Once you have survived any immediate
crisis you need to decide on your recovery plan.
What are your options?
If your business is in difficulty, you
have three choices:
·
Fix the business,
so it is now a successful growing business (even if you
do want to sell it, you will now get more for it).
·
Sell the business,
generally to someone who can fix it, either by coming
in to change what it does or how it does it, or by absorbing
it into something else (but as a business in difficulty,
you will get less value for it).
·
Shut the business down,
disposing of the assets in order to settle the liabilities.
How do you go about fixing
your business?
·
Set your personal goals
for what you want out of the business.
·
Find out the information
you need to come up with a plan:
·
Assess what is going
on in the outside world and your industry that affects
your business.
·
Analyse what
products you are supplying into which markets and
ask?
·
Which of these
makes you money?
·
What potential
growth strategies are there?
·
Decide where your
real strengths lie on which you can build
Begin by setting out in concrete specific
terms what you are trying to achieve by being in business and
what success will look like.
What is going on in the outside
world that affects your business?
The world is a changing place. Developments
across a range of factors will have an impact on your industry
or business. So what major trends or changes will affect your
industry and business across the following headings within the
foreseeable future?
What does your business do
(and which bits make money?)
Set out a basic product market matrix
for your business by asking two questions:
·
What markets/customer
groups/distribution channels do you supply?
·
What products do you supply?
Where do your real strengths
lie?
The secret of long-term business success
is in applying a formula.
SME
/ OMB • Cash
crisis management
• IBR
support
• Turnaround
consultancy
