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 […]
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 […]
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 […]
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 […]
Creating a Turnaround strategy that keeps the value in your business
In previous blogs, we have talked about how to recognise the warning signs that your business might be heading into rough waters, and also about the importance of examining the wider business environment to determine the best positioning for your business. The third element of creating a Turnaround strategy that preserves value and ensures you stay in […]
Turnaround strategy: taking the first steps towards a stronger business
Over the years I have developed a number of Turnaround strategies, both for my own businesses and when supporting and advising others. What I learnt fairly early on was that it makes a significant difference to the success of the plan if you put in some ground work first. Of course, it’s tempting to skip […]
Business strategy 101: Empowering employees, building business
Employee empowerment has become an increasingly popular business strategy over the past 20 years – in direct contrast to the control and command strategies in play for the last two centuries. However, a recent report shows that the UK comes ninth in a ranking of engagement levels among the world’s 12 largest economies. The organisation […]
Cash flow solutions: Go back to basics with Debtor management
Working capital is the life blood of business. However good your business strategy is, it is very difficult to make it work without cash to pay the wages and other running costs. Whilst we often hear about businesses taking longer to pay their creditors in order to increase their working capital, this is obviously a […]
One thing you must do if you think you’ve got business problems
My big fear as a businessman over the last 30 years is of losing control of the situation, particularly when it is in an area that I don’t fully understand. Not because I couldn’t understand the issue; it just happens to be something that hasn’t happened before and that therefore I don’t have any experience […]