How to Successfully Turn Around Struggling Companies

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

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.

Read Also:

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.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Grow Your Business Online

How Do You Grow Your Business Online?

Is your company reliant on clients from the internet? If yes, then you’ve come to the right place. It has become customary to see businesses migrating their content to their own websites. You can grow your business online. The digital space is continually expanding, making room for more and more businesses who have decided that they would go online. If you need help with growing your business online, here are THREE WAYS to ensure that your online business stays in the game Different Ways To Grow Your Business Online Are As Follows    There are multiple ways you can adopt to grow your business online and in the right way. In this article, you will get the complete details about it how you can grow your business online. 1. SEO: I’m sure we have all heard of the term SEO. But what is it and what does it really do? Search Engine Optimisation is the process of improving a website’s content to get it to the top page of the Google Search Result. It may not seem much to you but it actually is the difference between getting your conversion rates to go up or not. Ask yourself this: When was the last time that you went to the second page of a Google Search page? Do you even scroll down or like the others just choose the first two or three links on top and ignore the rest. Having a search engine optimised page is very important especially if you rely on the internet for getting clients. How can you get clients when your prospects do not even see your site? There are a lot of ways to optimise your website. However, it is recommended that you contact the experts instead of doing it on your own. If you do it on your own, there is a high chance that instead of improving your ranking, you will lose authority and go lower. In some cases, partaking in unethical SEO Practices i.e. Black-hat link building gets websites banned on the Google Search Page. 2. Have a Responsive and Engaging Website: Of course, you spent a lot of effort and money to get on the first page of Google - to be visible. You shouldn’t waste this by having a responsive and engaging website. Ensure that your website is aesthetically pleasing and does not cause problems for your visitors. Having a lagging website with handfuls of glitches can create an aversion towards your brand. It gives off the message that you’re sloppy and doesn’t care about your customers. User Experience is very much one of the most important factors to consider when building a website. In an age where most users of the internet use mobile, having a non-responsive website to mobiles could spell disaster for your brand. Do some research on who your prospects are and incline your website in a way that it would attract them. Older people tend to lean towards professional-looking, minimalistic designs while the younger generations favour interactive, colourful web layouts that become more enjoyable the more you look at it. 3. Social Media Marketing: There are over 2.77 billion social media users in the world and this number is fast rising. It is no secret that social media websites have taken over the world by storm. Facebook, Twitter, and Instagram are just some social media accounts that most can’t live without. By migrating your online business and advertising through social media, you are doing yourself a favor. Most social media websites now allow for ads to run through them for a small expense. This allows business and brands to target their own prospects, that is to say, you only spend money on people that have a high chance of availing your service. You are not throwing your ads to a distant void but instead, towards a targeted amount of people. Social Media Marketing is also one of the best ways to increase brand awareness and name recall. We all have certain brands that we associate with products. For example, mobile phones are immediately associated with Apple and Samsung. While there are hundreds of other mobile phone brands, the brand awareness and campaigning that these two mega-companies did set their name in stone. This is what you can do for your brand - increase brand awareness through social media to ensure that your name is seen and does not get forgotten. Growing your business online is not an easy feat. There would be times when you will get discouraged but don’t. In the end, when you’re ranking on top and you’re getting so many clients, you will realize that it was worth it. Read Also: 5Tricks For Using Twitter To Grow Your Business A Guide To Running Your Instagram Marketing Campaign

READ MOREDetails
Online Entrepreneur

Quit the Rat Race: 5 Tips for Becoming an Online Entrepreneur

Are you fed up with spending your time making somebody else rich? Have you had enough of the rat race? Sitting in a cubicle, suffering the commute going to a job you hate to earn enough money to pay for the house you never see and the family you have no time to hang out with? Maybe it is time for you to take that next step and go into business for yourself. Don't think you are ready? No worries, that's a common thought that goes through the mind of every entrepreneur. Doubt and hesitation are normal and natural. Being able to stare them down and make the right decision at the right time is what separates success from failure. Keep reading and you will learn the key steps to ditching the 9-5 and becoming an online entrepreneur. 1. Passive Income Means Not Quitting the Day Job Just Yet Starting an online business is not as simple as moving from one salaried job to another. It can be, but it is a dangerous way to go about it. You are better to start off small, looking to build up some passive income while still working the day job. Yes, it means you can't quit the cubicle just yet, but it does mean you can generate some extra income and learn the ropes of creating online business and mitigate the risk to your finances. Familiarize yourself with the online world and figure out your strategy. There is nothing wrong with building your company slowly. In fact, it is a large benefit, because it means that by the time you are ready to quit the rat-race and step out on your own, you already know who you are. Your brand will be set, or at least in its advanced stages, setting you up for success. 2. Educate Yourself in the Ways of Online Money Making : No entrepreneur becomes successful without educating themselves in matters concerning their chosen field. This applies as much to creating an online business as it does any other industry or sector. You need to educate yourself on the ins and outs of the market you want to conquer. This means learning what the trends are, what sells and what does not. Study the techniques of others and watch the competition. What are they doing that is working and how could you make that work for you? There are paid online courses you could take, and numerous webinars and blog articles that can teach you a lot about making money as an online entrepreneur. By ensuring you are knowledgeable on your target area you are positioning yourself well in the market, and that means success will be there to find. 3. Accept the Risk that Comes With the Riches : Whenever you go into business for yourself you are accepting a risk. The big thing is that most people don't really understand what that means. Being an entrepreneur is a gamble. When starting an online business you are stepping away from a security that you won't see again until your business has matured into something far grander than your initial business plan will consider. It may sound harsh, but that is the fact of it. Paid vacation, Dental insurance Health insurance Pensions Sick leave These are all things that we come to take for granted, but when creating an online business you are surrendering these items. If you have a family to support then these considerations are of vital importance. Not as a means of detracting from your vision of freedom from the cubicle but to ensure you have the right system in place to help keep your finances stable. Being an entrepreneur is one of the high-risk solutions to escaping the workplace and living the life you crave. 4. Believe in Yourself Stronger than Anybody Else : When looking at how to start an online business, you are going to come up against a lot of people telling you to stop. To give up and stick with what you have. If you know what you are doing then you need to ensure that your belief in your own abilities is unshakable. A lot of people will tell you to give up on your dreams because they are scared. They are too scared to do it themselves and so pass this fear on to others. They will come up with convincing arguments as to why you are better off collecting a regular paycheck. However, you have done the research, you know what you are doing and accept the risk associated with it. 5. Identify Your Core Product and Focus on Everything On It If you have wondered how to start a successful online business, you have probably thought about entering a particular sector and making your name therein. However, to be truly successful you need to narrow your target market down even more. Market research and your own personal interests and skills will help you identify your niche. Try to make it as specific as possible. The more precise you can be, the higher your chance of finding success. Know Your Why - The Secrets to Becoming an Online Entrepreneur You will face a lot of trials in your quest to become an online entrepreneur. There will be stumbling blocks and periods of both highs and lows while you build up your empire. The most important thing you need to have before you start down this crazy but rewarding road is to know your way. Why are you doing this? Why are you choosing to focus on this niche? Knowing and understanding your own why is paramount to online success. If you can answer this question then you stand a great chance of making it. For more information on how to start an internet business and build your own company up from the ground, check out some of our other business-related articles. Read Also : How To Master Social Media For Businesses & Entrepreneurs What You Need To Be A Successful Entrepreneur

READ MOREDetails
Car

4 Things That You Must Be Aware Of In Your Car

Lights are one of the most important parts of the car. Lights keep us safe on dark roads, they also help us be sure of where the path is. Hence installing good lights is very important for various purposes discussed below. There are various lights available in the market but you have to be careful while buying them as some of them may be illegal or some of them may also not be good for the eyes of fellow drivers. Check out LED lights for cars for good quality lights at reasonable rates. For more tips, visit Vehicle Freak for more tips on buying a car. In This Article, You Will Know About 4 Things That You Must Be Aware Of, In Your Car. 1. Importance Of Good Quality Headlights In Car: Car headlights are important because they help you see the road clearly as you drive at night. Without good headlights, you can drive into oncoming traffic, crash into parked cars, be unable to see a vehicle ahead of you, or run into a pole or tree. However, some people are concerned that car headlights have been getting worse as time goes by. This is because the headlights may not be of good quality. 2. Different Lights Of Cars: There are various colors of car headlights available in the market, and it is a good idea to know about them before you decide to purchase one for your car. The headlights play an important role in the safety and security of your car and its passengers. There are various types of headlights available in the market, you need to be careful while purchasing the same. Plenty of research is currently being conducted on the benefits of having different types of headlights on a car. These research results have proven that it is much better to have more than one type of headlight so your car can see better in different conditions. 3. You Should Not Compromise On Safety: When it comes to safety, one must be determined and a firm believer of safety being the number one priority. You should never compromise on the safety aspect of things. When we talk about headlights, it is really important to have good headlights installed in your car. They are a source of light in the dark areas where danger can be present at any moment or step of the road. Hence, do not try to save money or try to install cheap headlights with little to zero visibility. Put in some money and try to get premium quality lights installed in your vehicle. 4. Do Not Spend A Lot Of Money Too: As important it is to not try to save money, it is also important to not overspend the money. If a similar kind of product with the same quality and looks is available cheaper but with different branding, consider buying it and saving a few bucks for something else. You can spend the money by investing it for your future or just save it so it may help you later. Read Also: Perfect ways to Earn from your Wonderful Car  

READ MOREDetails