When It Happens: How to Fix a Flailing BusinessBy 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:
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!
- Confirm your basic business strategy: Quickly decide on what is most likely to work and easiest to do.
- Agree on available operating funds: Determine what you have to spend in the business.
- Discuss which accounts and products you can service: Play lifeboat. Save only those accounts you can make money on now.
- Determine 3 month objectives, activities, accountabilities for your surviving staff
- Discuss your decisions with your "keeper" staff.
- Communicate your plan to banks, staff, customers and if necessary, the media.
- Build a timetable and roll out strategy and stick to it.
- Drive forward with this sense of urgency and it won’t take long for your business to spring back!
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© 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 firstname.lastname@example.org, or on the web at www.andybirol.com.