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What's involved in a Business Turnaround?

What's involved in a Business Turnaround?

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Assessing Viability 

Assessing the viability means conducting a detailed investigation of your business and its circumstances for 2 to 4 weeks. The analysis gathers plenty of information like; 

  • A swot analysis offers clarity 

  • Analysing the viability of the current business 

  • Studying whether business issues are controllable or not 

  • Potential solutions 

  • The main cause of it

  • Capabilities of the management 

  • Debtors and stakeholders 

  • Historical financial records like costing system, cash flow, balance sheet, P&L 

The summary of the above mentioned elements offers decision-makers to consider priorities and risk factors. The board of directors has to make a decision based on the information. 

Stabilising & Developing Strategy 

After recognising the priorities and risks of your business, next, you have to develop a recovery strategy and stabilise the business position. The timeframe usually depends on the complexity of the business circumstances ranging from few weeks to 3 months. However, some of the main elements in the second stage are as follows..

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