Category Archives for Business Turnaround

Each business has its own unique set of problems as each business has its own distinctive ‘recipe’ for the way it runs and operates. It is dangerous to believe that what worked for a similar business will work for yours. 

To determine which turnaround Type and Strategy will be suited for your situation. You may need to do a business turnaround analysis that includes an insolvency and viability tests. If you find that any of these tests are positive for your current business situation, it is vital that you take action as soon as possible to address the insolvent position by speaking to a professional.

Signs of financial distress in business are merely symptoms of different causes that are responsible for a business in financial trouble.  

There are many reasons why business find themselves in financial  distress, struggling, and even failure. But the largest single cause of small business failure, except for a few external reasons like sudden illness, legal challenges, natural disasters or unfavorable economic conditions, is management failure. To be more specific, financial management failure, and it's NOT YOUR FAULT.

This "Turnaround Checklist" was created with the intention to help business owners in analyzing their business position, and to be able to make the right choice regarding their business turnaround strategy.  Once you’ve completed the turnaround checklist, you will have a good idea of where your business stands at this point, and have the ability to choose the right turnaround strategy to adapt, adjust and return your business to its previous profitable state.

Before you can decide  if the business can be rescued and turnaround, you have to look at the ‘whole picture’. You need to understand the business, what makes it tick, its strengths and weaknesses and where the opportunities are. This business turnaround analysis provides you with about 230 questions to help you analyze the business. Sufficient analysis must be done to ensure that the correct options are selected for the improvement.  The evaluation of the business at this stage may take a few days for a small business, or up to several weeks for a larger company. The outcome of the turnaround analysis will determine your course of action. By having a clear picture of the particular problems you will be better prepared to cope with and solve the problems. Time is of the essence and certain basic steps need to be taken. 

Looking at a business turnaround, there are two different types, each with its own different strategies that can help to turnaround a struggling business? You can never assume that there is only one right answer or strategy to a particular problem.   Each business has its own unique set of problems as each business has its own distinctive ‘recipe’ for the way it runs and operates. It is dangerous to believe that what worked for a similar business will work for yours.

By understanding what a business turnaround realy is and the different options available makes it easier to chose the right one for your business.

120 Critical self-diagnostic questions to get clarity on your current position and options to create a great turnaround strategy that will support the most important action steps needed to increase the business’s performance and results. Get your business working harder, faster and more profitable again for future growth, expansion and profitability with these turnaround strategy questions.

These analytical turnaround strategy questions is of critical importance for the business at this stage.  This will help to understand the business, what makes it tick, its strengths and weaknesses and where the opportunities are to increase the business’s results.

Discover the best strategies, tools and resources you can use right now so you can future proof your business, and be prepared for future challenges in uncertain times that will totally destroy so many others.

If you're prepared for difficult economic times, and have the right tools and strategies, there is no reason to worry about your financial future. History has shown it is possible not only to survive, but also to prosper in these times.

If your business is in a crisis, here is how you can stabilize your situation and reduce the burden, so you can make good decisions.

Here are 6 Steps you can follow to stabilize your business:

1. Step 1: Making sure that everybody fully understands the situation 
2. Step 2: Create and then maintain a positive cash balance at all times.   
3. Step 3: Find out what caused the problems you are dealing with.
4. Step 4: Prepare a realistic turnaround plan your creditors will support.
5. Step 5: Negotiate the restructuring of your debts.
6. Step 6: Execute with precision and consistency.

The real reason why most small business fail is our ability to react to changing conditions, to implement the necessary changes and improvements in 6 basic areas of your business. There are many reasons why most small business fail or finds itself with declining profits, sales, cash flow. But the largest single cause of most small business failure, is management failure. 

How do most small business fail

Every reason for success and business failure, except for a few external reasons like sudden illness, legal challenges, natural disasters or unfavorable government policies can be found within these 6 areas: