Most small business owners facing a business crisis are caught in a classic Catch-22 situation. On the one hand, they require specialised business turnaround expertise to save their business. On the other hand, their financial crisis prohibits them from hiring the expensive turnaround specialists who offer the expertise.
Typically, this leaves the owner facing only three choices: (a) walk away at great personal financial ruin; (b) hope for someone to fly to his rescue and bail the business out of trouble; or (c) simply battle on.
Most battle on – often trying to work their way out of the crisis using the exact same strategies which led to the business’ failure in the first place. They change little or nothing about the business, hoping it will work this time. It rarely does.
Worse still, far too many small business owners think that a cash injection is all that’s needed to save the business. So they plough the last of their life’s savings into the ailing business... and end up losing everything, the business included. The fact is a lack of cash is an effect, not a cause.
Adding to the owner’s woes is the time factor. Typically, a failing business has been in crisis for some time and by the time the owner realises that fact, time is running out. To save his business, he must act swiftly and decisively to identify the troubled areas and implement solutions. There is little or no margin for error. And precious few second chances.
With a clear and defined business turnaround plan – which is what this Business Turnaround Plan is all about - you can lead your business away from trouble and back to success by implementing the strategies needed to help your business survive in the short term so that you can turn it around and grow it into the future.
All is not lost when your business goes through a phase of hardship. Focus on the challenge at hand and apply your resources where it will really make a difference. The Business Turnaround Book is proudly brought to you by Financial Solutions for Business Owners, Sanlam's portfolio of financial solutions for business owners. This journal-styled workbook will guide entrepreneurs to develop a framework and plan of action to turn their businesses around.
Download the Business Turnaround Book to help you weather the crisis and begin your journey to business growth.
The content in this article was provided by Sanlam – a diversified financial services group, headquartered in South Africa, operating across a number of selected global markets.
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