Realizing that your company is a turnaround candidate is not always easy. It is normal to think “next month (or next quarter) will be better”. Most businesses fail for more than one reason. To fix the problems, you have to look at the whole company.
The key to turning around a company is to start early. The longer you wait, the less chance of success. Any time you are losing money, time is of the essence. Few businesses have enough cash reserves to absorb continued losses.
The turnaround process involves looking at all aspects of the company. We look at sales, operations, finances, and HR to identify problem areas.
First we must answer: What is/are the root cause(s) of the problem?
Then we: Stop the bleeding. Restructure/ Redefine systems/processes.
Finally: Manage and train. Hand back over to management.
For companies that are losing money, a drastic and rapid turnaround is necessary. When you are losing owner’s equity, drastic actions are required.
We work to plan and manage the turnaround process. We work with owners, lenders, and banks to find and fix problems in small businesses. We are able to bring an unbiased, outside prospective to the business. This allows us to “see” things that may get overlooked by someone already involved in the company. Everything we do is done with three basic goals:
1) Profitability
2) Long-term well being of the company
3) Confidentiality.
We would like to discuss your situation. We can help. Give us a call for a free assessment. |
