What's involved in a Business Turnaround?

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..