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

Thursday, March 13, 2008

A Successful Business Turnaround or DIY

Many SME business owners are enthused at starting a business and may enjoy initial success. Others may be good at taking over and managing businesses that have been long established and require little change.

Whilst the business owners remain in their ‘comfort zone’ their new business may thrive and bring rewards. However, when the owners are challenged by a downturn in business fortunes many are found wanting, unable to manage the situation and find their businesses perhaps spiraling out of control.

What action should be taken?

It is not uncommon to find the business owner, who may be unskilled in turnaround work, attempting to take actions the consequences of which are not fully understood until too late or recruiting generalists who are not experienced in all aspects of business.

Do not risk losing your business engage a business turnaround expert early in the process.

If the owner is too close to a situation, often the obvious is missed or deliberately ignored to avoid embarrassment. Not many business owners willingly admit to mistakes until matters are critical, so it should be no surprise that business owners who manage their own turnaround without reference to business turnaround specialists often repeat the mistakes of their past with similar results.

If you want a gourmet meal you go to a top restaurant not cook in your kitchen. The analogy with employing a business turnaround specialist is no different.

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