BUSINESS TURNAROUND – TO DO OR NOT TO DO?
A business turnaround is a process of restructuring a company that is not operating as desired. Many entrepreneurs believe that only loss making businesses opt to go for a turnaround process. Contrary to popular belief, even profitable companies have undergone a turnaround process.
Any company can implement a business turnaround process, whether it is profitable or not. This process can help if the company wishes to grow its turnover, reduce its expenditure or increase its net profit. The process is implemented when a company wishes to move from its current situation to a better situation. The definition of what this better situation is depends on the goals of the company. It is critical that the company defines these goals before deciding on the required turnaround approach.
A goal of the turnaround process can be anything from wanting a bigger market share through increased turnover or a cost advantage through being a lean enterprise or being the biggest competitor in a niche market. At the end of the day, the goal is up to you, the entrepreneur. Whatever it is, a business turnaround approach can assist you to achieve this goal.
It is important to note that if the company is experiencing financial distress, then it might have to opt for business rescue.
If you think that a Business Turnaround process might be the right course of action to get your business back to profitability, please complete the contact form below so that we may contact you directly with more information: