Stages of a Turnaround Process

There are several stages in a business turnaround.

Consider these phases for your startup:

Assessment:

This phase determines the crises and their impact on the business.

This can include both internal and external factors.

Triage:

This phase sorts through the potential strategies to recover the business.

This can include reorganizing the company through filing for bankruptcy.

Stabilize:

This phase sees actions to reduce losses and moves the business to a stable condition.

This involves reducing the employee count, selling assets, and reducing expenses.

Turnaround:

This phase establishes a plan for recovering the business so it’s profitable.

This involves reducing expenses dramatically and focusing all resources on increasing revenue.

Growth:

This phase establishes a new plan for growing the business.

This typically involves refocusing on the core business and reducing the number of non-core growth initiatives.

Consider these phases in your startup turnaround.

 

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