When It Happens: How to Fix a Flailing Business

By Andrew J. Birol, President, Birol Growth Consulting, Inc.

Your customers are leaving you and possibly their customers as well, your costs are soaring and your long-term fixes won’t work in time. What can you do when your company’s back is up against the wall? Here is a quick plan:

  1. Confirm your basic business strategy: Quickly decide on what is most likely to work and easiest to do.
  2. Agree on available operating funds: Determine what you have to spend in the business.
  3. Discuss which accounts and products you can service: Play lifeboat. Save only those accounts you can make money on now.
  4. Determine 3 month objectives, activities, accountabilities for your surviving staff
  5. Discuss your decisions with your "keeper" staff.
  6. Communicate your plan to banks, staff, customers and if necessary, the media.
  7. Build a timetable and roll out strategy and stick to it.
  8. Drive forward with this sense of urgency and it won’t take long for your business to spring back!
As Jim Morrison sang, "I have been down so long that it looks like up to me!" Taking drastic steps in your business means you certainly won’t make it worse!

Articles by Birol Growth Consulting are © copyrighted and all rights are reserved. However, articles may be reprinted with prior written consent if attribution is included as follows:

© Copyrighted by Andrew J. Birol, President of Birol Growth Consulting, who helps owners grow their businesses by growing their Best and Highest Use ®. Andy can be reached at (412) 973-2080 , by email at abirol@andybirol.com, or on the web at www.andybirol.com.

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