The document provides advice to business owners who are considering hiring a turnaround expert for their struggling business. It suggests 3 things the business owner can do themselves before spending money on an expert: 1) take control of cash flow by talking to bankers and vendors, cutting costs, and collecting receivables, 2) assess the underlying causes of the business troubles, and 3) be willing to make difficult decisions and change their mindset if they hope to successfully turn the business around without losing control to an expert. Hiring an expert should only be a last resort if the owner is unable to properly evaluate the problems and lead a turnaround themselves.
In most ways, crises are horrible. But know this — crises always end. They are a cyclical part of our market economy and there are black swans that inevitably occur. The only way to build an iconic company is to do things differently. And in a crisis, survival requires being and thinking differently.
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In most ways, crises are horrible. But know this — crises always end. They are a cyclical part of our market economy and there are black swans that inevitably occur. The only way to build an iconic company is to do things differently. And in a crisis, survival requires being and thinking differently.
Good news: This mini-guide will help you do just that!
An ultimate guide on bootstrapping your small business in 2019Merchant Advisors
Considering self-financing your small business? Here is the ultimate guide on how to bootstrap your small business instead of turning to others for funding. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/bootstrapping-your-small-business/
Planning how to transition out of your business is a critical decision for executives and entrepreneurs. If you’re considering selling the business – either to external or internal interests – get a head-start on the process with these questions you’ll want to have or find answers for if you decide to sell.
Stanislav Komsky: Cash flow problems affect most small businesses at some point. But for all your business cash flow problems, there’s a possible solution. Here are some tips to get you moving in the right direction.
9 Business turnaround strategies designed particularly for small businesses that do not have access to some of the clout and resources larger companies can call on.
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The role of the agency account executive is changing. Yet many agencies have not yet profiled what their AEs of the 21st Century should be like. Or what they should expect from them.
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What you will learn here is the exact model we use to add substantial revenue and increase ROI for all of our clients, ensuring they won’t be forced into bankruptcy in five years like nearly 100,000 businesses are burdened with each year, simply because they never had these formulas.
Nothing here is theory. You’ll soon discover that everything we do for all our clients are the exact strategies processes and systems leveraged by all of the most profitable companies in the world.
There’s a reason why Amazon is taking over the retail world… And it’s because they do exactly what you’re about to learn, which is applicable to any and every business there is. Big or small. B2B or B2C.
If you feel inclined to learn more about anything in this whitepaper please feel free to call us and we’ll answer any questions you have.
Wellness check-up for your business plans should include complete mind and bo...James Feldman
As we get older most of us get an annual 'wellness' checkup.
We should do the same for our business. A body scan of all the parts, finding the point of point, what needs work, and what is working well.
Make it a point to reach out to some of your clients from the past few years. Remind them of why they did business with you. Create a meaningful memory and offer to repeat it for them. Become a valued resource and they will reward you with more business.
This presentation serves as a gentle reminder that wellness is a state of mind as well as body. Check in on both.
Thewiseentrepreneur.co.ug is passionate about entrepreneurship, developing capacity in people and organizations, and transforming people through paradigm shifts, win-win mindset, and knowledge sharing.
Tapmaster Hoboken llc | How much can you afford to start a BusinessTapmaster Hoboken llc
Tapmaster Hoboken LLC is telling the whole thing about, how much can you afford to start a Business. Tapmaster Hoboken LLC is a respected restaurant firm in Hoboken, New Jersey.
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In this presentation, delivered February 2014, to the Association of Destination Management Executives, Jim challenged the audience to come up with some new ideas that could 'shift' their business.
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Stanislav Komsky: Cash flow problems affect most small businesses at some point. But for all your business cash flow problems, there’s a possible solution. Here are some tips to get you moving in the right direction.
9 Business turnaround strategies designed particularly for small businesses that do not have access to some of the clout and resources larger companies can call on.
30 things: Part 7/7: PEOPLE : 30 things I learned from my startup experienceSuhas Dutta
This is part 7/7 of my series 30 things I learned from my startup experiences. In this final part, I will be talking about creating the first team, running the teams (sales and tech), overall tips and then there is a section on choosing your co-founder. There are slides on what happens when things do go wrong, or if there is a fall out and what are the ways out. And finally some tips on learning and networking as well.
What You Should Expect from Your Advertising Agency Account ExecutivesCarlton Associates Inc
The role of the agency account executive is changing. Yet many agencies have not yet profiled what their AEs of the 21st Century should be like. Or what they should expect from them.
Here are some thoughts on creating that profile and establishing expectations.
CEO Core Formulas: The 5x2 Process The Most Profitable (Small/Medium/Large-B2...Jayson Peppar
What you will learn here is the exact model we use to add substantial revenue and increase ROI for all of our clients, ensuring they won’t be forced into bankruptcy in five years like nearly 100,000 businesses are burdened with each year, simply because they never had these formulas.
Nothing here is theory. You’ll soon discover that everything we do for all our clients are the exact strategies processes and systems leveraged by all of the most profitable companies in the world.
There’s a reason why Amazon is taking over the retail world… And it’s because they do exactly what you’re about to learn, which is applicable to any and every business there is. Big or small. B2B or B2C.
If you feel inclined to learn more about anything in this whitepaper please feel free to call us and we’ll answer any questions you have.
Wellness check-up for your business plans should include complete mind and bo...James Feldman
As we get older most of us get an annual 'wellness' checkup.
We should do the same for our business. A body scan of all the parts, finding the point of point, what needs work, and what is working well.
Make it a point to reach out to some of your clients from the past few years. Remind them of why they did business with you. Create a meaningful memory and offer to repeat it for them. Become a valued resource and they will reward you with more business.
This presentation serves as a gentle reminder that wellness is a state of mind as well as body. Check in on both.
Thewiseentrepreneur.co.ug is passionate about entrepreneurship, developing capacity in people and organizations, and transforming people through paradigm shifts, win-win mindset, and knowledge sharing.
Tapmaster Hoboken llc | How much can you afford to start a BusinessTapmaster Hoboken llc
Tapmaster Hoboken LLC is telling the whole thing about, how much can you afford to start a Business. Tapmaster Hoboken LLC is a respected restaurant firm in Hoboken, New Jersey.
Great Minds discuss IDEAS | Average Minds discuss EVENTS |Small Minds discuss...James Feldman
In this presentation, delivered February 2014, to the Association of Destination Management Executives, Jim challenged the audience to come up with some new ideas that could 'shift' their business.
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Allen Baler is a Partner at 4Patriots LLC, a Tennessee based small business that provides products to help people be more self-reliant and more independent. Allen founded the company in 2008 after 14 years as a corporate executive leading profitable business for the Easton Press and the Danbury Mint. He graduated with honors from Harvard University and resides in Nashville with his wife and 3 daughters.
Mr Ken Varga recently surveyed thousands of business owners to find out what was in their way of generating more revenue. Then he spent several days categorizing the information to make it useful to them and to business owners like you.
If you're an SME owner, it's likely you've been denied access to finance.
You're either too risky for a loan. Too small to deal with. Or you just didn't get accepted and you don't really know why.
On the occasion that you are accepted you'll feel like you just sold your soul.
In return for your soul you got stuck with a poor deal with high interest and short payment terms.
How are you supposed to grow your fledgling business under these conditions?
California as a Guide to Understanding the New AmericaAlan Walsh
To understand the new political/economic impact on America just look at California, where the same political/economic process has been in place and growing for decades.
1. Walsh Enterprises Business & Financial Advisors
Huntington Beach, California USA
http://www.awalsh.us
walshal1@aol.com
(714) 465-2749
Before You Hire That
Turnaround Expert…
Al Walsh
Reprinted from a blog posted December 2008 at www.walshal.wordpress.com.
2. So, your business is not going as hoped, you‟re feeling the
noose tighten around your neck, and panic is setting in. You‟re
thinking about hiring that “Turnaround Expert” who‟s been
calling. Before you spend your last money on him, there are
things you can do for yourself.
At the risk of restating the obvious, the ultimate control of any
business comes down to cash flow. If more is going out than
coming in, matters turn ugly rapidly.
As a first step, take charge of the cash flow:
3. • Talk to your banker.
You have to make sure that they understand your
business, and that the financing is structured to fit it. A few
years ago, our valve & instrumentation business purchased a
general contracting business that installed & serviced the
equipment. It was a great marriage, but we quickly learned that
their operations died like clockwork for three months every
summer. We spoke to our bankers, educated them, and got
them to change the loan conditions so that we had more
“breathing room” during the down-time.
• Talk to your vendors.
They don‟t want you to fail, and most will work with you if you
do them the courtesy of bringing them into the loop. Slow-
paying them without explanation just builds animosity &
distrust and results in untimely shut off of the supply pipeline.
4. • Cut costs!
Can you consolidate facilities - move to cheaper quarters -
outsource production at reduced cost? Are there marginally-
productive employees on your payroll? Can you lease instead
of buy? Are your employees aware of the situation, and cost-
conscious - or have you kept it a secret (as if they don’t already
have suspicions). Is you inventory slipping out the back
door? Is you accountant dishonest (We always hate to think
about this, but my father got burned in just this way because he
and his partner were too trusting. The accountant literally flew
off to Rio with their money. Talk about a cliché come to life!).
• Renegotiate everything you
can: rent, leases, purchases, wages & salaries – everything!
Something is better than nothing. If you succeed, make it up to
them later.
5. • Collect your receivables!
Uncompensated sales are an expensive form of charity. If your
business fails, it won‟t matter whether you have strained
relations from demanding prompt payment. Business failure
will guarantee ex-customers, whereas success will provide the chance
to maintain relationships. Don‟t keep financing slow-payers &
deadbeats. If someone‟s a straight-out deadbeat: Sue „em –
Now! Don‟t be shy. You can get a lawyer to do it on contingency, so
you don‟t have to lay out hard cash up front; or if it‟s a small claim you
can do it yourself in small claims court for a minor court fee.
In other words, do everything you can to stop the out-
flow of cash, and maximize it‟s in-flow. Try to at least
get to break-even quickly so you have some breathing
room.
6. Next, try to assess the basic underlying reason(s) for
your troubles.
• Flawed business model?
• Failed marketing strategy or sales effort?
• Product/service problems?
• Market changes that you haven‟t recognized or adjusted to?
• Bloated infrastructure?
• Unforeseen recession / depression-driven problems?
The possibilities are endless.
7. You‟re in the best position to determine the cause if you will only take
off your emotional blinders and reassess the situation with fresh
perspective. That‟s hard to do with the baby you‟ve been nurturing;
especially when the wolves are scratching at the door. You may be too
emotionally-involved, in which case you SHOULD seek help.
I‟ve been involved with two successful turnarounds.
• In one case the financial problems were brought on by sloppy
business practices and failure to adjust to market changes. They
actually had six months receivables uncollected because they were
billing incorrectly and the customers were just ignoring them.
• In the other case, an “intuitive genius” who‟s claim to fame was in
biochemistry built a business monstrosity that consumed all of its
seed capital on over-fancy facilities, a bloated lab, inefficient
production, the complete lack of a sales strategy, and over-priced
over-staffing. The products were great, but they were overpriced and
there was no mechanism to get them to market.
8. You need to be honest with yourself and address the root causes of the
failure. That‟s the primary role that turnaround experts serve.
• They take control, assess the situation, and make the hard decisions
that the owner couldn’t face because they were too emotionally
involved.
• No turnaround expert worth their salt will become engaged without
having total control; otherwise they know the owner’s emotional
blindness will continue to get in the way.
Is that really what you want? Of course not!
If you can take off your emotional blinders, you stand as much chance as
the turnaround expert of salvaging your business; without the added
expense and loss of control. It‟s not as easy as it sounds. It takes a
fundamental change in your psyche. The business probably got where it
is because you failed to see the problem(s) in the first place.
9. There‟s another thought I‟ll share. Most business owners are sales-
oriented, and their psyches are totally geared to customer
satisfaction. But sometimes your customers ARE the problem. If you
just can‟t bring yourself to make the hard calls, hire someone to do it for
you; and then get out of the way and let them do their job. Just as many
people aren‟t geared to do selling, sellers have difficulty asking for the
check.
You worked hard to start and nurture your business. Before you throw in
the towel and give up control, or lock the doors, make that final effort to
conduct your own turnaround. If others can do it, so can you. It‟s mostly
a question of attitude. You need to change so that you can change the
business. If your psyche isn‟t well-suited, or you try and it‟s not working:
Then call in the expert. But don‟t wait until there‟s nothing left to save.
Good Luck!