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

Wednesday, February 06, 2008

Business Turnaround

Business turnarounds are usual when a business is failing and an attempt is made to save all or part of it from closure.

This will be a time of anxiety and the typical concerns and issues arising include:

1. Is there a real desire to change?
2. Will the business turnaround strategies be palatable to the business owner?
3. The uncertainty regarding the business turnaround plan
4 What steps will be taken in the turnaround process?
5. Who will manage the business turnaround process?
6. Will expert help be required?
7. What will the reaction of stakeholders be to a turnaround?
8. How will the business turnaround process be communicated internally and externally?
9. What will the turnaround uncover, will there be real or implied criticism of the management?
10. What is the way forward after a successful business turnaround, and will the existing management team be part of the future?

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