When a business becomes distressed or insolvent, there are a range of measures that can be put into place to turn it around. Business turnaround specialists can advise on all the possible solutions which can include refinancing and restructuring.
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. Whilst this can be very distressing for you, business turnaround specialists are experts in this field and will have a wealth of experience. They can also often identify the root cause of the problems that your business is experiencing, whilst helping you obtain the injection of cash that you need.
The role of a Business Turnaround Specialist
A business turnaround specialist may perform the following tasks in order to get your business back on track:
- Examination of your management accounts and sales order book
- Creation of a business turnaround strategy, detailing timing, financial impact and methods of measurement to determine success
- Formulating a change management plan to deal with the likely resistance felt by many employees. Key staff members will clearly understand the turnaround plan and the consequences of not implementing the changes required
- Communication strategy to all staff to get buy in to the turnaround plan, this includes informing staff of job losses and reassuring remaining staff.
- Communicating with banks and lenders on the turnaround plans, and attempting to renegotiate terms
- Communicating to suppliers and renegotiating more favorable payment terms.
- Identifying assets which are not being used and liquidating them to provide extra cash, assessing overheads and limiting them where possible
Business funding options
Cash flow difficulties can prompt businesses to find new ways of boosting working capital fast. However even though your business may be in distress and may need to be turned around it is important not to rush into anything. Make sure you consider all your options so that you don’t make expensive or restrictive funding decisions.
There is a range of funding options available to you, and business funding solutions for business who need to be turned around usually include a combination of methods.
The funding options can include:
- Invoice Financing
- Stock financing
- Asset financing
- Property financing
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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