Turnaround Services
The owner of a struggling business may need to enlist the help of an independent professional in order to stop the deterioration and turn it round into a viable business with its own inherent value.
Managing Change may well be beyond the owner's skill set or maybe being too emotionally involved is inhibiting the necessary tough decisions from being made.
All business situations are different and, therefore need different approaches. However, there are generally many procedures that will almost always become part of the process of “Turnaround” they are:
- Review and assess the present situation
- Develop a plan and strategy for the business
- Communicate with key employees
- Communicate with other employees
- Meet the current financial lenders
- Meet with customers
- Meet with suppliers
- Analyse successful competitors
- Identify new potential customers
- Review cash flow and cash conservation
- Install new, or update, “Control/Information” systems and procedures
- Monitor, measure, action, communicate
Business turnaround work should never be considered a “one-off” exercise
- New procedures should be adopted and monitored regularly with all working practices frequently reviewed.
- Consider appointing a non-executive director, to attend board/management meetings, or
- Appoint an interim manager to regularly check certain areas of the company’s performance.
- Book an “Business Health Check”
For more information please complete our Enquiry Form on our "Contact Us" page.