How to Successfully Turn Around Struggling Companies

Published on: 08 November 2018 Last Updated on: 19 July 2019

Changing courses for a company that is in trouble is not an easy undertaking, but with a sound strategy and some important support, it can be successful.

Here are some expert tips on how to turn struggling companies around.

1. Discuss it:

MBM Investments Corp.’s Michael Beattie says while most companies want to hide any hint of trouble, it is not the right thing to do. “When a company is in trouble, communication is crucial,” Toronto’s Michael Beattie Talk with the board and any key employees about what is happening. Be sure to have your plan of recovery formalized. They will find it easier to rally around the company if they are confident in the leadership and the way forward. Allow them to offer their input into the business plan and future plans

2. Document a future plan:

Stakeholders will want to see that a struggling company has a plan for the future. It is crucial that a company have solid operations, sales/marketing, and business plans documented. It also helps employees, management, investors, and banks, know where they fit into the scheme and how they can help the company turnaround. When you prepare the documents, don’t shy away from including the good, bad and ugly.

3. Revise the plans:

Gather the feedback that has been given by stakeholders and key players in the company and incorporates it into a revised business plan for recovery.

4. Talk with employees:

Try and nip fear in the bud by having a company meeting and letting your employees in on the plan for making the company successful again. This will give them a chance to see what part they can play in the recovery process. It can also be helpful to give employees a chance to offer feedback to the business plan.

5. Be straightforward with customers:

There will likely be rumors about what is happening to your business. You will need to step in and clear up any confusion and let your customers know that you have a plan to turn things around. Give vendors the same courtesy by letting them know where you stand.

6. Get financials under control:

If you will have trouble paying creditors, be sure to call them and be upfront about the situation.

This is one of the most difficult things to do when a company hits hard times, but it is an important move to get the business back on track. This means cutting back on staffing costs. Letting employees go is never easy but you will need to make the tough decision of who is most important to the future of your company.

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Ideas For An Excellent Product Packaging

An average supermarket in the United States has about 40,000 different items for consumers to choose from. How does one consumer choose a product from the number of choices? Every industry relies on manufacturers, consumers, and distributors, but how do they grab the attention of potential buyers? Product Packaging. An industry in itself, proper packaging has the power to attract consumers. If you want to build a strong brand, consider optimizing your product packaging with a unique design and sustainable solutions. What makes an excellent Product packaging design? 1. Simplicity and clarity: When you walk into a supermarket, just go through products and take a glance at them. Do you identify the product or the brand by simply looking at it? The best example of quality packaging will be a clear and simple but highly distinctive packaging design. You will be amazed to learn that most consumers will decide to buy a product or not within a few seconds only. There will be numerous product listings with no specific brand name and you will also look at products that look great from the outside but they are unable to explain what is inside the box. Most importantly, packaging design should not confuse consumers. It should always deliver on clarity. There are some categories that allow a little bit of mystery but if the consumer fails to identify the product in terms of usage, content, or brand identity, it needs to be revamped. Be clear about what you are selling. Do not complicate it in any manner. 2. Be honest: A lot of brands try to depict the product in the most perfect way one can imagine. The packaging shows something about the product which is not real at all. When you try to depict a product ten times better than it actually is, you end up misleading the consumer and eventually disappointing him. This only leads to poor sales performance and builds a very bad brand image. Honesty plays a crucial role here. A lot of consumers like simplicity, they want to know what is the product is about and how it will serve them. You can do face lifting to a small extent but not where the product is something totally different. You need to show the product in the finest manner possible and ensure you show all honesty in it. Remember that the consumers need to be treated in an appropriate manner at all times. 3. Be authentic: Character and originality need to be at the core of great brands and excellent packaging designs. There are numerous products in the market and every product is competing for the attention of the consumer. If you want to set yourself apart, you will have to be very authentic. Product packaging is a matter of creativity and it is not possible to create a fake impression based on the design only to sell the product. People have a number of brands to choose from, they have different appeals and looks to try. You need to remain authentic in your product design in order to ensure that your product design is memorable. Do not get on with a genetic-looking design. Look for strong visual standards and an uncommon style to appeal to the consumers. If you notice that most brands have a contemporary product design, opt for something retro. Be creative and always look for different options for your product. With more customers looking for eco-friendly options, Brad Zaikov from Jansy (https://www.jansypkg.com/) says that businesses that use biodegradable packaging will attract more customers. 4. Consider shelf impact: If you look at a product from the view of a consumer, you will notice that no product is ever seen alone. It is also not seen in exceptional detail. All the products are organized in columns and rows and there are numerous patterns and designs you see. Until a particular design or pattern catches your eye, you are not going to take a better look of the product. The appeal of a product when it is placed on a shelf is known as shelf impact and it will make a huge difference to the sales of a product. You need to check shelf impact and explore the designs. Do this by copying the placement of the design on a shelf and then surrounding it with different products. It will sell better if it looks good. 5. Keep space for extensibility: The idea of product packaging should leave space for the introduction of a new product or a new brand. There should be a possibility to make easy variations to the product without it losing its appeal. The initial design concept should not heavily rely on one product or one color. You might expand in the future or introduce a new product and you need to leave space in product designing for the same. Create a visual design that will allow for easy alterations in the visual of the packaging or will allow for easy addition or removal of information. 6. Practicality: Last but not least, practice is important when designing the packaging of a product. It not only deals with the label but deals with the shape, functionality, and size of the product you are selling. To get higher sales, the product needs to be more practical. A lot of business owners tend to overlook the aspect of practicality in packaging design because they think consumers are simply going to pick the product off the shelf without any thought. Unfortunately, this does not happen and consumers are looking for innovation. Practicality merged with innovation can solve a number of packaging design challenges. Product packaging is as important as product manufacturing. If you have an excellent and highly functional product to sell but if you do not spend enough time and effort on its packaging, you might never be able to reach out to the consumers. Packaging is your last opportunity to convince the consumer to purchase the product. Read Also: How To Pack Clothing Properly For Shipping Simple Packaging: Your Guide To Branded Design Make Sure Your Product Hits The Market As Soon As Possible 6 Shameless Examples Of Product Placement In Movies We’d Like To Forget

Here’s What You Should Know About Ethan Stiles

For some of those who do not know, Ethan Stiles is the vice president of product for Food at the Starbucks Coffee Company. In a span of 15 years, Ethan has worked in business strategy and product roles globally at different sets of companies like that of Samsung Electronics, McKinsey & Company, Group Health Cooperative, and AT&T Wireless. When Ethan was at Starbucks, he has delivered compounded growth to the company year on year. He was the one responsible for the launching of the Pink Drink and Ombre Pink Drink which got the millennial generation goes gaga. Furthermore, Ethan was able to determine the root causes for underperformance and implemented a new strategy that achieved a 20%+ volume growth in a declining category, this turned around the Starbucks VIA product line. For a brief background, Ethan Stiles earned an A.B. Economics from Harvard University and a Masters in Business Administration degree from Harvard Business School. Ethan is also available for speaking and writing engagements and is interested in board opportunities. Ethan Stiles specializes in four major areas; these are product management, profit and loss leadership, organizational development and business strategy. Below are some ideas on what these areas are and this affects your organization: On product management: In general, product management is the practice of tactically driving the development, the market launch, and the continuous improvement and support of a company’s product. A product management job entails the duty to strategize and arrive at tactics so as to increase the market share of an existing product, or to put into market a newly developed product. This is, however, a big task that not one person can accommodate, however, the product manager is the one who will determine what is best in terms of product management. Of course, this decision is not just based on gut feel; this requires a lot of research. Through these researches, the product management professionals will be able to determine the market of the company, the user personas, and its current and prospective competitions. After determining the sufficient basic industry information required, and then the product management professional cans start to shape his knowledge into a strategic plan either for an existing product or for a newly developed product. This strategy includes the goals and objectives, broad-strokes bird’s eye view of the product itself, and may even come up with a rough timeline. After such a strategy is approved, then these plans will now be coordinated with the relevant teams to put the plan into fruition, like the product marketing team, development, etc. After product building, testing and market introduction, the job of the product professional will now determine what works, what doesn’t, and what to improve based on the collected data and direct feedback from users. After that, the core team will again be called upon to work within the incorporation of the feedback into the future duplications of the product. On profit and loss of leadership: The profit and loss responsibility is one of the most crucial executive positions. This type of responsibility comes with the monitoring of the net income after expenses per department or business unit level, and the organization as a whole, with a direct influence on how the company resources are to be allocated. Persons who are responsible for the P&L often have the final approval on what projects to approve or reject based on its return on investment and are also required to continuously find ways to drive down costs without having to compromise product quality. The profit and loss are highly regarded when it comes to executive recruitment which holds true in multi-million or multi-billion dollar organizations. Managing a company’s net income is no easy task. It takes a person with broad experience to be able to make sound decisions and maintain a company’s profitability and sustain its place in the market. On organizational development: As a consequence of a rapidly changing environment, one of the important advantages for an organization is the ability to manage these changes and to make sure that your manpower remains to be healthy and trustworthy. By definition, organizational development is the endeavor to encourage the members of an organization to expand their sincerity with each other about their views of the organization and their experience in it and to take greater accountability for their own actions as organization members. In organizational development, the practitioners are sometimes considered to be organizational physicians who intend to improve the effectiveness of an organization. On business strategy: A Business strategy is an organization’s high-level plan in reaching specific targets and objectives. These plans are successful it contributes to the growth of the business, establishing a strong competitive position, and strong financial performance. Should this high-level strategy flunks, this will depend on its impact to the business, if it can still be remedied, the organization can adapt to a new approach, but if the outcome is severe, this can lead to the organization going out of business. There should be clear cut targets and plans and back up plans should in the process of execution, some parts of the plan will not succeed. A business strategist holds a very crucial role in the advancement of an organization because it will be his skills that will contribute to how the business plans are going to turn out. A company thrives not only because of its name or legacy but on the people behind it. Should your business needs a push upward, Ethan Stiles is one of the people equipped to help you develop goals, sustain your growth, and get your manpower in check to make sure they are also aligned with the organization’s values and visions. It is very important for an organization to be able to determine the weak and strong points of your organization so that there will be reconciliation towards compromise or a change in directives. The track record that Ethan Stiles possesses makes him a suitable person to provide you with sound decisions that should contribute to the progress of your organization. Read Also: Top 5 Ways To Avoid Canada Immigration Consultancy Frauds Why You Should Choose To Have An Asset Protection For Your Business

Wise Words from a Good Businessman to Help You Be One

To achieve success in your business, you have to learn from others who have walked the road before. Many people in the business world are established, and their word to other upcoming investors is golden advice. A mentor is a blessing to your business, but only a few people can access mentors, so one of the options you have left is to learn from the words of good business people. Here are popular businessmen whose quotes you can learn from. Those Who Keep Learning Will Keep Rising : This is one of the most popular Charlie Munger quotes that he spoke while issuing his Commencement Speech to USC Law in May 2007. Munger says that he observed over the years and discovered that people who were not the smartest managed to rise in life by simply learning and continually supplementing their known reserves. Such people acquire something new each day. As an aspiring entrepreneur, you should take it upon yourself to learn something new each day as this is the best way to get yourself to achieve your dream. If You are Unreliable and Lazy, Whatever You are Good at Does Not Matter : Again from Charlie Munger, in his address to USC Law, he added that the most crucial thing is to avoid being unreliable and sloth. He argues that these are enemies of any person who aspires to achieve progress and it does not matter how much skill or talent you have. Doing what you have decided to pursue faithfully and with motivation and discipline will get you to achieve your goals faster. That is something every entrepreneur needs to understand. You should aggressively pursue your goals and avoid distractions that might want to slow you down. Find Good People : David Karp, Founder, and CEO of Tumblr argue that as a businessperson, the easiest path to success is networking with the right people. By this, he means that you should first change yourself and the only way you can do this is to hang around people who are on a path you want to get into. Choosing the right circle of friends and partners will get you to acquire the right habits, and you will learn important things about the business. Learn from Complaints : Bill Gates said that the things your customers are complaining about are opportunities that you could exploit to build your business. He notes that this is a perfect source of learning that could help you to shape your business to offer more satisfaction and also expand its features. Customers will always complain about what is lacking in your business, so get this information and utilize it for the benefit of the business. Launching a business and running it successfully is the dream of many entrepreneurs, but this dream rarely materializes due to distractions and challenges they encounter. Sometimes lack of knowledge is a major setback that could cripple a business. If you are looking to enhance the performance of your business, you should learn from established entrepreneurs to acquire vital ideas. Most quotes from successful entrepreneurs carry a lot of business advice that you could apply in your case. Read Also : Businessman Seyfeddin Rustamov Is Main Beneficial Owner Of Chemical Company ‘Metafrax’ Make Your Business Popular Online

How to Successfully Turn Around Struggling Companies

1. Discuss it:

2. Document a future plan:

3. Revise the plans:

4. Talk with employees:

5. Be straightforward with customers:

6. Get financials under control:

Green Business Opportunities for Eco-Entrepreneurs

Using Project Management to Maximize the Holiday Season at Work

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Ideas For An Excellent Product Packaging

Here’s What You Should Know About Ethan Stiles

Wise Words from a Good Businessman to Help You Be One

How to Successfully Turn Around Struggling Companies

1. Discuss it:

2. Document a future plan:

3. Revise the plans:

4. Talk with employees:

5. Be straightforward with customers:

6. Get financials under control:

Share this Article

Green Business Opportunities for Eco-Entrepreneurs

Using Project Management to Maximize the Holiday Season at Work

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related