Reminder – We Do Business Turnarounds
Just a reminder – we do business turnarounds. That’s right; we will help you right the ship that is your business. Led by the president of the company, Arun Sareen, we will form a project team, roll up our sleeves and help you bring your company off the resuscitator and make it a prosperous commercial entity.
We’ve done it before, we’re good at it, and we’re happy to do it for you.
And yes, to answer your immediate question, it will cost you some money. But, most of the fee we charge is going to be in the form of a percentage of the increase in business that we will engineer on your behalf. So, if what we do doesn’t work, you’re not be going to be out much money. And, if what we do is successful, you’re going to pay us something substantial, but you’re going to get to keep the much larger percentage, and, you’re going to get to keep your business open. Overall, that’s a pretty good deal, when the alternative is losing everything – revenue, profit, and the business you worked so hard to build up into something substantial.
During the process of turning your business around, and then afterward as well, we’ll look at the basics:
The basics include, but are not limited to:
Getting your employees involved – if your employees care about what happens to the company, and, stand to get rewarded (no smart-aleck, just keeping their job is NOT enough of a reward) if the company comes back from the brink of death, well, then, your people will go above and beyond the call of duty to help you survive
Paying attention to what your competitors are doing – not only does this give you a way to match/exceed their offerings, there might be something they have that you want to emulate
Paying attention to market trends – even if you’re not first with the product your customers desire most, a fast second will usually save the day (and sometimes rule the day)
Being cognizant of overall economic trends – if all you sell is trucks that get 10 mpg and gasoline climbs up to $5 a gallon, there is trouble on the horizon
Making it as easy as possible for customers to buy what you’re selling –
Example 1: Client had the national distribution rights to a product (machinery) that the target market definitely wants and needs, but the acquisition cost was high and many customers could not afford the one-time expense. The solution was to find a small-ticket lessor that would offer lease financing to prospective buyers on a private-label basis (leasing branded with the client’s name). The client not only moved more product at higher margins, they also made fee income from the leases generated through the arrangement.
Example 2: Client that does custom web development wanted to sell website templates of their own design to customers that want a different look than most sites, but do not have the budget for custom work. Unfortunately, many of these prospective customers have little or no technological expertise. The solution was to offer different packages with different degrees of required customer involvement at different price points. There was no “take it or leave it” attitude in terms of the product being offered; in fact, our client offered enough different levels of “do it yourself” packages so that it the average prospect found it highly likely that they would find a package that suited their skill/desire level.
Conducting regular business strategy sessions – If you’re a very small company, this may seem almost laughable to you, but replacing those conversations you have after hours with your three employees over take-out food with a scheduled strategy session led by someone with experience in business strategy can usually produce better results.
Always thinking about a strategic alliance – it’s a cold, brutal business environment out there, and having another ally when facing off against your competitors always helps
Reviewing your marketing assets on a regular basis – there may be value in data or relationships you already have. We had a client that acquired a much larger, poorly-run competitor in order to get their retail locations and their commercial contracts, and ignored the list of 45,000+ consumer customers that came with the acquisition for over two years, despite the fact that it was a higher margin business that that the client was then trying to build up in a separate business unit. We were told, “They’re not our customers. It was a toxic relationship. There are some very unhappy campers in that portfolio”. Meanwhile, good money was being spent to send out direct mail pieces to new prospects
Constantly improving your business processes – reducing costs, reducing cycle times, increasing profits and increasing customer satisfaction are all very good things that should be done on an ongoing basis, not just when a crisis is looming
Having business financing always available – don’t wait until the moment it starts raining to get an umbrella, have one ready. Establish lines of credit before an emergency situation, not as a result of – the terms will be better, and access to the funding is immediate. We can help you with this.
This list is hardly the whole list, but it’s a great basic template, and we can help with every one of these items, as well as other steps specific to your particular business.
Yes, we do this! Yes, we’re good at it! If your business is need of a turnaround, don’t keep waiting. Sadly, it’s probably not going to get better, only worse. Call us.