and achieving sustainable growth.
Scott Dylan’s personal journey highlights the importance of adaptability on an individual level, showcasing the value of embracing diversity, inclusivity, and mental health awareness. This mindset permeates Inc & Co’s company culture, creating a strong foundation for continued success in business turnaround.
As the business landscape continues to evolve, adaptability will remain a vital component for companies seeking to navigate disruption and drive growth. By embracing change and cultivating a culture of continuous learning and innovation, businesses can successfully revitalise their operations and emerge stronger in the face of adversity.
Scott Dylan’s insights and experiences serve as a powerful reminder of the importance of adaptability in business turnaround. Through his leadership at Inc & Co, he has demonstrated the transformative power of embracing change, ultimately fostering growth and preserving employment opportunities for countless individuals. As businesses continue to face new challenges in an ever-changing world, adaptability will remain a crucial aspect of successful business turnaround strategies.