Business Turnaround

Thinking of a Business Turnaround? What Are The Options?

Business turnaround is a complex area, and one which has its own industry surrounding it. It is associated with corporate insolvency, but businesses that seek a turnaround solution may not actually at that moment be insolvent in the strict senses of the word.

Directors who are monitoring the position of their business will be aware if their business is in need of expert advice. If performance and profitability issues are not addressed simultaneously then the entire business could be placed in jeopardy. A successful turnaround will have to juggle conflicting priorities whilst at the same time charting a course for the most effective remedy.

The business turnaround process can be hard and uncompromising, however, when set alongside the potential disaster of doing nothing; it will be clear that the status quo will rarely be the answer.

A business turnaround is going to need to look at every facet of the business. Dig out your old business, sales and operating plans (if you ever made any), revamp them for the new business. Call in your key personnel, directors and advisors, tell them what is happening to the business and ask for input. Have a look again at those plans you amended and amend again in the light of suggestions made. Get in your employees, be honest and ask them to buy in or ship out. Head off your customers, call them before they call you. You’ll be surprised what they may be able to offer. If you have agents, talk to them, ask how they can help.

Don’t forget the HMRC when implementing your business turnaround. Renegotiate your tax liabilities before they become a problem. Make a payment offer and stick to it. Call your bank, arrange a meeting and tell them how you are addressing the situation. Staff are an expense, so keep only those who add value. Cut costs, check and then cut again. You’ll be surprised at just how much waste you can strip out.

Business turnaround is hard but rewarding. It can be expensive but less expensive than business failure.

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