Business Purpose before the Company Turnaround When the organisation started out there will have been some form of underlying purpose. It may be that this purpose hadn’t been pre planned, or even articulated by the entrepreneur or the start up team. However it is very likely that this purpose will have played a major part […]
How do I get new business funding? 6 tips for when your bank says No
When the bank says NO it might feel like a very lonely place. My main piece of advice is: DON’T PANIC! There is always something that can be done! Just follow these 6 tips: 1. Don’t over-react Don’t blame the funder that is saying no. The business funding world has changed dramatically since the heady days […]
Business strategy 101 – Business funding update – February 2013
The Bank of England’s ‘Trends in Lending’ report, published on 21st January shows business funding options remain hard to come by for SMEs. The underlying message from the end of 2012 and the beginning of 2013 is that Finance for the SME sector remains elusive and, as a consequence, demand is subdued. Let’s take a […]
9 Creative ways to achieve staff engagement during turnaround
In any change or turnaround situation, Human Resources plays a vital role in both implementing your chosen strategy and developing a sustainable creative culture. An Engaging and Open Culture The environment needs to create as much safety and security around employees during these potentially difficult times given there is likely to be high levels […]
Turnaround strategy: How do your business problems compare to these?
Planning a turnaround strategy can feel like a lonely task. There are so many options to consider and a wide range of actions you need to take just to get your house in order before you can even start making any changes. We’ve talked about them in our eBook, Guide to Company Turnaround and Finance […]
Employee engagement strategy: motivating employees in difficult times
One of the most troubling aspects of turnaround situations, or indeed any business difficulty, is the impact it has on the people you work with. As a business owner or manager, you’ve got a lot on your plate trying to juggle all the issues you have to deal with. But it could be argued that […]
Employee engagement in a turnaround situation: Don’t forget your people!
While it can be quite motivating when you are making changes in a business and driving them through your organisation, remember what the change guru Rosabeth Moss Kanter always says: ‘…change is only a problem when it is done to you’. The first step in staff engagement during turnaround situations is recognising that there will […]
Bank Bailouts: Is the business funding crisis an unintended consequence?
Recently, I was with some friends and business colleagues when we met another contact of mine who was unknown to the wider group. All were in business in some form or another and I was shocked by the reaction. When my contact told the group he was a banker, there was actually some booing. It […]
Invoice Finance – A genuine alternative to Bank Funding
In a time of reduced bank lending and increased pressure on cash flow, it might be useful to look at the various ways businesses can use their sales ledger to fund working capital. Traditional invoice finance products: Factoring This is one of the oldest types of invoice finance and is where the Factor simply provides […]
Business strategy 101: What if things don’t change?
We are constantly being promised by the politicians that ‘things’ will get better. Growth in the economy is just around the corner with all the goodies that this entails – stronger businesses, less unemployment, better jobs, higher wages, better healthcare, improved care for the elderly, better education etc. etc. I would just make the point that […]