Crisis Management
Section 8. - Turnaround

Crisis management, small business failure, business turnaround, and other similar terms are not popular topics in the business world. Terms such as these rank very low on the search engine popularity lists.

Failure to thrive is something that few entrepreneurs or business gurus want to talk about.

At the same time, business failure statistics tell us that over 5 million businesses shut down every year. Unfortunately, most of these failures occur because they did not do their homework before starting up.

But, what if you are already running your business and find yourself in a position of deep financial trouble and don't know what to do next? That's what this crisis management section is all about—how to turn a business around that seems to be failing.

Note: If your business is in serious trouble, i.e., facing imminent bankruptcy or closure— you need to take immediate action to save your business and get it back on track. Therefore, I recommend you acquire a copy of my book Be Your Own Turnaround Manager: A Common Sense Guide to Managing a Business Crisis and immediately begin the turnaround process presented in the book. You have little time to lose!

Or, you can get started by reviewing the reports throughout this section to gain some insight into the process of crisis management. Most of the topics in these reports are excerpts from my above-mentioned book, "Be Your Own Turnaround Manager."

Also, I have deliberately excluded any discussion of bankruptcy or legal reorganization. These are highly specialized legal topics that should only be discussed with an attorney specializing in business insolvency.

Crisis management and business turnarounds can be an alternative to bankruptcy, but if you do choose bankruptcy, please seek professional legal advice and assistance.

Following is a list of specific reports in this section that address the issues of small business failures and small business turnarounds.

-List of Reports For This Section

All businesses run into "speed bumps" as they go along and it is important to differentiate between a typical business problem and a full-blown business crisis. This report defines a crisis and helps you determine if your business is in crisis. It also includes a checklist that helps determine whether or not you have a real crisis.

Your business likely got into trouble on your watch, so you will need to do some analysis and soul-searching to determine if you are really the best person around to oversee a successful turnaround. This report can guide you through the process and is a MUST READ before starting a crisis turnaround program.

Trying to do a turnaround on a business that is in deep trouble should never be attempted without outside assistance from your advisors. This report explains what type of assistance you will need and where to find it.

This is the first and most important step in bringing your sagging business under control. It is absolutely mandatory, and this report presents several approaches to managing your cash during a crisis. Also included in this report is a system for quickly tracking your cash position on a daily basis.

Financing for a business-in-crisis is almost always impossible. But yet, there are ways and conditions under which additional funding may be obtained during your turnaround project. This report discusses various avenues for additional funding for the business in crisis.

Don’t start taking drastic measures in your declining business until you think things through. If you have previously turned your dream into a written plan of action, and things are not going as you planned, it is now time to change your plan. Don’t skip this step or you may soon be looking for a good bankruptcy attorney.

This is the time when you need to reassess every person in your organization… who is making the greatest contribution, and who is not. This report on analyzing your organization will give you directions on how to go about this analysis, and what action to take when your analysis is complete.

Discussed to death, but usually misapplied during crisis management. This report outlines the types of communication that is required for a successful turnaround.

There comes a time in some businesses when it is too late for crisis management—it is time to close the business. The process sounds simple, but if you are going to start another business of some kind (and you likely will), you need to close out the old business as responsibly as possible. Planning an orderly shutdown is usually a complex process and this guide provides a system for doing this—including an important checklist.

Each of the above subjects deals with some aspect of a business in trouble. Crisis management does not always come naturally to most entrepreneurs, and these specific reports can help business owners work through their business crisis.

* * * *

Interestingly, there are many divergent opinions on exactly what constitutes a business crisis. Many business writers and pundits publish information about business crises that, in my opinion, are only normal difficulties that most businesses run into through the course of their life.

Since a business owner does not want to implement extreme elements of change unless absolutely warranted, I have developed a report on defining a crisis, and how to determine if your business is actually in crisis. You can access this Crisis Definition report here.

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