Is Your Business Experiencing a Downturn?
Business Turnaround Strategies
Many companies over the lifetime of their business cycle will reach a situation where their business runs into trouble. It could be as a result of a severe economic downturn or it could be other causes such as increased competition, cash flow crisis, loss of key management personnel, an outdated business model or something as grass rooted as a lack of demand for your product or service. Whatever the reasons the business situation is unlikely to improve unless corrective action is taken.
We have encountered many situations where business owners are highly competent professionals, very knowledgeable in their business, yet many still find themselves in a situation where the business is struggling. What’s needed is a step by step process of action plans designed to remedy the problems faced by the business and to get the company back on track. Avid Partners 7 step Business Turnaround Plan will help get your business back to its peak productivity where it belongs.
Step 1 – Take a cold hard look at the business & identify the problems
Step 2 – Can you tackle the restructure yourself or is external help needed
Step 3 – Draft a turnaround plan that outlines the actions and goals
Step 4 – Make decisions on restructuring and stick with them
Step 5 – Implement the change programme
Step 6 – Evaluate progress on an ongoing basis
Step 7 – Don’t allow the same issues to happen again
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Business Turnaround Success Story
Hospitality Client, Dublin, 2014
Avid Partners have been working closely with a private client in the hospitality service industry to help them re-ignite their business, address the problems holding back the company and to get the business growing again. The first step was to identify the underlining issues causing difficulties. In this case they were identified as: cash flow inefficiencies, high levels of bad debts, poor internal communication in the company, lack of focus on core products, high levels of staff turnover and individual rather than a team focus. Each area was addressed in detail with procedures put in place to tackle each problem. New resources were allocated to deal with the key financial areas and accountability was increased to make each department responsible for their area.
Three key Avid Partners personnel are involved in the project and occupy high management positions within the company for the duration of the turnaround plan. 5 months into the project and sales are up, bad debts have been drastically reduced and cash flow systems have been improved significantly. There is now a greater sense of achievement and purpose to the company. The feel good factor has been restored. The next stage involves adding highly skilled specialists to further improve the business and increase sales through strategic partnerships, creating an international focus and a back to basics campaign to start doing the right things more often. By making the tough decisions up front positive change has taken place and the business is in line for its most profitable year to date as a result.
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