Small Business Turnaround Consultant – Our tools and strategies can work for companies of any industry and size, but we want to share our expertise in a few key areas.
Many companies in need of organizational change face growing problems: falling sales, cash flow problems and mounting debt. Others, on the other hand, face the challenges of rapid growth.
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Regardless of the challenges they face, any business can recover when best practices are created, fundamentals are committed, and operations are well-intentioned, but flawed, human biases that do not benefit the business in the long run.
How To Turn A Company Around (in 5 Stages)
. Often a “debt settlement” company describes their services as “corporate transformation.” It is misleading to do so, even if it seems more interesting. But proceed with caution: debt relief is on its own.
Corporate transformation involves addressing the underlying problems that brought the business problems and debt in the first place. Dealing with bad debt is only the first step in a total recovery program. Debt relief services are never two-tiered.
In the absence of a critical financial crisis, organizational change should always focus on identifying ways to add core value, competitive advantage and innovation to the business, and removing factors that block real value or obscure the path to growth.
Here’s the danger in promoting a company as debt relief with a real business consultant actively working on corporate restructuring: if you don’t fix what’s broken, things will get worse, not better, and you may find yourself in the process. More debt This makes real change in the future more difficult because you have further depleted your resources.
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Whether you’re facing mounting debt, debt accumulation or default, debt relief disguised as corporate restructuring can put your business and personal assets at risk. An entrepreneur, facing a critical life or death situation, must understand the difference between debt relief and true debt enforcement.
The sport of debt involves strategies in the business realm to divorce debt from company value. This is very different from simply contacting creditors and asking for debt forgiveness or renegotiating a contract. In a true debt settlement, the fundamentals of reorganization (like those used by Fortune 100 companies when they are in trouble) create an advantage and a one-way street for creditors. The path that is created is the best for the company and the owner: protect the company and maintain continuity of operations or exit successfully.
If you watched Profit on CNBC with Marks Lemonis, you got a first-hand introduction to what corporate transformation is and how focusing on core business principles can unlock profit and growth for any company. Organizational change begins with a thorough analysis that can identify and correct all the inefficiencies and deficiencies that caused stress or losses in the first place.
Second Wind Advisors looks at the fundamentals of corporate change focusing on four different pillars. Other consultants may see these a little differently, but ultimately the principles and application are the same.
Turnaround Management Consulting In Singapore
These are the agreements, contracts and other business documents between the parties on which everything is based. For many reasons, companies often find themselves in the wrong and unintended traps of not properly implementing mission statements, bylaws, and operating agreements. Other times, owners fall into the dreaded 50/50 deal. In addition to these issues, employee contracts, benefits packages, understanding UCCs on business assets, notes and warranties are just some of the areas where the gears that drive your business can grind to a halt;
At Second Wind we believe in what we call your “Cash Flow Crystal Ball”. Carefully constructing a pro forma cash flow for the year, allocating income over expenses for the entire business, will be your path to effective management and profitability. We call it a crystal ball because a talented business consultant can see the entire company in it; Including all the problems and challenges that stand in the way of success, they can be adjusted to force profitability.
A business consultant not only analyzes and interprets business, but also transfers knowledge to owners and management. Removing the emotional bias from rational decision-making requires streamlining your income statements (monthly and quarterly), A/R reports, KPI reports, and other ratios and metrics that give you a clear view of productivity and profitability .
Meaningful reinvention is about defining and adding creative new applications to your goods or services and becoming the biggest, best, most comprehensive or specialty retailer in your space. Providing comprehensive service to your customers can be part of a strategy not only to sell products, but also to build relationships of trust, delight and create advocacy services when addressing your customer base or communication flow.
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As an entrepreneur, your talent lies in your product or service and your customers. When you combine that knowledge with next-level sales and marketing knowledge, two things happen. You won’t burn yourself out by making bad advertising investments, and you’ll discover new sales channels and strategies you never knew existed. We see too many business owners limiting their potential because they sell “from their gut” instead of using the sales tools available to them.
When it comes to marketing, we often find that busy business owners neglect the digital marketing they need to implement in today’s world. It is part of what is called “new sales” and goes hand in hand with “inbound marketing”. It doesn’t have to be complicated and can dramatically increase your lead flow or traffic.
Business consulting is a strategic tool for large corporations. You know a lot of big names that serve them: names like McKinsey, Deloitte or Accenture. But the cost of hiring a large consulting firm is prohibitive for all but the largest companies. It’s less likely to be accessible when you realize you need counseling, not to mention the catch-22.
We believe that consulting services should be a results-based, win-win model. That’s why Second Wind doesn’t charge hourly rates.
Four Phases Of Financial Turnaround
Instead, we charge a percentage of the profits we create and invest in the improvements we create together.
So whether it’s Second Wind or another business consulting firm, find someone willing to invest in your success when you’re ready to take your business from stagnation to growth. We use cookies to improve your experience, for traffic analysis and advertising. No personal information is shared or stored. By doing so, you agree to our use of cookies. You can always consult our Cookie Policy for more information or to change your settings.
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Any cookie that may not be necessary for the operation of the website, in particular cookies used to collect user personal data for analysis, advertisements and other embedded content, are called non-essential cookies. It is mandatory to obtain user consent before running these cookies on your website. Business transformation is the process of implementing recovery measures, identifying strategic improvements, implementing fixes and returning to a growth trajectory. If your small business is running out of cash or you’re wondering how to turn around an unprofitable business, read on.
Most small business owners think they are calculating and implementing enough job cuts to break even. While energy reduction is one of the tools used in transformation, the actual transformation process is much broader and must be tailored to your business situation. That’s why it’s important to hire a transformation expert to chart your course and avoid unnecessary damage (or complete failure). Here is a complete transformation process to follow.
If you answered yes to any of the above questions, you may benefit from a business recovery plan and should consult with a response advisor to assess your situation.
Most entrepreneurs and managers experience 2-3 failures in their careers, which means they don’t have enough experience to successfully turn around an unprofitable business. So is it any wonder that so many small business owners struggle and fail?
Steps To Keeping Your Business Afloat During The Pandemic
On the other hand, a transformation consultant manages 2-3 falls per year with clients in a variety of industries. That’s 30 times less experience than the average executive, which means you’ll discover how to transform your unprofitable business quickly and effectively.
Transformational consultants come in many different types: from investment bankers to lawyers to CFOs to divisional operations managers. The right specialist will depend on your failure investigation, but only a CFO will have an overall financial view of your company, so we recommend starting there. A divisional CFO may refer you to an attorney or COO as appropriate.
Your business is one. If you are not sure if it will help
