Whether you’re taking over a company that’s failing or creating a start-up, turning around a struggling company takes a lot of work.
Where should you start making changes?
Which tasks need to be prioritized to make the most impact?
And how can you keep customers happy during the process?
That is where Business Turnaround comes into play.
What is Business Turnaround?
Business turnaround will correct businesses from a period of losses, bad debt structures, cash shortfalls and other factors that may have put business into crisis. Their main goal is to keep your business afloat and see solutions that would return your business to profitability.
Who would benefit from a Turnaround Consultant?
Starting a business seems amazing. However, making it succeed is not really guaranteed. 90% of business start-ups fail, and the failure rate progressively increases over time. You certainly didn’t want this to happen, but when your business is struggling and pressures are all around you. You need to turn to a solution rather than more problems. What’s the solution? A Business Turnaround. Your company may benefit from turnaround consulting services if:
You struggle to make payroll
More expenses than returns
Late bills payment or suppliers and contractors are threatening to stop doing business with you because of unstable payments
Debts payment are eating up your capital
What services are offered in a Business Turnaround?
Business Turnaround and Business Improvement services include:
Review of the company’s business in terms of solvency, current cost structure, financing, marketing strategy, competitive strengths and weaknesses.
Establishment of target operating profits and target cost structure for the company.
Establishment of restructuring strategies to fulfil target operating profits and target cost structure.
Assistance with implementing agreed restructuring strategies.
Monitoring of implementation of agreed restructuring strategies.
Assisting with negotiations with financiers and creditors as required.
Monitoring of operations on a daily or weekly basis with simple and practical reporting systems.
Reviewing the business model and assisting with restructuring it where appropriate.
Upgrading of marketing strategies, product range, and competitiveness for the chosen market segments of the business as required.
Ensuring accurate accounting for the business including monthly management accounting with reporting by the 7th of the following month with comparisons with budget.
Reviewing of current Organisation Structure and upgrade as required along with ensuring all job descriptions are documented.
With all the challenges that comes from starting up a business, you might need an expert to help you run your business until it can stand on its own. Rifco Asia’s Business Turnaround Advisory allows you to look further into your business and help you save what you have started.