THE ENTRECODE BLOG
The 5 priorities when turning round a business
When a business is in crisis sometimes it’s hard to know where to focus.
I have spent 35 years helping to sort out businesses in difficulty and found that there is a priority of actions to follow.
- Cash. Get control of the cash, stop spending and ensure you collect as much cash as possible. It’s the first priority because that's what kills most businesses in trouble.
- Customers. Reassure customers that all is well if necessary and keep them onside and ensure they are looked after properly.
- Margin. The easiest way to make money is to stop losing it. So fix any system slippages and work hard at boosting the margin.
- Strategy. Review the strategy and refocus on the businesses core competencies and profitable opportunities. Discard any sacred cows and investments in nostalgia.
- Communicate. Keep your team informed and onside but be honest with them that's what they prefer.
It’s hard to keep a cool head in a crisis but this roadmap has served me very well in the past.
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