Business Turnaround Strategy
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This document provides a summary of a presentation on turnaround business strategy for small businesses. The presentation focuses on developing a strategic plan to increase sales, profits, and customers without spending much money. It emphasizes the importance of having a plan and discusses how to analyze problems, prioritize tactics, and work the plan through communication, consistency, and follow through. The presentation aims to help business owners honestly assess their business, develop an actionable strategic plan, and ensure successful implementation of changes.
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Business Turnaround Strategy
- 1. TURNAROUND BUSINESS STRATEGY Big Ideas for Small Businesses Presented by WorldWideTeams Consulting Bett Mickels, Strategy Consultant WorldWideTeams.com
- 2. SELF ENERGYHEART BUSINESS OWNERS WORK HARD… YOU DESERVE SUCCESS PLANS MONEY TIME
- 3. DO YOU HAVE PLAN FOR SUCCESS? Failure of most businesses happen as they erode over time until the core crumbles and the mission is unrecognizable. Fitzgerald
- 5. HONEST DISCUSSIONS Do I need systems? Can we grow? Can I increase my profits? What is my niche? Is my service a “WOW”?
- 6. TURNAROUND BUSINESS STRATEGY Strategic Measureable Linear – not driven by tasks and to-do lists Results and Focus – Cash Flow
- 7. FOCUSED EFFORTS See Opportunities Isolate Problems
- 8. CHECKLIST
- 9. DEVELOP THE PLAN • Financial Reports • Go See • Customers • Industry Standards Analyze • Greatest Impact • 80/20 Rule • Quick Wins • Time = $ Prioritize
- 10. PLANS ARE GREAT – BUT IMPLEMETATION IS KEY Simple Tactics Effective Tactics Critical Tactics Stop Tactics Unique Tactics
- 11. BECOMING TACTICAL End goals: Increase sales, profits and customers -- without spending a lot of money, adding staff, or changing locations. The Enemy of your Business The Plan of Attack The Mission Details
- 12. WHAT MAKES A PLAN SUCCESSFUL? Communication Confidence Consistency Clarity Celebration
- 13. HOW TO MAKE MY CHANGES STICK Follow Through Engage Empower Delegate Company DNA
- 14. BUSINESS SUCCESS: Strategic View Success - Make it Stick Work the Plan Tactics Prioritize Analyze Find the Problem
- 15. BUSINESS STRATEGY QUESTIONS How can I increase profit? How do I get my current customers to buy more of my products and services? How do I create a niche or super service to attract more customers? Bett Mickels – 925-818-2500 bettmickels@worldwideteams.com
- 16. “A goal without a plan is just a wish.” ―Antoine de Saint-Exupery
Editor's Notes
- Turnaround StrategiesForSmall Business Owners SLIDE #1 Understand Turnaround StrategiesIncrease SalesIncrease ProfitsIncrease Customers SLIDE #2 Increase SalesIf one customer normally buys $100 of products or services from you in one year, then do everything you can to increase that amount. SLIDE #3 Increase ProfitsIncrease the amount of profits you make per sale. SLIDE #4 Increase CustomersAdd new customers. SLIDE #5 Businesses do not fail in a BANG -- they usually whimper away SLIDE #6 Find the problem or opportunity Financial Reports Go See Read yelp, talk to customers, compare against industry standards ATLGO (and the list goes on) SLIDE#7 Pricing Location Parking Staffing Technology Processes Customer Service Quality of Product Distribution Decision Making Inventory Labor Marketing Employee Theft ATLGO SLID7A Analyze the ProblemWhy is this happening?Where are we buying it?Where are we storing it?Who does what when?What is our process around this problem?ATLGO SLIDE#8 Develop strategic direction to improve performanceWhat is the main problem? What are the other problems?Within the main problem – PrioritizePrioritize -- Greatest impact (what is burning out of control) SLIDE#9 Create tactics. Once you establish strategy, it is time to develop specific tactics to achieve the goal. Tactics must be measureable so you can see improvement, impact, savings, results SLIDE#10 Communicate with staffEssential to make employees aware of your turnaround planEntire organizationHow plan impacts the business (why)Ask for recommendations – empower employees SLIDE#11 Communication – Confidence – Clarity – Celebration SLIDE#12 – Most owners stop here –Need to create sustainabilityAlign the personal goals of each staff member with the turnaround plan. Avoid opportunity for miscommunication.Each staff member understands expectations in specific detailTie personal success to success of company -- new tactics identified and individual metrics assigned. SLIDE#13 Turnaround Identify problem or opportunityAnalyze – What is the Main ProblemPrioritzeCreate business strategy turnaround planDevelop turnaround tacticsCommunicate the planBuild the system to ensure the strategy is seated in SLIDE#14 Bett MickelsMickels ManagementTurnaround Business Strategies forSmall Business Owners925-818-2500bettmickels@worldwideteams.com
- Don’t give up – What can be – Turnaround stories.
- Not all business should attempt a turn-around. Throwing good money after bad. Need to have a bus check up.StabliizeGrowthRepositionShut downWind down
- Not either or – both have the same goal. Financial ReportsGo SeeRead YelpTalk to CustomersCompare against industry standards
- What is the main problem? What are the other problems?Within the main problem – Prioritize
- Once you establish strategy, develop specific tactics to achieve the goal. Tactics must be measureable so you can see improvement, impact, savings, resultsTimeframe – Immediate, Days, Weeks, Months
- Most business owners stop here.What is missing?
- Small business owners everywhere are working long hours, doing the wrong things in the wrong way, and getting no results for their efforts. Fortune is in the Follow Up reveals what's missing provides them with simple, effective, and proven strategies that get real results. business owners the critical, but often overlooked, secrets of thriving in any economy. Not only will you learn how to find fortune in your follow up, but you'll also save time, energy, and money as you learn: • Why your marketing strategy doesn't work (Page 50) • How to STOP marketing to the wrong people and how to START marketing to the right people (Page 25-41) • Why a business plan is useless (Page 43) • How delegating will save your life...and your business (Page 63-78) • Why networking is a waste of your time--unless, of course, you use these 5 strategies (Page 107-118) • How to stop sabotaging your business and start making real money! (Page 146-150) • Business basics that outshine the competition and build customer loyalty (Page 119-140) "Growing your business can be simple, but it’s not always easy. Heidi’s book gets right to the heart of what every entrepreneur wants to know – what are the most effective and efficient business-building strategies, and how can I implement them quickly? The Fortune Is in the Follow-Up is practical, straightforward, and filled with easy-to-follow advice focused on taking action.” Follow up!!! Need to create sustainabilityAlign personal staff goals with the turnaround plan Avoid opportunity for miscommunicationEach staff understands specific expectationsNew tactics identified and metrics assignedMove to next priority!!!
- Bett Mickels – Make an appointment with Dr. Bett20 years – increasing cash flow for small businessesPresident, Mickels ManagementTurnaround Business Strategies for Small Business Owners925-818-2500bettmickels@worldwideteams.com
- Don’t give up – What can be – Turnaround stories.