By Robert Burrus – www.robburrus.com
Turning a failing business around and back into profit is a task that requires the right skill but I have listed some of the key points that will get you on the right track.
Assess the current situation: It is important to take the time to assess the current situation of the business. Look at the financials, customer feedback, and other data points to understand where the business is at. This will give you a better idea of what needs to be done to turn the business around.
Identify the root cause: Once you have assessed the current situation, you need to identify the root cause of the business’s failure. This could be a lack of customer demand, poor management, or outdated products. Once you have identified the root cause, you can begin to develop a plan to address it.
Develop a plan: Create a plan to address the root cause of the business’s failure. This plan should include tactics to increase customer demand, improve management, or update products. It should also include a timeline for implementation and a budget for each step.
Implement the plan: Once the plan is developed, it is important to implement it quickly. This means making sure that the necessary resources are in place and that the plan is communicated to all stakeholders.
Monitor progress: As the plan is implemented, it is important to monitor progress and make adjustments as needed. This could include changing tactics or increasing the budget if necessary.
Evaluate the results: Once the plan has been implemented, it is important to evaluate the results. This could include measuring customer demand, looking at financials, and assessing customer feedback. If the plan has been successful, you can continue to implement it. If not, you can make adjustments and try again.
Stay agile: Finally, it is important to stay agile and open to change. As the business environment evolves, you may need to adjust your plan and tactics. It is important to stay on top of trends and adjust your plan as needed.
By following these steps, you can create a plan to turn around a failing business. It is important to assess the current situation, identify the root cause, develop a plan, implement the plan, monitor progress, evaluate the results, and stay agile. With the right plan and dedication, you can turn a failing business around.
You will notice, I have generalized key areas of focus but this is based on you having sufficient cash flow which gives you time to implement change, but drastic measures may also be required like downsizing the business and seeking funding in order to save the business.
I would always start with the balance sheet and the P&L for financial analysis then move to the plan of execution