Turnaround Self-Diagnostic Questions

Business Turnaround: Self-Diagnostic Questions For Creating a Perfect Strategy

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.

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Turnaround Strategy Outcome From The Analysis

Signs of financial distress in business are merely symptoms of different causes that are responsible for a business in financial trouble.  It is of critical importance to know the early signs and symptoms of a business in distress because earlier intervention provides business with the best options, and can lead to a much better outcome. If you have any doubts, please speak to a specialist near you or contact us today. Or if you would like the best immediate solution for your business you can go to The 40-Day Business Turnaround Program will take your business from a "Breakdown & chaos to a Breakthrough & control" in 40 days or less. Stop the urgent pressing cash flow problems that's forcing you into making bad decisions, and forcing you into digging yourself into a deeper financial hole. Let us help you transform your cash-demanding profit-seeking business back in to a highly profitable cash-flow rich business 

These powerful self-diagnostic business turnaround questions are needed to give you a quick indication where strategies can be formulated. It will help you focus your thinking in certain areas of the business. You may think you already know the reason to your current situation, but it may only be the symptom that you are looking at.

  • To establish a realistic overview of the business from an operational and financial perspective.
  • To establish the viability of the business for the medium to long term.
  • Which options are available to the business, i.e. improve, liquidate, and sell, insolvency.
  • What a mix of strategies and actions are needed for short-term survival.
  • To determine if the owner of the business is willing to be part of the solution?
  • Does the owner have the attitude, skill and vision to implement the business?
  • How do the various stakeholders perceive the business?
  • How severe is the crisis and what stage has it reached?

The outcome of the business turnaround strategy analysis will determine your course of action.  Time is of the essence and certain basic steps need to be taken. This annalist is a general overview of the business that is done in the beginning of the turnaround process. Sufficient analysis must be done on every area of the business as you go forward in the process. The evaluation of the business at this stage may take a few minutes.

Here are 230 More Business Turnaround Analysis Questions if you need to dive even deeper into finding causes and solutions to your current temporary situation.

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Things To Consider While Analising The Business 

As a business owner you need to look at the ‘whole picture’. Not only must the business itself be considered, but also the owner. How will the owner’s way of thinking and interpretation of the problem at hand affect the business? Take the information from the list of questions and see which areas need improvement. Determine short-term cash survival like whether the business has sufficient cash to see it through the next cycle (3 months), a and turnaround strategy survival plan - where funds are generated internally for quick cash generation is needed

While evaluating the business it is important to identify essential and important issues for the business’s survival.  You should identify the internal strengths and weaknesses, as well as the business’s external threats and opportunities.

Good management of the business won’t be sufficient if the business doesn’t have a viable core product or service, as the competitive position of the business is essential to the decision whether a business can be turned around or not. Without a viable core product/service a turnaround in most cases is highly unlikely.  Is the product or service near the end of its life cycle?  For example, is the business still in the typewriter market, or is the business still pressing out seven singles, how viable or competitive is your product out in the market?

Business Analysis

Business Analysis

Analising Business Solvency 

Before you start implementing your business strategy successfully you need to determine the business solvency. These turnaround strategy questions will give you a good idea of where your business stands at this point, and you may need to get some legal or professional advice with this one.

It's important to know that you are legally required to present accounts to show a true and fair picture of the business, and if the business is insolvent you must act to maximize creditor’s interests. Here is a basic test that you can use to determine if the business is. 

The Balance sheet test: Do you owe more than you own as a business or are the business’s assets exceeded by its liabilities? Do you or another partner owe more than you own personally? (It is important to know that it should include contingent or future liabilities.)

The Cash flow test: Can the business pay its debts when payments become due? If your business can't pay expenses, employees, creditors, or Income Tax for example, then the business could be insolvent.

Determine Turnaround Strategy Course Of Action 

For more detailed steps and actions you can take, you can read business turnaround strategy steps.

Once the short-term turnaround evaluation is complete, you need to decide:

What issues need to be attended to immediately?  For example, how can funds be generated immediately within the business? 

What issues need to be attended to in the short term?  For example, what possible short-term financing is required?

What issues will be attended to in the medium to long term?  For example, look for new outlets and markets for the products/services on offer, or develop/improve new products/services.

What components of the business should remain the same?  For example, all core profit-generating items to remain.  No large projects undertaken in the short-term.

If you would like me to personally help you find the best immediate solution for your business. You can contact us for a free breakthrough strategy sessions. Our program will take you through a series of logical steps instead of telling you how to operate or manage your business?  We will provide you with a series of strategies and tools that will put you in a better position that will lead to a positive outcome. The aim is to help you survive the ‘business crises’, improve profits and cash flow and move the business to a level of profitability as fast as possible. For more information: Get a 100% FREE No-obligation, 45-minute Breakthrough Call

Complete The Questions

Rate each question with a score:

Very Poor

Poor

Average

Good

Very Good

Excellent

Questions For The Owner

  • Your ability to cope with current workload?
  • Your ability to take time of to enjoy personal interests?
  • Your ability to take time of for exercising?
  • Your ability to take time of for relaxing?
  • Your ability to take time of for annual holidays?
  • How motivated and willing are you to improve the business?
  • How committed are partners/shareholders to improve the business?
  • How ready are you to start with the improving your profits now?
  • How well do you know your business Key Success Factors?
  • How clear is your vision for the future of your business?
  • How familiar are you with business Strengths and Weaknesses?
  • You have a well-developed “business plan”?
  • You have a well-developed “goal plan” for the future?
  • Your existing log term strategy to achieve objectives?
  • You have a well-developed strategy to exit the business one day?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Questions For The Business Team  

  • Your team’s current commitment?
  • Your team’s loyalty?
  • Your team’s job satisfaction?
  • Your team’s motivation?
  • Your team’s current productivity and performance?
  • Your team's compensation plan?
  • Your team’s skills to perform well in their jobs?
  • Adequate job descriptions in place?
  • Your team’s knowledge of their High Impact Tasks?
  • Adequate personal policies in place?
  • Your team’s creativity?
  • Your team’s ability to cope with workload?
  • Your team’s incentive and recognition program?
  • Adequate Training and recruitment system in place?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Business Management  Analysis Questions

  • Rate your general leadership skills
  • Rate your general business skills
  • Rate your sales skills
  • Rate your marketing skills
  • Rate your financial skills
  • Rate your communication skills
  • Rate your administration skills
  • Rate your management skills
  • Rate your people skills
  • List Element

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Business Finance Analysis Questions

  • How well and regular is Cash flow projections prepared?
  • How well and regular is Budgets prepared?
  • How well and regular is Targets prepared?
  • How well do you know your business Break-even point?
  • Your return on your investment?
  • How satisfactory are your income and personal drawings?
  • The business financial stability?
  • Cash flow adequate to meet ongoing obligations?
  • Ability to stick to budge?t
  • Ability to achieve sales target?
  • Adequate Working capital?
  • The business profitability?
  • Ability to meet debtor’s obligations?
  • Ability to meet debtor’s obligations?
  • Current ability for obtaining and repaying a loan?
  • Current availability of funds for growth?
  • How efficient is accounts receivable managed?
  • How efficient is debtor’s accounts managed?
  • Adequate credit policies in place?
  • Adequate debtor’s approval process in place?
  • How efficient is your debt collection process?
  • How adequate is your insurance cover?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Business Systems Analysis Questions

  • How successful is marketing measured and monitored?
  • How successful is sales measured and monitored?
  • How successful is finances measured and monitored?
  • How successful is customer satisfaction measured and monitored?
  • How successful is Key Success Factors measured and monitored?
  • How successful is employee satisfaction measured and monitored?
  • How successful is competitors measured and monitored?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

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Business Information Analysis Questions

  • Adequate information on fixed and variable expenses?
  • Adequate information on operating expenses?
  • Adequate filing and administration systems?
  • How accurate is your accounting system?
  • How successful is productivity measured and monitored?
  • How successful is profit margins measured and monitored?
  • How successful is stock measured and monitored?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Operation Analysis Questions

  • How well is business coping with demand?
  • How well can business handle additional growth?
  • Adequate stock on hand?
  • Adequate plant and machinery?
  • Rank business’s location
  • Rank business’s layout
  • How strong is your service/products Not seasonal related?
  • How efficient is your service delivery?
  • The quality of your service/products?
  • Your knowledge of product and service?
  • Efficiency of stock control system?
  • Stock on hand aligned with stock required?
  • Your relationship with your suppliers?
  • How satisfied are you with your suppliers  service?
  • How satisfied are you with your suppliers price?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Marketing Analysis Questions

  • How competitive are your prices against competitors?
  • How competitive are your service against competitors?
  • How competitive are your products innovation against competitors?
  • How unique are your business compared to competitors?
  • How well do you know your competitors?
  • How effective are you against your competitors?
  • What is the current market growth in your industry?
  • What is the potential future market growth?
  • How strong is your market share?
  • How effective are your strategies to find customers?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Analising Sales

  • How effective are your sale skills?
  • How successful are your sales increasing?
  • How successful are your sales Promotion and advertising?
  • How effectively are you converting prospects into clients?
  • How effectively are you follow up process?
  • How well are sales measured and monitored?
  • How good are you at Not giving discount to clients?
  • How healthy are your profit margins?
  • How market related is your prices?

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Analising Customers

  • Rate customer satisfaction
  • Your customer services
  • The value you offer to customers
  • Making it easy for customers to buy from you?
  • How well do you offer warrantees /Guarantees?
  • What is the likelihood of repeat buyers?
  • Frequency of exceeding customer expectations?
  • The ratio for receiving referrals from existing customers

Your Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

Count all your scores:

Total Result: Very Poor_____Poor_____Average_____Good_____Very Good_____Excellent_____

More Advice


Now that you have a much clearer picture of your current situation, you can see where can you start making some improvements.

Remember:  The best business owners in history have faced downturns – those who reacted early to face the distress came out stronger. Those who faced the crisis alone usually failed.

Earlier intervention can lead to a much better outcome for the business and provides your business with the best options, so if you have any doubts, please contact us for a free strategy sessions today. "free crisis strategy sessions"  During "The Strategy Call", there's no sales pitch or attempt to sell you anything, ever. This call is about helping you, to talk about your unique business, and to brainstorming ideas and strategies to help you increase your sales and profit immediately. The First Solution Is Always Free, Just To Demonstrate That I Can Help You, By Actually Helping You ... For Free

If you would like the best immediate solution for your business you can go to The 40-Day Business Turnaround Program will take your business from a "Breakdown & chaos to a Breakthrough & control" in 40 days or less. Stop the urgent pressing cash flow problems that's forcing you into making bad decisions, and forcing you into digging yourself into a deeper financial hole. Let us help you transform your cash-demanding profit-seeking business back in to a highly profitable cash-flow rich business

Download Printable PDF

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"business turnaround strategy questions"

About the Author Hans

Hans had 40 of his own businesses over the last 30 years and is famous for creating fast-growing businesses” He is an author, speaker, coach, and consultant and a specialist in business optimization and turnaround, helping smaller business owners eliminate business limitations, threats, and growth challenges in achieving their sales, profit, cash flow, and income goals with sniper precision.

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