A business turnaround professional will be able to give you an objective view on your businesses situation. They will aim to identify the root cause of the problems that your business is experiencing, putting in place business turnaround strategies to turn your business around.
Each business is different, so each business will require an individual approach, however the strategies usually include:
- Identify the problems
Analyzing all your business information: management accounts, sales, finance agreements, internal controls, customer services and try and identify problems and causes.
Once the problems and causes have been identified they will work out what needs to change. This will be broken down into actions with timeframes and the expected financial results.
- Talking to employees
It is important to keep employees informed of what is happening and the plans that are in place to aid recover. If people understand what is going on and what will happen and why they are much more likely to support it, if not then people will worry, rumors will start and morale with go down.
- Communication strategy for creditors, suppliers, customers and bank
It is best to communicate face to face with your creditors, suppliers, customers and bank to discuss the plan and actions in place. The strategy may also include requesting support from these groups and renegotiate prepayments with them.
- Cash management
This may involve renegotiation of payment terms with suppliers, the selling off of assets or selling and leasing back, moving to smaller business premises or sub letting some of your space to another business, invoice finance, redundancies, cutting back on overheads and expenses.
- Introduction of new systems
New systems, processes and procedures may be set up to ensure your business is running effectively, efficiently and responsibly.
- Review of the results
Progress will be reviewed on an ongoing basis and if things aren’t working changes will be made.
The benefits of getting advice on business turnaround strategies
A business turnaround specialist will be able to give you an objective view on your business situation and they may offer solutions that you have never considered before.
Business turnaround professionals are experts in this area and will usually have experience of dealing with business who are in a similar situations to you. Because of this they will know what to do and what not to do and will have a range of options for you to consider.
To understand the whole range of options and to get help choosing the right one for your business contact us on 0800 597 4757 or enquire online using the form opposite.
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