In today’s uncertain times and the global economy more and more companies are falling in to the red. If you are serious about running your business and want to see it back in the black a.s.a.p. then you seriously need to consider consulting a company turnaround specialist or a turnaround strategist to show you how to turn your company around back in to profits. When was the last time your business made healthy profits continually for more than 3 or 5 consecutive years? When I say health profits I don’t mean just surviving, I am talking about thriving. The number of companies and businesses who think, we will be alright next month when that big order comes through and a few months later still waiting for that big order when the bailiffs turn up at the doors or even worse is a company winding up petition is issued against your company. You can’t afford to sit around waiting for things to happen, you must learn to become more pro-active and get out of the re-active mode which I find businesses owners and senior managers become when things slow down in most companies in a turnaround situation.
Closely Look at The Structure of Your Company
Often, the answer to your company turnaround is right there in front of you staring you right in the face. Just look at your company and the staff closely. Focus on areas that are productive and staff members who are productive, I don’t mean staffs that are busy because busy is not necessarily productive. Productive in my book means making a contribution to the company i.e. money. You will need to consider all the factors needed to start making savings for the company. Of course, these decisions will not be easy to make, as they may involve laying off employees who are not really needed or are not contributing to the company’s bottom line. But this has to be done for the ultimate good of the company if the company is to be turned around. And in the event these harsh measures are not acted on and implemented immediately, you might all find your selves looking for jobs. But the reality for the business owners or the company directors is worse not only have they invested large amounts of money in the company but they might have given personal guarantees which might become due if the company fails.
Perhaps a little restructuring is all that is required to save you a lot of money. Some job descriptions may have to be changed and some streamlining of responsibilities may have to be done in order to increase productivity and cut out wasteful and unnesscessory activities. Next, there may be duplication of work as some jobs overlap. Eliminate these and see your profits increase.
A Company turnaround it is possible, when you start to look at the bigger picture and the overall savings possible by cutting costs. Look at ways in order to decrease costs to your company. Talk to your company suppliers and check if they will be able to give you a reduction in costs, every percent you can negotiate down will help. You will be amazed how many suppliers will agree as they would not like to lose your business as this will mean losing a good client. Or else, look for other vendors who can provide you the same quality products or services for less. There are many other ways to save money if you are able to think outside the box.
Take Advantage of Company Turnaround Consultants
A good company turnaround consultant will be able to help you with quick fixes and long term strategies and various financial secrets to help your company turnaround back in to healthy profits. Choose a mastermind strategist with a proven track record who has expertise in company turnaround and who can help you to grow your business not just cut costs only. Most company turnaround specialist will show you what to do but it is always helpful to have an expert who will also show you how to do it as well. A company turnaround specialist can see things with his exert eyes that you might not see because that is what he is trained to do, find the problems and fix them by providing all the solutions needed to get the company back in to the black by making profits. Some of the best turnaround specialists are that confident in their ability that they will be happy to get paid on a contingency based results.
Be Inspired and Motivated
Company turnaround is a delicate balance. You need to have belief in yourself, your staff and the potential growth of your business. Once you have a good turnaround strategy in place, then you need to start to roll it out and start looking to fine tune it in places for more efficiency each time till it is running at its optimum. This can be achieved by having a good turnaround specialist who can coach or mentor you throughout the whole process from start to finish. There will be incredible pressure on you if you are on your own, as it is very lonely at the top being the boss. If you have stakeholders or investors they will be keeping a close eye in your direction. You need to disclose your new turnaround strategy in order to inspire your investors, employees and shareholders. Do ensure that you do not compromise on ethics or on product safety under any circumstances. Your overall strategy is all about sustainability and profitability. You need to think long-term, even if it means losing business to competitors who might be offering lower-prices, as that will only be short-termed.
Get a Buy-In
Do not try to get agreements on each recommendation for change. People will always fight change. Rather, discuss your objectives, goals as well as your vision of where you want the company to be. Rather, create a vision together that you need to share as a team. Get the company really excited; and then you get them all to buy in to the bigger picture, the long term success of the company and their jobs.
Open Lines of Communication
In any company turnaround, communication is of the utmost importance. Each team member has to be involved individually in order to achieve corporate turnaround. This would also add value to the complete process in various ways. It is so important that everyone is pulling in the right direction and everyone and every department is productive, this can only be achieved by good lines of communication between the leaders and the workforce.
Provide Added Value to Your Customer
You may customise your services or products in order to deliver breakthrough benefits to your customers. Add enough value so that you are able to balance the incremental change in costs.
In order to make sure you have a successful corporate turnaround you must keep the customer in mind, you must look at the life time value of each customer and explore how you can up sell, cross sell to your existing customers to increase revenues and profits.