To the blog for small and medium sized business (SME) owners.

Wednesday, June 06, 2007

7 Tips on Business Turnaround

When a business hits troubled times it is important for the business owner to take remedial action at the earliest opportunity.

What immediate actions shoud be taken?

1 Recognise the warning signs, the adverse trends in the key performance indicators
2 Identify the CAUSES of the concern not the EFFECTS
3 Plan the corrective action
4 Take action to remedy the identied causes to avoid the issue developing into a crisis
5 Review related systems and processes to ensure no issues exist elsewhere
6 Measure results post taking action
7 If matters do not improve and things become worrying appoint a business adviser to add to the skill set and help move the business forward

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