More Best Practices in a Turnaround Process

Here are more best practices to apply in your turnaround process:

Consider options that go beyond the current resources in the business. 

Consider bringing in additional team members and outside funding.

Get multiple views of the company from the team and investors to build a more holistic plan.

Use multiple touchpoints and formats to gather information from the team.

This includes not only formal meetings but also informal meetings, calls, and offline discussions.

Review the customers’ situation to see if the company’s offering still meets their needs.

The customer’s requirements may have changed due to the market.

Look at competitors who are successful to see what can be learned from their pricing, positioning, marketing, and strategy.

Consider changing the business model to fit the customer better.

Recurring revenue and pre-payment business models can also improve the financial condition of the business.

Consider changing the product altogether to capture more revenue.

The product may be outdated or undifferentiated in the current market.

Consider initiatives to reduce the operational cost by going paperless and speeding up cash collections.

Automation and improved financial payment tools can decrease costs and improve cash flow.

 

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