Business Turnaround Management
Getting on top of your business’ financial situation can be a challenge. When market shifts are affecting your business, it’s important to seek professional help as soon as possible.
At Business Savers we make sure you’re always pointed in the right direction with professional business turnaround management.
As experienced financial advisors, our team is equipped to help your business navigate financial stress and work towards a more successful future.
Business turnaround management allows struggling companies to access professional services that can help analyse and resolve the issues you are facing. This is done by reorganising business leadership, processes, finances and assets to ensure the company remains viable.
Companies often seek turnaround management when facing financial difficulties. Navigating financial concerns can be a challenge, especially if the business’ leadership lacks the skills needed to overcome the issues at hand.
If that’s the case, business turnaround management services can provide outside expertise and develop a plan that helps your company return to viability.
This increases the chance of the business’s survival and may allow you to avoid worst-case outcomes, such as Voluntary Administration or Simplified Liquidation.
- You are concerned that your business may become insolvent
- You are struggling to stay on top of debt repayments
- Directors lack the skill set to navigate financial difficulties
- Your business model has failed to evolve
- New competitors and products are impacting your business
- The business experiences ongoing trading losses
- Market shifts are negatively impacting your business
- Previous attempts to improve the business have failed
Accessing expert business advice is the best way to navigate financial issues, management challenges and market changes.
Engaging expert support can assist you to identify issues and develop a plan for improving your financial position. This may help to avoid insolvency and the need for Administration or Liquidation.
Business turnaround management is a relatively straightforward process. During turnaround, you’ll work with professional advisors to:
- Analyse and Define the Issue – The first step is to clearly outline the issues the business is facing. These may be due to leadership, employees, financial or market conditions. All areas of financial distress within the business should be identified by thoroughly analysing the company’s position.
This analysis also allows you to halt further decline in the company’s performance. - Developing a Strategy – Defining the scope of the project and developing a strategy involves analysing the company’s strengths and weaknesses (both internal and external). This allows you to identify opportunities and areas of improvement.
This part of the process will include looking into the future and determining medium and long-term objectives that are required to develop a strategic plan for moving forwards. - Creating an Action Plan – With a strategy in hand, the goal is to develop action items that will help the business move towards its objectives. The action plan needs to be specific and include details such as timeframes, task owners and intended outcomes.
Your action plan includes day-to-day activities and longer-term actions that will support the overall turnaround plan.
- Implementing the Plan – The business turnaround plan can now be put into action. This involves attracting the support of key stakeholders, distributing action items and monitoring the outcomes of each action. This part of the process typically includes providing coaching and support for staff and business leadership.
- Reviewing Progress – Finally, the progress of the plan must be regularly reviewed to ensure the business is hitting key milestones. This ensures continual improvement of the strategic plan and allows management to identify any issues with implementation.
The main goal of business turnaround management is to develop a comprehensive plan for improving the company’s financial position.
The plan will be designed to address specific issues. Depending on your situation, that may include making changes to company leadership, processes, assets, employees, finances and more.
Business turnaround management may help by:
- Providing advice and support to senior management
- Negotiating repayment terms with creditors
- Reducing expenses
- Reducing wastage
- Managing debt
- Boosting revenue
- Improving cash flow
- Improving employee retention and productivity
- Developing competitive processes
The exact content of each business turnaround plan varies from one company to the next.
Successfully executing business turnaround strategies requires the support of core stakeholders. Securing the buy-in of directors, company officers and team leaders is the key to delivering a successful turnaround plan.
Get Your Business Headed in the Right Direction with Business Savers!
If financial challenges, market shifts or leadership issues are causing stress, professional turnaround management services can get you pointed in the right direction.
Turning around a struggling business is a serious undertaking. However, it can help avoid insolvency, manage pressure from creditors and work towards your long-term business goals.
As expert advisors, the team at Business Savers can develop a tailored turnaround plan that ensures your business has the greatest chance of success. You can contact us at any time to book a confidential discussion about turning around your business.
